Trump Administration Announces Tariffs on All Imported Goods

On April 2, 2025, President Trump announced a minimum tariff of 10% on all imported goods, which take effect on April 5 at 12:01am. President Trump also announced “discounted reciprocal tariffs” higher than 10% for goods from several additional countries, as seen in the chart below (column on the far right).

These higher tariffs will go into effect on April 9, 2025 at 12:01am. The 34% tariff on Chinese goods is in addition to tariffs already imposed. Tariff rates for Canada and Mexico will not change, and the 25% tariffs previously announced on foreign cars and foreign auto parts will go into effect at midnight on April 2, 2025.

For questions on these tariffs, and how your business is affected, please contact any member of the firm's Tariff Strategy team.