Reciprocal Tariffs

President Trump first announced his administration’s aim to impose reciprocal tariffs on Feb. 13. The goal of these tariffs, according to the White House, is to pressure other countries to either lower or eliminate their tariffs on U.S. goods. U.S. has one of the lowest average duty rates – 2.5% -- on imported goods.

The imposition of reciprocal tariffs on imported goods from numerous countries worldwide was announced to take effect at 12:01 a.m. ET on Thursday, April 3. The president held up a chart outlining the countries of particular focus to the administration for the reciprocal tariffs, including China, EU, Vietnam, Taiwan, Japan, India, South Korea, Thailand, Switzerland, Indonesia, Malaysia, United Kingdom, South Africa, Brazil, Bangladesh, Singapore, Israel, Philippines, Chile, Australia, Pakistan, and Sri Lanka. President Trump noted during his announcement that the tariffs, however, won’t be fully reciprocal. For example, China has an overall 67% tariff on U.S. imports, and the U.S. will respond with a 34% tariff, while the EU was noted to have a 39% average tariff on U.S. goods, and the U.S. reciprocal tariff will be 20%.

More details of the reciprocal tariffs are expected to be published shortly by the White House, as well as guidance from Customs and Border Protection (CBP) regarding their implementation. IFF will provide updates regarding these reciprocal tariffs from the White House and CBP, once they are received.

We will continue to update this as more details become available.