Credited from: CHANNELNEWSASIA
The U.S. government plans to increase the tariff rate for certain countries to 15% or higher from the current 10%, as stated by U.S. Trade Representative Jamieson Greer. Specific countries affected by this increase have not been named, but the general trend suggests a strategic tightening of trade policy, especially concerning nations with unfair trade practices, according to Reuters and Channel News Asia.
Greer also affirmed that the Trump administration is not planning to raise tariffs on Chinese goods, maintaining the current rates as President Trump is set to visit China soon. This indicates a cautious approach towards facilitating ongoing diplomatic discussions, as he stated, "We don't intend to escalate beyond" the existing rates with China, according to India Times and Reuters.
In explaining the rationale behind the tariff adjustments, Greer emphasized the importance of addressing unfair trade practices through Section 301 investigations, targeting nations that maintain excess industrial capacity or utilize forced labor. He noted that such practices necessitate increased tariffs as part of the U.S. strategy to foster fair competition, reflecting statements made in interviews with both Fox Business Network and Bloomberg TV, according to Channel News Asia and India Times.
Greer mentioned that any new tariffs would be consistent with existing trade deals, stating that the administration intends to accommodate nations with current agreements. This approach is part of a broader strategy to ensure that legal frameworks guide tariff implementation, minimizing potential lawsuits from foreign interests, as he elaborated in his remarks on the Fox Business Network, according to Reuters and Channel News Asia.