- Tariff Modifications and Increases: The Trump administration announced modifications to “reciprocal” tariffs, including rate increases for Chinese products from 34% to 125% and delays for other countries until July 9, 2025. Certain technology products were exempted from these tariffs.
- New US Tariffs: Since February 1, 2025, new tariffs include a 25% tariff on vehicles and parts, and varying tariffs on steel, aluminum, and other goods. Specific tariffs target countries importing Venezuelan oil and have exemptions for USMCA-qualified items.
- Retaliatory Tariffs by Trading Partners: Countries like China, Canada, and the EU have imposed retaliatory tariffs on US products, ranging from 10% to 125%, affecting a wide range of goods including agricultural products and vehicles.
- Considerations for Importers: Importers are advised to analyze their supply chains, quantify tariff exposure, reexamine customs values and tariff classifications, and explore duty exemptions. Strategies include leveraging bonded warehousing and modeling supply chain impacts.
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