U.S. Trade Representative Lighthizer: New Tariffs Will Not Have Additional Economic Impact

On July 28, U.S. Trade Representative Robert Lighthizer stated on Monday that the newly implemented Section 301 tariff measures will not impose any new economic impacts beyond what the economy is currently bearing. Lighthizer noted that the new tariffs imposed by President Trump on 60 trading partners may not have economic repercussions, partly because the 10% or 12.5% rates are similar to previous global tariff actions. He mentioned that the scope of the new Section 301 tariffs is smaller than that of the previously applied 10% temporary tariffs. However, the agency indicated that the new tariffs will still cover 99.4% of U.S. imports. (Jinshi)