The United States will impose fresh tariffs ranging from 10% to 12.5% on imports from most major trading partners, marking the most significant step yet to reconstruct President Donald Trump’s tariff framework after it was curtailed by the Supreme Court, Bloomberg reported Thursday.
The duties target key economic allies, including the United Kingdom, China, the European Union, Canada, Japan, and India. They take effect Friday, coinciding with the expiration of temporary 10% levies on foreign goods introduced earlier this year.
The measures stem from an investigation into the alleged failure of roughly 60 economies to prevent forced labor in their supply chains to the detriment of American workers. According to the Federal Register, goods from approximately 10 trading partners deemed to have adopted forced-labor restrictions will face 10% tariffs, including Mexico, the UK, Canada, and India.
Imports from the EU and Taiwan will be subject to at least a 10% duty, while products from Japan, Switzerland, and South Korea will be taxed at a minimum of 12.5% in compliance with existing trade agreements. Goods from dozens of other nations will incur a 12.5% charge.
Market reaction
At the time of writing, the US Dollar Index (DXY) is down 0.02% on the day at 101.43.
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