Trump administration to impose new tariffs on 60 trade partners

According to CNBC, the Trump administration will impose new tariffs just after midnight ET Friday on 60 trade partners over alleged forced-labor violations, with duties set between 10% and 12.5% covering more than 99% of U.S. trade. The new levies will replace President Donald Trump's temporary 10% global tariffs when those duties expire, and they will not stack on top of existing Section 232 steel and aluminum tariffs. The Office of the U.S. Trade Representative said it could not estimate how much revenue the tariffs will generate. U.S. Trade Representative Jamieson Greer said in Senate testimony Wednesday that the administration will continue using tariffs to negotiate deals, support reindustrialization, protect American workers, raise wages and reduce the trade deficit.