T&T is among 60 economies facing a new set of tariffs from the US Government.
In a statement, the Office of the United States Trade Representative said the move follows a “failure to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.”
According to the statement, a 10% tariff is for investigated economies that (i) impose a forced labor import prohibition; (ii) have committed to impose and enforce such a prohibition through an Agreement on Reciprocal Trade; or (iii) have imposed a partial regime with the effect of preventing the importation of certain forced labor goods.
The economies named in this regard are: Argentina, Bangladesh, Cambodia, Canada, Ecuador, El Salvador, Guatemala, Honduras, India, Indonesia, Jordan, Malaysia, Mexico, Pakistan, Sri Lanka, Trinidad and Tobago, and the United Kingdom.
Other economies facing 10% to 12.5% tariffs on certain goods are the European Union, Taiwan, Japan, Korea, and Switzerland.
The statement goes on to say:
The U.S. Trade Representative has also determined, in accordance with the specific direction of the President, that product exemptions are appropriate for: (a) raw materials that if subject to these tariffs could lead to the unavailability of domestic supply; (b) products that could cause economy-wide disruptions if subject to these tariffs; (c) products that cannot be grown or produced in sufficient quantities or at reasonable prices in the United States or obtained from other sources; (d) certain products of Argentina, Bangladesh, Cambodia, Ecuador, El Salvador, the European Union, Guatemala, Indonesia, Jordan, Malaysia, Switzerland, Taiwan, or the United Kingdom that would encourage these economies to fulfill commitments regarding forced labor import prohibitions or to enact and effectively enforce a forced labor import prohibition; or (e) articles for which these tariffs may not contribute substantially to the elimination of the acts, policies, and practices of found to be actionable in the investigations.
The tariffs come in on Friday, as a temporary 10% tax on foreign goods introduced earlier this year expires.
Read the full statement HERE.
