US slaps 10-12.5% tariffs on 60 economies over 'forced labor' claims, effective tomorrow noon ET.

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The U.S. Trade Representative (USTR) announced on April 23 that it will impose tariffs of 10% to 12.5% on imports from 60 economies, citing forced labor concerns under Section 301 of the Trade Act of 1974. The new tariffs replace expiring global import duties and take effect at noon ET on April 24. The measure covers over 99% of U.S. trade volume, according to the USTR. Goods already in transit will face the tariffs from 12:01 a.m. ET on July 28. Exemptions include fuel, food, fertilizer, products under separate industry-specific tariffs (e.g., autos, metals, pharmaceuticals), and goods covered by the USMCA. U.S. officials clarified that the new tariffs will not stack with existing Section 232 steel and aluminum duties. The move could raise costs for a wide range of imported goods, potentially fueling inflation and dampening risk appetite in crypto markets as traders assess trade disruption risks.