Under the new system, for South Korea and Switzerland, the total effective tariff rate has been set at 10 to 12.5 percent by adjusting the existing ‘Most Favored Nation (MFN)’ tariff.
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New US tariffs on products from Bangladesh and 60 other countries take effect
Additionally, a 12.5 percent tariff has been imposed on products from 38 other countries, including China. The United States alleges that China is using forced labor of Uyghur minorities in the Xinjiang region. However, Beijing has consistently denied these allegations.
US administration officials have stated that, following the trade ceasefire negotiations between President Donald Trump and Chinese President Xi Jinping in November 2025, there are plans to reimpose tariffs of up to 20 percent on Chinese products in a second phase. There are currently no plans to impose higher tariffs.
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Earlier, after removing the 25 percent tariff imposed on industrial products in the first phase, the effective tariff rate on Chinese products had dropped to 10 percent. The new decision has sparked renewed discussions about its impact on international trade.