关税升级：对小型脆弱经济体的冲击（英）

Escalating tariffs: the impact on small and vulnerable economiesIn recent months, the United States has introduced trade measures that have transformed the current trade landscape. This edition of the Global Trade Update provides a timeline of the trade policy decisions by the United States administration that are shaping this new landscape based on current United States law. It also provides a brief analysis of the impact of “reciprocal tariffs” on small and vulnerable economies and Least Developed Countries. It finds that in many cases, the reciprocal tariffs – paused for 90 days- disproportionately affect these economies, without significantly reducing the United States trade deficit or contributing to its additional tariff revenue collection.Policy Insights©Adobe Stock - AIGenGlobal tradeupdate plusA P R I L 2 0 2 5A P R I L 2 0 2 5Global tradeUpdate2Policy insightsIn recent months the United States Executive has imposed import tariffs at or above 10 per cent to imports from all over the world, justified by existing United States laws. Some of the legislation that has served as a basis is the following:The International Emergency Economic Powers Act (IEEPA) grants the President broad authority to regulate various economic transactions following a declaration of a national emergency. Under IEEPA, the United States Executive can implement tariffs in response to a national economic emergency, in accordance with United States trade law. Based on IEEPA, 10 per cent across-the-board tariffs are in place from 5 April 2025.Section 232 of the Trade Expansion Act of 1962 allows the President to impose tariffs on imports deemed a threat to national security. Tariff levels are determined after a Department of Commerce investigation is completed. This provision has been used to impose 25 per cent tariffs on imports of steel and aluminum into the United States.Section 301 of the Trade Act of 1974 grants the Executive the authority to enforce trade agreements, solve trade conflicts, and increase access to foreign markets for United States goods and services. It is the main legislation the United States uses to impose trade sanctions on countries that “violate trade agreements or engage in unfair trade practices.”Section 604 of the Trade Act of 1974 enables the Executive to impose duties or restrictions on imports. This section has been used to implement “reciprocal tariffs” on trading partners.Reciprocal tariffs - United States legal basis©Adobe Stock - nunoiA P R I L 2 0 2 5Global tradeUpdate3Policy insightsTimeline of implementation of new U.S. trade measures January 20, 2025: America First Trade Policy The United States administration issued its America First Trade Policy (AFTP) which prioritizes U.S.’ economic interests, national security, and industrial competitiveness by reducing its trade deficits through higher imports tariffs.This policy carries costly implications for small and vulnerable economies and Least Developed Countries in terms of