U.S. sets tariffs at 10% to 12.5% on 60 trade partners to replace expiring tariffs

The U.S. trade representative announced a wave of tariffs on dozens of economies Thursday to replace President Donald Trump's temporary 10% tariff, which expires at midnight ET. Sixty trading partners, including all of America's most important ones, will face tariffs of 10% to 12.5%. The new rate announced Thursday appears to lower the 15% cap Trump and European Commission President Ursula von der Leyen agreed upon last year. The administration says that under the statute, it found that the 60 economies have failed 'to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.' The new duties include a wide swath of exemptions, including on fertilizers and some types of fuel, both of which are surging in price because of the war in Iran.