The Office of the United States Trade Representative has imposed tariffs on 60 economies, which will take effect on July 24th

According to the announcement from the Office of the United States Trade Representative (USTR), under Section 301 of the 1974 Trade Act, tariffs ranging from 10% to 12.5% will be imposed on 60 economies. The new regulations will take effect at 12:00 noon on July 24th (UTC+8). The customs duty on goods in transit will take effect at 12:01 noon on July 28th (UTC+8). Fuel, food, fertilizers, products subject to industry-specific tariffs, and goods covered by USMCA are exempt from the new tariffs, which do not overlap with the 232 tariffs implemented by Trump.