Everything Included in Trump’s “Liberation Day” Tariffs

At a glance

• The Main Takeaway: President Trump announced on April 2 a new 10% baseline tariff on all imports and reciprocal tariffs of varying rates for 60 countries.
• Resulting Impacts: Many of these new tariffs will apply in addition to previously enacted tariffs, resulting in rates far above 10% for many countries.
• Next Steps: It is still possible these tariffs may change as various countries engage in negotiations and counter-measures, so impacted businesses should pay close attention to new developments.

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The full story:

On April 2, President Trump announced a new, widespread tariff plan combining the concepts of a universal tariff and nation-specific duties, marking a significant shift in U.S. trade policy on what the President dubbed “Liberation Day.” Beginning April 5, a 10% tariff will be applied to all imports, and some countries will be subject to additional reciprocal tariffs of varying rates that go into effect on April 9. The new tariffs are generally additive to existing tariffs, such as the U.S. most-favored-nation (MFN) tariffs and Section 301 tariffs, meaning some countries could face a stack of tariffs amounting to much higher rates.

Summarizing the new tariffs

The new tariffs were announced via two executive orders:

• Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits
• Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports

In general, these Executive Orders include the following:

• A 10% baseline tariff on all imports into the U.S., effective April 5
• “Discounted reciprocal tariffs” on 60 additional nations, effective April 9, including:
  • E.U. – 20%
  • Japan – 24%
  • Vietnam – 46%
  • China – 34%
  • All reciprocal tariffs were listed in Annex I published by the White House.
• Elimination of duty-free de minimis treatment for low-value imports from China, effective May 2

In addition to the above, the Executive Orders also detailed the exemptions to the new tariffs:

• Products subject to current or planned 232 tariffs (steel, aluminum, cars, car parts, pharmaceuticals, semiconductors, etc.) are exempt from the baseline and additional reciprocal tariffs.
• Products that qualify under the U.S.-Mexico-Canada Agreement (USMCA) are exempt from the new tariffs, as well as the previously enacted 25% Canada and Mexico tariffs.
• For products containing U.S. content tariffs equating to 20% or more of the value of the product, the U.S. content will be exempt from tariffs.
• A full list of exempted products, identified by their Harmonized Tariff Schedule of the U.S. (HTSUS) codes, was included in Annex II.

These tariffs and exemptions join a flurry of other similar announcements since President Trump took office, including the 25% tariffs on foreign-made vehicles that took effect on April 3. Further changes are expected as countries begin to engage in negotiations and prepare countermeasures, as the E.U. and China have already announced.

New tariffs in practice

Many of the tariffs enacted by the Trump Administration are additive, so newly introduced tariffs are in addition to previously enacted tariffs, leading some countries (like China) to have exceptionally high rates. Although the reciprocal tariffs appear to either include or be in lieu of the 10% baseline tariff, the reciprocal tariffs do not supersede or replace previous nation-specific tariffs.

For example, the latest announcement placed a 34% reciprocal tariff on China. The 10% baseline tariff will not be applied separately; however, previous tariffs placed on China, including the 20% “fentanyl” tariff, the 25% Section 301 tariff, and the US MFN rate, are applied separately, equating to a tariff rate of at least 79%. Other countries included in the reciprocal tariff list will follow similar equations.

The bottom line

The latest round of tariff announcements means any company exporting to the U.S. will be subject to at least a 10% rate, with many nations facing much higher reciprocal rates. These new tariffs, much like those previously announced, remain fluid and future changes are still possible.

Aprio’s Customs and Tariffs group continues to closely monitor all updates and is available to help companies navigate these rapid developments. If your business may be impacted by the new tariff rates, Aprio may be able to help with strategies to minimize customs duties while maximizing compliance with trade requirements. Schedule a consultation to learn more.

Related Resources/Assets/Aprio.com articles/pages

• Focus on Tariffs: 5 Steps to Help Reduce Impact
• President Trump Announces Tariffs on Imports from Canada, Mexico, and China
• Trump Administration Expands Steel and Aluminum Tariffs Effective March 12, 2025