Trade Shock: US Launches Probe Into EU, China, India
US launches a trade investigation into 15 nations including China, the EU and India, raising fears of new tariffs and escalating global trade tensions.
The US has launched new investigations into some of its largest trading partners after the Supreme Court struck down a key part of President Donald Trump's tariff policy last month.
On Wednesday, US Trade Representative Jamieson Greer said that the Section 301 investigation into unfair trade practices could lead to new taxes against countries like China, the European Union, India, Japan, South Korea, and Mexico by this summer.
The investigation could allow the US to impose import taxes on goods from any of the countries found to be engaging in unfair trade practices.
Greer said he expects the investigation to be completed before the new temporary tariffs imposed by Trump in late February expire in July.
Other countries under investigation include Vietnam, Thailand, Malaysia, Cambodia, Singapore, Indonesia, Bangladesh, Switzerland, and Norway.
Canada, the US's second-largest trading partner, was not named as a target of the investigation.
This move comes just weeks after the Supreme Court ruled that the tariffs Trump imposed on several countries around the world last April were illegal. Immediately following the decision, the president announced a new 10% global tariff, calling the ruling "very bad" and calling the judges who rejected his trade policy "fools."
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The next day, he announced the levy would be 15%, but when it went into effect, the actual rate charged was 10%.
Since then, Trump and other senior administration officials have said the levy will be raised to 15%.
This investigation gives the Trump administration a way to re-build its case for a credible tariff threat against trading partners.
This also comes as top US officials are scheduled to meet with their Chinese counterparts in Paris this weekend.
These talks are expected to help lay the groundwork for Trump's meeting with Chinese President Xi Jinping in Beijing in late March.
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