Svmuu News: The Office of the United States Trade Representative (USTR) issued an announcement on the 23rd (local time), stating that pursuant to Section 301 of the Trade Act of 1974,it would impose tariffs ranging from 10% to 12.5% on dozens of countries and regions under the pretext of so-called “forced labor,” replacing the soon-to-expire global import tariffs. The new tariffs will take effect on the 24th Eastern Time (12:00 p.m. Beijing Time on the 24th).The USTR stated that as the 10% global tariff is set to expire, additional tariffs will be imposed on 60 economies, covering more than 99% of U.S. trade volume.Senior U.S. officials indicated that the tariff measures affecting in-transit goods will take effect at 12:01 a.m. Eastern Time on July 28 (12:01 p.m. Beijing Time on July 28).Imported goods such as fuel, food, and fertilizer will be exempt from the new tariffs; products subject to separate, industry-specific tariffs (such as automobiles, metals, and pharmaceuticals) are also excluded. In addition, goods covered by the United States-Mexico-Canada Agreement (USMCA) will also be exempt.U.S. officials noted that the new tariffs will not be imposed in addition to existing tariffs on steel and aluminum imports—namely, the “Section 232” tariffs implemented last year by Donald Trump on national security grounds. (Jin Shi)