Overview
- The Office of the U.S. Trade Representative put a new tariff scheme into effect on Friday, July 24, applying 10% or 12.5% surcharges to imports from 60 countries after a months‑long Section 301 probe.
- Argentina was placed in the lower 10% tier but keeps zero tariffs for 1,675 products covered by its February bilateral reciprocity deal, leaving other Argentine exports exposed to the surcharge.
- The tariff list includes broad sector exemptions for items such as petroleum, gas, fertilizers, critical minerals and aircraft parts, which narrow immediate coverage and shield many Argentine energy and mining exports.
- The move drew quick pushback: at least two U.S. firms filed suits arguing the administration lacked country‑specific findings, and several governments publicly protested the measure, creating legal and diplomatic uncertainty.
- Markets reacted modestly with slight U.S. Treasury yield moves, and analysts warn the policy could raise U.S. import costs, complicate inflation and Fed policy, and keep trade relations in flux as litigation and negotiations play out.