U.S. finalizes Section 301 tariffs on 60 countries over forced-labor rules

The Office of the U.S. Trade Representative finalized Section 301 tariffs on 60 countries that have not sufficiently adopted and enforced import bans on goods made with forced labor. South Korea, along with the European Union, Japan, Taiwan and Switzerland, will face Section 301 tariffs on some products, capped at 10% or 12.5% including most-favored-nation tariff rates. A 10% tariff will apply to 17 countries that have enforced such import-ban systems or pledged to adopt them through reciprocal trade agreements, while the remaining countries under investigation will be subject to a 12.5% tariff. Raw materials that could create supply shortages in the United States, products that could disrupt the broader economy, and items that are difficult to source domestically in sufficient quantities at reasonable prices will be excluded from the tariff measures.