By continuing to browse our site you agree to our use of cookies, revised Privacy Policy and Terms of Use. You can change your cookie settings through your browser. The United States Court of International Trade building in New York, US, March 18, 2025. /VCG The Trump administration's new tariffs on around 60 trading partners took effect at 12:01 am local time on July 24, drawing an immediate legal challenge from two US small businesses and strong criticism from multiple countries. They also follow a recent warning from the International Monetary Fund (IMF) regarding their impact on global growth. The new tariffs, ranging from 10% to 12.5%, were imposed under Section 301 of the Trade Act of 1974, targeting economies including China, Japan, Australia, Brazil and the European Union over forced labor concerns. The measures cover approximately 99.4% of US imports from the investigated economies. Hours after the tariffs took effect, two US small businesses — Burlap & Barrel, a New York-based online spice retailer, and Collective Horology, a California-based watch retailer — filed a lawsuit in the US Court of International Trade, challenging the administration's legal authority to impose the sweeping duties.
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