US imposes 10%-12.5% tariffs on 60 economies

2026-07-24 by admin

Shenzhen TechFlow News, July 24 – The Office of the United States Trade Representative (USTR) issued a statement on July 23 local time, announcing that under Section 301 of the Trade Act of 1974, tariffs of 10% to 12.5% will be imposed on dozens of countries and regions under the pretext of so-called ‘forced labor,’ replacing the soon-to-expire global import tariffs. The new tariffs will take effect at 12:00 PM ET on July 24 (12:00 PM Beijing time on July 24).

USTR stated that upon the expiration of the 10% global tariff, tariffs will be imposed on 60 economies, covering over 99% of US trade volume. Senior US officials indicated that tariff measures on goods in transit will take effect at 12:01 AM ET on July 28 (12:01 PM Beijing time on July 28). Imported goods such as fuel, food, and fertilizers will be exempt from the new tariffs; products subject to specific industry-specific tariffs (such as automobiles, metals, and pharmaceuticals) will also not be included in the scope.

Additionally, goods covered under the United States-Mexico-Canada Agreement (USMCA) will also be exempt. US officials noted that the new tariffs will not be applied in addition to existing steel and aluminum import duties (i.e., the ‘Section 232’ tariffs imposed by Trump last year on national security grounds). (Jin Shi)

Shenzhen TechFlow News, July 24 - The Office of the United States Trade Representative (USTR) issued a statement on July 23 local time, announcing that under Section 301 of the Trade Act of 1974, tariffs of 10% to 12.5% will be imposed on dozens of countries and regions under the pretext of so-called 'forced labor,' replacing the soon-to-expire global import tariffs. The new tariffs will take effect at 12:00 PM ET on July 24 (12:00 PM Beijing time on July 24).USTR stated that upon the expiration of the 10% global tariff, tariffs will be imposed on 60 economies, covering over 99% of US trade volume. Senior US officials indicated that tariff measures on goods in transit will take effect at 12:01 AM ET on July 28 (12:01 PM Beijing time on July 28). Imported goods such as fuel, food, and fertilizers will be exempt from the new tariffs; products subject to specific industry-specific tariffs (such as automobiles, metals, and pharmaceuticals) will also not be included in the scope.Additionally, goods covered under the United States-Mexico-Canada Agreement (USMCA) will also be exempt. US officials noted that the new tariffs will not be applied in addition to existing steel and aluminum import duties (i.e., the 'Section 232' tariffs imposed by Trump last year on national security grounds). (Jin Shi)

TechFlow news, July 23, according to the Financial Times, the UK's HM Revenue and Customs (HMRC) revealed through a freedom of information request that since the launch of a special crypto tax compliance operation in November 2023, it has reached disclosure settlements with 502 cryptocurrency investors over the past two years, recovering over 8 million pounds in back taxes, with an average settlement amount of about 16,600 pounds. Among these, 280 investors settled in the 2024/25 fiscal year, involving 3.54 million pounds; 222 investors settled in the 2025/26 fiscal year, with the amount rising to approximately 4.78 million pounds.At the same time, the number of "reminder letters" sent to crypto investors by HMRC has surged dramatically, reaching 64,982 in the 2024/25 fiscal year, a 680% increase compared to three to four years ago. With the UK joining the OECD's Crypto-Asset Reporting Framework (CARF), starting in January 2026, crypto service providers will be required to compulsorily collect user identity and transaction information and report it to authorities, further compressing the space for investors to conceal gains. Currently, about 8% of UK adults (approximately 4.5 million people) hold crypto assets.

PANews July 24 news, according to The Block, Swan Bitcoin CEO Cory Klippsten harshly criticized Tether and its backed Twenty One Capital in a podcast interview, saying that Tether "effectively controls" the publicly traded Bitcoin reserve company and uses it as a tool to advance political interests in the U.S., but provided no evidence to support the claim. Tether did not respond to a request for comment. Klippsten also described Strike founder Jack Mallers' CEO role at Twenty One as merely nominal, saying his main duty was to promote the company's stock, and believed that Mallers' departure was not his personal decision. Mallers resigned as CEO this week, while his company Strike withdrew from a potential merger with Twenty One.