US Imposes New 10-12.5% Tariffs on 60 Economies Over Forced Labor Claims

• US imposed 10-12.5% tariffs on 60 economies.
• Action cited forced labor claims.
• Dollar remained firm.

The United States has implemented new import tariffs, imposing duties of 10% to 12.5% on goods from 60 trading partners. These measures were announced on July 23 by U.S. Trade Representative Jamieson Greer, under the direction of President Donald Trump, and are based on Section 301 investigations into governments’ failures to properly tackle forced labor. This action replaces previous expiring tariffs and aims to reconstruct the administration’s tariff framework. The announcement contributed to the dollar remaining firm in the market.