The United States has initiated new investigations into what it views as unfair trade practices by numerous countries, potentially paving the way for penalties such as additional tariffs, as President Donald Trump looks for alternatives after duties he imposed were struck down by the Supreme Court.
The investigation into excess industrial capacity is aimed at India along with the European Union, China, Japan and several other economies, and could heighten tensions with those trading partners.
The Trump administration is launching separate probes centered on overproduction and importing goods made with forced labor, AFP cited US trade representative Jamieson Greer saying.
"We need to protect American jobs, and we need to make sure we have fair trade with our trading partners," he added. "If we need to impose tariffs to help solve this, we will," he said.
He did not say whether the eventual penalties would vary by country.
He added that the second investigation, focused on forced labor, is expected to be launched “no earlier than tomorrow afternoon” and would affect around 60 trading partners.
The Trump administration’s latest move also comes ahead of a planned meeting between Trump and Chinese leader Xi Jinping in Beijing in April.
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read Less