UPDATE: US Announces Broad New Tariffs

President Trump announced additional tariffs on Wednesday, adding to the impact of those already announced. The intent of the two new tariffs is to return strategically vital manufacturing to the United States. Saying he had no ill will toward trading partners, the US had to stop decades of unequal treatment.

The US will first impose a 10% "baseline" tariff on all countries, taking effect April 5, 2025 at 12:01 a.m. EDT. This 10% is in addition to any legacy/ existing tariffs in place for that country. 

A secondary "reciprocal" tariff means many countries will face much higher tariffs due to an additional, individualized duty on those in which the United States has the largest trade deficits. These will take effect April 9, 2025 at 12:01 a.m. EDT.

The full list of countries impacted and the total tariff amounts can be found here (click to read).

The White House issued this Fact Sheet with more information on the tariffs, including those for Mexico and Canada (click to read).

The announcement specifies that the additional tariffs will apply only to the non-U.S. content of a subject article provided that at least 20 percent of the article’s value is U.S.-originating. It also authorizes U.S. Customs and Border Protection to require the collection of such information and documentation, including with the entry filing, as is necessary to verify (1) the value of the U.S. content of an article and (2) whether an article is substantially finished in the U.S.

There are exceptions referenced in the President's statement as Annex II (click to read). Here is a summary of those items:

• all articles encompassed by 50 USC 1702(b) (e.g., communications, donations, and informational materials)
• all articles and derivatives of steel and aluminum already subject to Section 232 duties
• all automobiles and automotive parts already subject to Section 232 duties
• copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, and energy and energy products
• all articles from a trading partner subject to Column 2 duty rates
• all articles that may become subject to duties pursuant to future Section 232 actions

Other related notes:

• According to the Executive Order, the President may expand the scope of the tariffs if (1) they are deemed ineffective in resolving the emergency conditions (e.g., a continued increase in the overall U.S. trade deficit or “the recent expansion of non-reciprocal trade arrangements by U.S. trading partners” in a manner that threatens U.S. economic and national security interests), (2) any trading partner retaliates through import duties on U.S. goods or other measures, or (3) U.S. manufacturing capacity and output continues to worsen.
• Alternatively, the tariffs may be decreased if any trading partner “takes significant steps to remedy non-reciprocal trade arrangements and align sufficiently with the United States on economic and national security matters.”
• Auto tariffs will officially begin today. 

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