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The Administration has announced a 90-day pause on the recently escalating tariffs with China. During the pause, the US will reduce the 125% reciprocal tariff rate down to 10% which is currently applicable to all other countries. The 20% IEEPA drug/border tariff will remain during the pause.
Part of the agreement includes China removing their retaliatory tariffs and restrictions taken since April 2.
These actions are expected to be in effect by May 14, 2025, and will last for 90 days. The US and China will work to continue trade talks to address issues.
In summary, tariffs on imported Chinese goods will be applied as follows:
- Most Favored Nation rate (MFN)
- Section 301 duty rate (7.5%-100% depending on HTS)
- IEEPA Drug/Border (20%)
- IEEPA Reciprocal (at 10%), OR Section 232 (25% steel/aluminum/autos/auto parts/derivatives) – whichever is applicable by law
Check out the White House announcement, joint statement and fact sheet at the links below.
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:
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.
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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