Important Updates To President Trump's Reciprocal Tariffs

Introduction

On April 2, 2025, President Trump issued an Executive Order (EO), under which he invoked the International Emergency Economic Powers Act (IEEPA) to declare a national emergency related to persistent US trade deficits, and to impose "reciprocal tariffs" on a wide range of US trading partners. Our Client Alert on this announcement is available here.

The EO imposed a baseline 10% tariff on imports from essentially all US trading partners, and even higher reciprocal tariff rates, ranging from 11-50%, on imports from nearly 60 countries. Neither Canada nor Mexico is covered by these reciprocal tariffs, as both countries are covered by separate Executive Orders which were described in our prior post.