According to Financial Times, U.S. President Donald Trump may announce a new wave of tariffs against dozens of countries this week, ahead of the expiration of the temporary global tariff of 10%.
The British newspaper reports that the new measures will initially impose tariffs at the same level as the current ones, specifically 10%. Additionally, the Financial Times states that the U.S. administration is conducting several other trade investigations that could provide a legal basis for introducing even higher tariffs against certain trading partners in the future.
U.S. tariff policy
The U.S. authorities have eased many of the tariffs initially introduced by Trump, granting broad exemptions for essential consumer goods, including beef and coffee, while also reducing some tariffs on steel and aluminum products. Following two trade investigations into critical minerals and aviation components, the authorities recommended that Washington engage in negotiations with trading partners instead of imposing tariffs.
“This does not mean that tariff increases are a thing of the past, but it does indicate a more cautious approach ahead of the midterm elections,” said Wendy Cutler, a former U.S. trade official and now senior vice president of the Asia Society Policy Institute.
Investigations into forced labor and overcapacity
According to the Financial Times, the tariffs that could be announced this week will range from 10% to 12.5% for 60 countries due to forced labor practices. The U.S. launched an investigation into forced labor in March under the Trade Act of 1974, as well as a separate investigation into excess production capacity.
The second investigation covers the EU, China, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, South Korea, Vietnam, Taiwan, Bangladesh, Mexico, Japan, and India.
Source: La Repubblica
