President Trump imposed sweeping new reciprocal tariff rates ranging from 10% to 41% that took effect today. China is not covered by the new tariffs as the U.S. is continuing to negotiate with China ahead of an August 12th deadline the President set to reach a trade agreement with that nation. Mexico got a 90-day reprieve from the new reciprocal tariffs to continue ongoing trade negotiations. The reprieve for Mexico, however, stands in sharp contrast to the President’s separate order last night imposing a 35% tariff on most Canadian goods but continuing to exempt USMCA compliant products.
