Trump Prepares New Tariffs on 60 Economies, With South Korea Seen Facing 12.5%

New tariffs could be imposed as soon as this week

Temporary 10% universal tariff expires July 24

Country-specific rates may be set at 10% or 12.5%

The Trump administration is preparing to impose new tariffs on as many as 60 economies as soon as this week, the Financial Times reported. The move would come as the U.S. government’s temporary 10% universal tariff on imports from around the world expires on July 24.

The newspaper reported on July 21 that the new rates could be set at 10% or 12.5% depending on the country, filling a gap in the existing tariff structure. The new duties would be based on forced-labor investigations under Section 301 of U.S. trade law.

The Office of the United States Trade Representative said last month that 60 economies were burdening U.S. trade because they had not adequately banned or enforced restrictions on imports of goods made with forced labor. USTR proposed an additional 10% tariff on countries that have implemented, or pledged to adopt, systems banning imports of forced-labor goods. Economies with weaker systems would face an additional 12.5% tariff.

Foreign media reports said economies subject to the 12.5% tariff include South Korea, China, Japan and Brazil. Canada, Mexico, the European Union and the U.K. were listed in the 10% group. Some essential items could be exempt from the tariffs.

The Financial Times said the Trump administration is also conducting Section 301 investigations into other issues, including excess manufacturing capacity, raising the possibility of even higher tariffs.

Park Su-bin, Hankyung.com reporter waterbean@hankyung.com