The latest round of tariffs imposed by the United States against dozens of its trading partners is expected to further weigh on Asia-Pacific economies already reeling from multiple crises, including high energy prices and a looming super El Nino.
The Office of the US Trade Representative, or USTR, has announced tariffs ranging from 10 percent to 12.5 percent on goods from 60 economies starting on Friday, citing Section 301 of the Trade Act of 1974 — which allows the US president to penalize countries found to have "failed to curb" forced labor in supply chains.
The new trade measures took effect just as temporary 10 percent worldwide tariffs expired at 12:01 am on Friday.
Analysts noted that Washington's latest move comes at a time when the Asia-Pacific region is already grappling with an escalating Middle East crisis that has disrupted energy supplies, fueled inflation and dragged down local currencies.
Lavanya Venkateswaran, senior economist at the Singapore-based Oversea-Chinese Banking Corporation, said the USTR's announcement shows that the administration of US President Donald Trump remains undeterred in its tariffs agenda.
