In a Truth Social post this morning, the President announced that for all countries other than China, the IEEPA/Reciprocal tariffs will be 10% during a 90-day pause. This will eliminate the increased reciprocal rates in place for many countries.
The exception is goods from China, where the tariff has been increased again. The current rate for China is now 125%.
The reciprocal tariffs went into effect this morning at the higher rates. We will have to wait for guidance from CBP on processes. The exemption remains for goods exported prior to April 5 and entered for consumption prior to May 27.
Please note that tariff actions are changing rapidly.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services