More Tariffs? Yes, at Least for Now.
As of 12:01 this morning, the additional tariffs of Canadian and Mexican origin were placed under an additional 25% tariff (10% for energy products from Canada). Additionally, the additional 10% tariffs imposed on China-origin goods in early February were doubled from 10% to 20%. These tariffs are in addition to any existing tariffs already being collected.
The President has invoked the International Economic Emergency Powers Act (IEEPA) for authority to issue the additional tariffs. New provisional numbers have been issued so that CBP has a mechanism to immediately begin collecting the tariffs.
The tariff situation seems to be in a constant state of change, and more tariff actions are being considered, including the reciprocal tariffs which would affect some of our trading partners, including the EU countries. The expanded list of goods to be assessed a 25% tariff under the Section 232 action on steel and aluminum is nearing implementation and a similar tariff for timber and lumber products is being considered.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services