JPMorgan Chase CEO Jamie Dimon joins Mornings with Maria to discuss China, national security concerns and why America must strengthen its military and economic ties to confront its adversaries.
The Trump administration on Tuesday night announced a new plan to set prices up to 60 trading partners would face additional import duties of 10% or 12.5%.
The Office of the US Trade Representative (USTR) released a report that found that 60 countries were neglecting to enforce laws that prohibit imported goods made from forced laborwhich had a negative impact on American companies.
It found that 54 countries, including significant trading partners such as China, Vietnam, Japan, South Korea and the United Kingdom, failed to enforce and enforce the ban. Six other countries have failed to enforce such a ban, including Canada, Mexico and the European Union.
“The failure of our most important trading partners to deal with the importation of imported goods is unacceptable,” said Ambassador Jamieson Greer. “This creates a dynamic where American workers are forced to compete globally on an uneven playing field.”
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US Trade Representative Jamieson Greer has announced plans for new tariffs on workers. (Victor J. Blue/Bloomberg via Getty Images)
“We will not tolerate this division any longer,” said Greer. “Some trading partners have taken initial steps to ban the importation of forced labor goods, including the USMCA and commitments to Reciprocal Trade Agreements.”
“However, each of our trading partners must do more to ensure that trade does not perversely encourage and entrench forced labor,” he added.
For trading partners who may be subject to a ban on the importation of goods by force, who undertake to impose such a ban or impose a partial ban on the importation of goods made by force, they will receive an additional tax of 10%. All other economies will face an additional tax of 12.5%.
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The textile industry is very vulnerable to forced cotton in China. (Wu Changwei/Xinhua via Getty Images)
The USTR proposal also includes a mechanism to allow certain volumes of clothing and textiles to be imported into the US at a lower tariff. Forced labor is often used overseas in the production of cotton used in textile products, especially those found Xinjiang province of China.
Federal laws against the use of forced labor prohibit the importation of forced cotton into the US, including Uyghur Forced Labor Prevention Act. The law refers to the Uyghurs who live in Xinjiang and have faced persecution by the Chinese Communist Party, many with forced labor.
The USTR report notes that nearly all of the 60 countries that were subject to the investigation that began in March are importing cotton from China in 2021 and 2025. He adds that the difficulty of tracking the supply chain “makes it difficult consumers and commodity companies to trace their supply chains to the end, especially since the clothes produced by third economy producers will not show China as their source.”
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Uyghurs in Xinjiang, China, are subject to forced labor and mass incarceration by the Chinese government. (Greg Baker/AFP via Getty Images)
60 countries were investigated and found to enforce or enforce a prohibition of forced labor importation it imposed an “unreasonable or discriminatory burden” on American commerce, according to the report.
USTR stated that it “undermines the universal objective of ending forced labor; allows firms that use forced labor to produce goods at lower costs and thereby distort market conditions for firms that do not use forced labor; undermines that advantage of firms that do not use forced labor; and contributes to circumventing existing barriers to immigration.”
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Written comments on the proposal are due by July 6, and USTR will hold hearings the following day on July 7. Interested parties must submit requests to appear at the hearing, along with a summary of evidence, by June 22.
