US 12.5% Section 301 Duty Reshapes Import Flows as Second Tariff Probe Awaits Ruling

Summary

The USTR's 12.5% Section 301 duty on Chinese goods, effective 24 July, permanently replaces the IEEPA tariffs struck down in February and the expiring 10% stop-gap, covering around 60 trading partners with Section 232 steel and aluminium goods exempt. A parallel excess-capacity investigation remains open, and front-loading has left August US import volumes forecast to fall 4.5% year on year.