Trump unveils new tariff strategy

The Biden administration announced new tariffs of 10% to 12.5% on imports from 60 major trading partners, covering 99.4% of US imports, effective immediately. These tariffs follow a recent investigation into forced labor concerns and aim to provide more tariff stability, with exemptions for certain products like oil and gas. The move is part of ongoing efforts to address trade practices contributing to global manufacturing overcapacity, using tariffs authorized under Section 301 of the Trade Act of 1974.

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