US President Donald Trump intends to impose new import tariffs on dozens of countries this week.
“Elchi” reports that the Financial Times (FT) newspaper informed about this on July 21, citing sources.
According to the publication, the new tariff system will replace the 10 percent duties that are set to expire on July 24. Despite concerns from some advisors regarding potential economic consequences ahead of the midterm elections, Trump has decided to toughen his trade policy.
The new tariffs are expected to range from 10% to 12.5%. These duties could apply to approximately 60 countries, including European Union nations, China, Japan, India, South Korea, Mexico, and several states in Southeast Asia.
As noted by the FT, the new measures are planned to be implemented based on the results of an investigation into forced labor practices. This will allow the US administration to act without using emergency powers, the application of which was previously restricted by the Supreme Court.
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