Published Thu, Jul 23 20265:05 PM
(excerpted from cnbc.com)
Key Points
- President Donald Trump will impose a broad tariff regime on countries around the world plus the European Union as temporary tariffs expire.
- The new tariffs on dozens of countries will take effect at 12:01 a.m. Friday, senior administration officials said.
- The 10% to 12.5% duties will effectively replace Trump’s expiring 10% global tariffs.
The Trump administration will impose new tariffs just after midnight ET Friday on dozens of countries over alleged forced-labor violations, according to a notice in the Federal Register.
The duties, set between 10% and 12.5%, will effectively replace President Donald Trump’s temporary 10% global tariffs, which are set to expire at the same time as the new ones take effect.
The forthcoming tariffs will apply to 60 trade partners and cover 99.4% of U.S. trade, the Office of the U.S. Trade Representative said in a fact sheet Thursday afternoon. The office separately told CNBC that it could not provide an estimate of how much revenue the new tariffs will generate.
