US imposes new 10-12.5% tariffs on 60 trading partners including China, India, EU effective July 18

The United States implemented new tariffs ranging from 10% to 12.5% on imports from 60 trading partners starting Friday, July 18, 2026, replacing an expiring global duty from earlier this year. The tariffs target major economies including China, India, and the European Union, with rates varying based on forced labor import prohibitions.

Countries that have implemented or committed to forced labor import bans—Canada, the EU, India, and the UK—face the lower 10% rate. China, Japan, South Korea, and others deemed non-compliant face the higher 12.5% rate. However, the EU, Taiwan, Japan, South Korea, and Switzerland received partial relief due to existing trade pacts with the US. Goods already under sector-specific tariffs (like steel and aluminum), certain energy products, fertilizers, and items covered by the US-Mexico-Canada Agreement are exempt.

US Trade Representative Jamieson Greer justified the move by citing the US's century-old forced labor import ban, stating trading partners should adopt similar measures. The tariffs follow a February 2026 Supreme Court setback that struck down many of Trump's earlier duties, prompting the administration to rebuild its tariff wall using different legal authorities. Recent actions include 25% tariffs on Brazilian goods and threatened 50% tariffs on Canadian products effective next month.

For Nigerian businesses engaged in international trade, these shifts could affect export competitiveness in US markets and input costs for goods sourced from affected regions. While the article doesn't specify Nigeria's direct exposure, sectors like agriculture, manufacturing, and oil exports may feel indirect pressure through shifting global trade dynamics. Monitor how these tariffs impact specific commodity prices and supply chains relevant to your sector.

SOURCE: https://www.channelstv.com/2026/07/24/us-imposes-new-tariffs-on-60-countries/