President Donald Trump is rolling out a new round of global tariffs just after midnight July 24, The New York Times reported July 23.
Six things to know:
1. Duties ranging from roughly 10% to 12.5% are set to take effect at 12:01 a.m. July 24 on imports from more than 80 nations, according to the report. They replace a flat 10% global tariff that President Trump had put in place in February and was set to expire at the same time.
2. Rather than relying on the authority of the emergency powers law the Supreme Court rejected earlier this year, the administration is citing Section 301 of the Trade Act of 1974, according to the report. The Trump administration alleges that many countries fail to adequately enforce their own bans on importing goods made with forced labor, which the administration argues puts compliant U.S. businesses at a disadvantage.
Some of the countries facing tariffs, including Canada and the European Union, already have (or have pending) forced-labor import bans of their own. The administration is arguing that enforcement, not the existence of the laws, is the real problem.
3. The new tariffs won’t apply to oil and gas, certain natural resources, goods already covered under the USMCA, or products already subject to separate national-security tariffs on items like cars and steel, according to the report.
4. About 69% of medical devices marketed in the U.S. are manufactured solely overseas — including commonly used items such as anesthesia instruments, syringes, pulse oximeters and sterile drapes.
5. The administration is investigating a further round of Section 301 tariffs targeting 15 additional countries plus the EU, this time over manufacturing practices deemed unfair, according to the report.
6. The latest round of tariffs comes after President Trump on July 20 signed three proclamations imposing an additional 50% tariff on Canadian goods covering motor vehicles, alcoholic beverages and dairy products. Those tariffs are set to take effect Aug. 19. The action relies on Section 338 of the Tariff Act of 1930, a rarely used authority administration officials have called a last resort and confirmed has not been used this way before. All three proclamations apply the maximum 50% ad valorem rate the statute allows.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.