U.S. Trade Representative Jamison Greer has confirmed that Washington is preparing to implement new tariffs. “We expect certain actions soon,” he stated during a CNBC broadcast, without providing specific timelines.
According to the Financial Times, the proposed tariffs are expected to range between 10% and 12.5% and will apply to imports from approximately 60 countries. These tariffs are being developed as part of an investigation into the use of forced labor, in accordance with Section 301 of the Trade Act of 1974.
The existing 10% global tariffs, introduced by Trump, are set to expire on Friday. These tariffs were enacted following the U.S. Supreme Court’s repeal of a previous extensive tariff policy known as the “Liberation Day tariffs.”
The Financial Times notes that the Trump administration is also considering additional investigations that could lead to even higher tariffs. Nevertheless, some of the president’s advisors are urging caution to avoid causing further economic disruptions ahead of the upcoming midterm elections in the U.S.
According to Greer, the proposed tariffs could potentially cover around 99% of U.S. trade. He pointed out that the U.S. has laws prohibiting the import of goods made with forced labor, while many other countries either lack such regulations or fail to enforce them.
Earlier this year, the U.S. Supreme Court ruled against Trump’s previous reciprocal tariff system, after which the administration shifted to a 10% tariff regime. The new restrictions are anticipated to be another phase in the president’s trade policy.
