Trump prepares new tariffs on goods from 60 countries, possibly starting March 24

The Trump administration is reportedly gearing up to implement a new round of tariffs on imports from numerous countries, with a potential start date of March 24. This action comes as a temporary 10% universal tariff, enacted under Section 122 of the Trade Act, is set to expire on the same day. The administration aims to avoid any lapse in tariff application by introducing the new measures.

The proposed tariffs are reportedly a response to concerns over inadequate regulation of goods produced using forced labor. According to Bloomberg, citing sources familiar with the matter, the U.S. Trade Representative's Office (USTR) had previously proposed tariffs ranging from a minimum of 10% for countries like Canada, Mexico, and EU members, to 12.5% for major economies including South Korea, China, India, and Japan.

The new tariffs are expected to be imposed under Section 301 of the Trade Act, which grants the president authority to respond to foreign trade practices deemed burdensome to U.S. commerce. While the administration is preparing these measures, sources indicate that the final tariff rates may differ from the initial proposals and the plan is subject to change before finalization.