New Tariff Policy to Take Effect
Recently, the White House released an important announcement regarding a new tariff policy. Starting at 00:01 AM Eastern Standard Time on February 24, a 10% tariff will be imposed on imported goods. However, several key categories of products will be exempt from these new tariffs.
Which Products Are Exempt?
- Certain critical minerals and metals used for currency and bullion
- Energy and energy products
- Natural resources and fertilizers that the U.S. cannot produce or can't produce in sufficient quantity
- Selected agricultural products, pharmaceuticals, and their raw materials
- Specific electronic products, passenger vehicles, and light trucks
- Certain aerospace products
Adjustments to Existing Tariff Measures
In addition, the White House issued an executive order to terminate certain existing tariff measures. Additional tariffs previously imposed under the International Emergency Economic Powers Act will no longer be enforced and will be lifted as soon as practically possible.