President Donald Trump has imposed new tariffs on over 80 countries, with rates ranging from 10% to 12.5%. The move aims to combat forced labor and is based on Section 301 of the Trade Act of 1974.
The tariffs are part of a broader effort by the president to raise revenue for the U.S. Treasury, following recent announcements of tariffs on Brazil, Canada, and generic drugs.
The new tariffs are expected to raise tens of billions of dollars in revenue, but are likely to be challenged in federal court. Importers will pay the tariffs, which are typically passed on to consumers.
