Dear Valued Client,

On July 7, the administration has notified several different countries including Japan and South Korea of their new reciprocal tariffs that are expected to be applicable as of August 1. These letters are related to the reciprocal tariffs from the April 2 Executive Order 14257 that were paused starting on April 9.  

Additionally, the President has signed an executive order extending the 10% reciprocal tariff to continue until at least August 1.

Click below to reach the White House Fact sheet and Executive Order:

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Dear Valued Client,

The President has posted on Truth Social that a deal has been made with Vietnam. The preliminary details indicate that Vietnam will be subject to 20% tariff on goods sent directly to the US and 40% on goods transshipping. The President’s post indicates that Vietnam will open their markets to the United States.

Currently this has only been posted on social media. It is not an official announcement.

Additional updates will follow once they are available.

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On June 4, the Court of International Trade determined that IEEPA does not give the President authority to impose reciprocal or drug/border tariffs. The administration immediately filed an appeal and requested a stay.

On June 10, the Court of Appeals Federal Circuit (CAFC) issued the stay which means that for the time being, the IEEPA tariffs will remain while the courts litigate on this matter.

Oral arguments are scheduled for July 31 and a final decision from CAFC is not expected until at least August.  

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