Tariffs on 60 Nations Would Hit 99% of U.S. Trade, Greer Says

U.S. Trade Representative Jamieson Greer confirmed the Trump administration is preparing tariffs on 60 countries over alleged forced labor practices. The duties would affect 99% of U.S. trade, he told reporters. The list of targeted nations has not been released. The scope is broad enough to cover nearly all imports.

The tariffs would be the most expansive trade action of the administration. Earlier rounds focused on specific goods or sectors. These new duties would apply to a wide range of products from the named countries.

Companies with supply chains in the affected nations face higher costs. Importers of electronics, apparel, and industrial goods are most exposed, trade lawyers said. Greer said the administration is still finalizing the legal basis for the tariffs. A formal notice could come in weeks.

The S&P 500 fell on the news. The index is down 1.2% in afternoon trading, with industrial and consumer discretionary sectors leading the decline. The dollar rose as traders priced in a hit to trade volumes.

China, Vietnam, and Bangladesh are among the countries that could be targeted, trade analysts said. Those three nations account for a large share of U.S. apparel and electronics imports.