economy
U.S. proposes fresh tariffs on 60 economies over forced labor trade practices
USTR has proposed a 10% duty rate for economies that have adopted a full or partial prohibition on forced labor trade, and 12.5% for all other economies.
TL;DR
- The U.S. has proposed tariffs of up to 12.5% on imports from 60 economies.
- The tariffs are a consequence of these economies failing to ban goods made with forced labor.
- Economies with partial forced labor bans will face a 10% duty, while others face 12.5%.
- This action is being taken under Section 301 of the Trade Act of 1974.
- The U.S. is also seeking public comment on a new U.S.-China Board of Trade for potential mutual tariff reductions.