The White House has outlined a new tariff regime, imposing a baseline 10% tariff on all countries starting April 5, 2025. Notably, certain products like pharmaceuticals and semiconductors are exempt. The tariffs aim to address trade deficits and nonreciprocal trade practices, with the authority for modifications based on country responses. Countries with significant trade deficits may face higher tariffs. The plan emphasizes ongoing adjustments based on trading partner behaviors, with specific exemptions for items already facing other tariffs.
"President Trump will impose a 10% tariff on all countries... All other countries will continue to be subject to the original 10% tariff baseline."
"These tariffs will remain in effect until such a time as President Trump determines that the threat posed by... nonreciprocal treatment is satisfied, resolved, or mitigated."
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