Dear Valued Customer,
The United States Trade Representative (USTR) has determined that 60 trading partners (59 countries and the European Union) have failed to adequately prevent and effectively enforce prohibitions on the importation of goods produced with forced labor. According to the USTR, these failures placed U.S. commerce at a disadvantage by creating conditions in which American workers must compete on an uneven global playing field.
As a result, effective today, the USTR will begin imposing tariffs ranging from 10% to 12.5% under Section 301 of the Trade Act of 1974 on goods imported from each of these 60 trading partners. The full list of items that are being assessed a tariff can be found here.
The tariff rates are as follows:
· 10%: Argentina, Bangladesh, Cambodia, Canada, Ecuador, El Salvador, Guatemala, Honduras, India, Indonesia, Jordan, Malaysia, Mexico, Pakistan, Sri Lanka, Trinidad and Tobago, and the United Kingdom.
· 10% or 12.5%: European Union, Japan, South Korea, Switzerland, and Taiwan.
· 12.5%: Algeria, Angola, Australia, the Bahamas, Bahrain, Brazil, Chile, China, Colombia, Costa Rica, the Dominican Republic, Egypt, Guyana, Hong Kong, Iraq, Israel, Kazakhstan, Kuwait, Libya, Morocco, New Zealand, Nicaragua, Nigeria, Norway, Oman, Peru, the Philippines, Qatar, Russia, Saudi Arabia, Singapore, South Africa, Thailand, Türkiye, the United Arab Emirates, Uruguay, Venezuela, and Vietnam.
We will continue to monitor the situation and will provide timely and accurate updates as additional information becomes available and is officially confirmed
In the meantime, if you have any questions regarding these developments or any other tariff-related matter, please contact our OEC Customs Brokerage Advisors here, or reach out directly to your designated OEC Customs Brokerage Advisor.
Thank you!
Sincerely,
OEC Group
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