We want to maintain a regular update schedule for bringing you the latest information on tariffs. Here’s what we know this right now:
- The newly announced reciprocal tariffs are in additional to other duties and tariffs your products are subject to
- They supersede trade agreements with the exception of goods from Mexico and Canada admissible under the USMCA
- Goods must be loaded onto the vessel at the port of loading prior to 12:01 AM ET on April 5th, 2025 to be exempt from the additional 10%
- Goods must be loaded onto the vessel at the port of loading prior to 12:01 AM ET on April 9th, 2025 to avoid the application of the country-specific reciprocal tariffs
Below are some examples for how certain products are affected by the tariffs so you can adapt the formula for your own products:
Country Responses:
- Overnight, China has responded with a 34% tariff on all US imports, which will have an impact on a number of industries, especially agriculture, to be effective April 10th
- Canada has commented it will place 25% levies on all US vehicles that don’t comply with the USMCA
We’ve created an FAQ to offer some additional guidance during these times – you can find it here. Further updates to this FAQ document will be published as new information becomes available.
The significant increase in tariffs will mean your bond will become saturated much more quickly – you should be working with your surety on determining your full-year bond value needs under these tariffs to avoid becoming financially exposed. CBP monitors bond amounts. Should saturation occur, CBP will enforce a 15-day countdown to comply with sufficient bond coverage before it deactivates the bond. If you need guidance, we can assist – please contact us.
