USTR Proposes Up to 12.5% Tariffs on 60 Partners as Europe Stocks Face Lower Open
Updated
Updated · CNBC · Jun 3
USTR Proposes Up to 12.5% Tariffs on 60 Partners as Europe Stocks Face Lower Open
3 articles · Updated · CNBC · Jun 3
European futures pointed to a broadly weaker Wednesday open after the U.S. Trade Representative floated additional tariffs of up to 12.5% on 60 trading partners.
The proposal targets economies including China, the European Union and Japan over what USTR called a failure to block imports made with forced labor, which it said disadvantages U.S. workers.
The tariff plan expands a forced-labor trade push that earlier reports said would cover duties of 10% to 12.5%, with public comments due July 6 and hearings set for July 7.
Markets were also tracking the U.S.-Iran war after Washington accused Tehran of fresh attacks despite a ceasefire, adding another source of pressure for regional risk sentiment.
With tariffs hitting an 80-year high, is the US risking global trade stability for domestic manufacturing gains?
Will new US tariffs curb forced labor or mainly raise costs for American consumers and small businesses?
U.S. Trade Policy in Turmoil: $133 Billion Tariff Refunds, Judicial Showdowns, and the Section 301 Shift
Overview
Recent court decisions have dramatically changed U.S. trade policy. The Supreme Court ruled on February 20, 2026, that President Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to mass refunds for importers. In response, the Trump Administration tried to use Section 122 tariffs, but on May 14, 2026, the Court of International Trade found these were also unauthorized. Lawsuits from states and businesses followed, but the CIT decision is not final, so refunds for Section 122 tariffs are not yet available. This legal back-and-forth has created uncertainty for businesses and trade policy.