This afternoon President Trump announced on TruthSocial that there will be a 90-day pause on planned reciprocal tariffs for over 70 countries, which were scheduled to take effect tonight.
In part, President Trump posted..because “more than 75 Countries” had reached out to the U.S. government for trade talks and have not retaliated in meaningful way “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”
The 10% tariff (cited as the “substantially lowered reciprocal tariff” in his post) will remain in place, as imposed under the International Emergency Economic Powers Act of 1977 (IEEPA), which President Trump declared as part of the Executive Order.
The exception to the new announcement concerns China, whose newly announced tariff rate for its imports to the U.S. will be 125%. The Administration stated this was in response to the retaliatory tariff issued by the Chinese government yesterday, a tariff of 84% on all U.S. goods imported to China.
IAM will continue to follow the tariff landscape, and other changes moving forward. If you have any questions in the meantime, please reach out to Bryan Vickers, with IAM’s Legislative & Regulatory Affairs team, bvickers@pacellp.com, 703-403-2882.