US Tariffs on 60 Countries 'Unlikely to Impact Economy'

The US Trade Representative, Jamieson Greer, has stated that the latest tariffs imposed on 60 trading partners, including India, are unlikely to have any significant impact on the American economy.

The tariffs, which apply to a smaller group of countries than the earlier temporary universal tariff, have been imposed under Section 301 of the Trade Act of 1974. The new duties range from 10% to 12.5% and cover imports from countries that have failed to effectively prohibit goods produced with forced labor.

Greer explained that a lot of the rates are similar to existing tariff levels, which means they should not have any economic impact different from what the US has been experiencing.