New Section 301 tariffs of 10%-12.5% now apply to 99.4% of all U.S. imports

At the root of the action is a prolonged Trade Representative inquiry into whether exporting countries have tolerated forced labor in their supply chains. Nations that demonstrated meaningful efforts to crack down on the practice earned the 10% rate; those that did not are subject to the steeper 12.5% levy. Officials acknowledged they hold little expectation that the targeted countries will stamp out the practice in the foreseeable future, according to CNN.

Certain categories were carved out from the new duties, among them oil and gas imports and goods with no viable domestic substitute. On the question of timing, White House officials indicated the back-to-back scheduling with the expiring duties was deliberate — meant to sidestep the confusion of overlapping tariff obligations — and noted that the business community had been pushing for a more stable and foreseeable tariff environment, according to CNN.

Because the new rates are broadly consistent with what importers were already remitting under the expiring duties, consumer prices are not anticipated to spike right away for most Americans, CNN reported.