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The administration of Donald Trump has launched a new investigation under Section 301 of the Trade Act of 1974 to examine trade practices of major global partners. Officials said the probe will review industrial subsidies, labor policies and trade surpluses that may harm US industries.
New Tariff Battle Looms as US Begins Global Trade Investigation
Washington DC: The Trump administration has once again launched a new investigation into trade policy in the United States. The Trump administration has initiated a new investigation under Section 301 of the Trade Act of 1974. The investigation aims to review the industrial policies of foreign countries and companies. Following the completion of the investigation, the United States could impose new import duties, or tariffs, on products from these countries. This is feared to further escalate tensions in global trade.
The US administration formally launched this investigation on Wednesday. This process will examine whether the industrial policies of foreign countries are harming the interests of American companies and industries.
US Trade Representative Jamieson Greer stated that the government's core policy remains unchanged, but the tools used may change. He stated that the administration's primary goal is to protect American industries and jobs.
This investigation includes several major US trading partners. These include countries like China, the European Union, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, South Korea, Vietnam, Taiwan, Bangladesh, Mexico, Japan, and India.
The US government will investigate policies in these countries that could harm American companies. Issues such as industrial subsidies, wage suppression, and persistent trade surpluses in the US market will be highlighted.
Economic experts believe that if the US imposes new tariffs following this investigation, it could escalate global trade tensions. Previously, when the US imposed tariffs, economic conflicts with several countries have occurred.
Although the US Trade Representative says that the trade frameworks announced last year are not directly related to this new investigation, they may be considered in future decisions.
The Trump administration has announced the launch of another investigation under Section 301. Its purpose is to assess potential restrictions on the import of products made with forced labor.
Additionally, new investigations may be initiated in the future on issues such as digital service tax, drug prices, and marine pollution.
Trump Administration Reviews 52-Year-Old Trade Act to Target Unfair Global Practices
Currently, the United States has imposed a 10 percent temporary tariff on foreign products under Section 122. This will expire on July 24th after 150 days.
Trump has previously proposed increasing this tariff to 15 percent, but a final decision has not yet been made. The administration says that after the investigation is complete, various options will be presented to the President, based on which a new trade policy will be decided.
