The U.S. will implement a temporary 10% tariff on imports for 150 days, which excludes key minerals, cars, and pharmaceuticals, starting from the 24th.
On the 20th, President Donald Trump signed a proclamation to impose a 10% 'temporary tariff' effective at 12:01 AM EST on the 24th, which will last for 150 days. This measure is framed as essential for correcting the international balance of payments and adjusting trade relations. Trump also instructed the U.S. Trade Representative to investigate foreign practices that discriminate against U.S. interests under Section 301 of the Trade Act.
The announcement from the White House elaborated that the tariff will apply to certain imports based on the authority provided under Section 122 of the Trade Act of 1974. This decision coincided with a Supreme Court ruling declaring reciprocal tariffs grounded in the International Emergency Economic Powers Act as unlawful. Despite this setback, the White House reiterated the importance of tariffs as fundamental tools for protecting U.S. economic and national security interests.
Notably, certain categories of products have been exempted from the tariff, including key minerals, energy resources, and agricultural products that are not sustainably produced domestically. Specific regulations apply to vehicles, pharmaceuticals, and various electronic goods, ensuring that essential supply chains remain intact. The White House cited a growing structural trade deficit, projecting a goods trade deficit of $1.2 trillion in 2024, up over 40% during the Biden administration, emphasizing the need for intervention to prevent economic and national security risks.
