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On Tuesday, President Trump announced sweeping new tariffs aimed at addressing trade imbalances. While the tariffs are expected to reshape the U.S.’ economic agreements with our trading partners, they are also expected to pose a challenge for supply chain leaders. Leaders should know:

• There are two kinds of tariffs now in effect.
  • One tariff is applied across the board for all other countries. Goods from “all countries” will face a minimum 10% tariff, effective April 5^th.
  • Reciprocal tariffs are as follows and take effect April 9^th:
    • China: 35% (the “de minimis exemption” cannot be used);
    • European Union: 20%
  • Pharmaceutical products are exempt from the higher reciprocal tariffs. This comes after market warnings that U.S. manufacturers cannot keep up with the nation’s demand, particularly for antibiotics.
  • The President retains the ability to modify these tariffs at any time. President Trump could decrease these tariffs should countries renegotiate.