An Executive Order was signed by President Trump on July 7th regarding tariff rates. Additionally, the expiration date on certain tariffs has been extended to August 1, 2025, according to a fact sheet.
Key points:
- Several countries will be “subject to new reciprocal tariff rates designed to make the terms of our bilateral trade relationships more reciprocal over time and to address the national emergency caused by the massive U.S. goods trade deficit.”
- The tariff rates for some countries will be higher or lower than the amounts originally announced, in some cases.
- 14 countries were notified by letter of updated tariff rates.
