Trump Signs New Tariff Order, Imposing 10% Import Tariff on All Countries

On February 21, former President Donald Trump signed a proclamation imposing temporary U.S. import tariffs. Per the proclamation, a 10% tariff will apply to U.S. imports for 150 days, going into effect at 12:01 a.m. Eastern Standard Time (EST) on February 24. Goods exempt from the new tariffs include: - Certain critical minerals, metals used for currency and bullion, energy and energy products; - Natural resources and fertilizers the U.S. cannot grow, mine, or otherwise produce in sufficient quantities to meet domestic demand; - Selected agricultural products, pharmaceuticals and pharmaceutical raw materials, and certain electronic products; - Passenger vehicles, specific light trucks, and certain aerospace products. Separately, the White House issued an executive order terminating certain tariff measures. Additional tariffs imposed under the International Emergency Economic Powers Act (IEEPA) will no longer be in effect and will be discontinued as soon as practicable.