Trump Prepares New Tariffs on 60 Countries, With South Korea Poised for 12.5%

New tariffs could be imposed as early as this week

Temporary 10% universal tariff expires on July 24

Country-specific rates may be set at 10% or 12.5%

The Trump administration is preparing to impose new tariffs on as many as 60 countries as early as this week, the Financial Times reported. The move comes as the temporary 10% universal tariff now applied to imports worldwide is due to expire on July 24.

The newspaper reported on July 21 that the new tariff rates may be set at either 10% or 12.5% depending on the country, effectively filling a gap in the existing tariff structure. The new duties would be based on forced-labor investigations conducted under Section 301 of US trade law.

Last month, the Office of the United States Trade Representative determined that 60 economies were burdening US trade because they had not done enough to block or police imports of goods made with forced labor. USTR proposed an additional 10% tariff on countries that have implemented, or pledged to introduce, systems banning imports of forced-labor goods. The remaining countries with weaker measures would face an extra 12.5% levy.

According to foreign media reports, the 12.5% tariff group includes South Korea, China, Japan and Brazil. Canada, Mexico, the European Union and the UK were assigned the 10% rate. Some essential goods, however, may be excluded from the tariffs.

The Financial Times said the Trump administration is also conducting Section 301 investigations into other issues, including manufacturing overcapacity, leaving open the possibility of even higher tariffs later.

Park Su-bin, Hankyung.com reporter, waterbean@hankyung.com