Trump Slaps Forced Labor Tariffs on 60 Countries Including South Korea
The Trump administration has introduced retaliatory tariffs of 10% to 12.5% on 60 countries, including South Korea, in response to their failure to prevent trade in goods made with forced labor.
The US Trade Representative (USTR) announced that the tariffs will be levied at 12:01 a.m. Eastern time on July 24, citing Section 301 of the Trade Act.
The tariff rates will vary depending on each country's enforcement of import bans on products made with forced labor. A 10% tariff will apply to 17 countries that have such import bans in place or have pledged to adopt them through reciprocal trade agreements.
China, Russia, and Vietnam will face a 12.5% tariff due to their insufficient import-control frameworks.
The USTR has also excluded over 471 product categories from the tariff action, including raw materials that cannot be sourced in the US and products whose taxation could cause major disruption across the economy.