The US government has announced a 90-day pause on certain new tariffs, effective April 10, 2025. Here's what's happening:
- *Tariff Background*: The US imposed a base 10% tariff on imported goods from most countries, with higher tariffs on specific countries, to address large and persistent trade deficits.
- *90-Day Pause*: The pause suspends additional tariffs beyond the base 10% rate for countries listed in Annex I, except for China. This aims to facilitate negotiations and encourage trading partners to address non-reciprocal trade arrangements.
- *China Exception*: The US has actually increased tariffs on Chinese goods in response to China's retaliatory measures, reflecting ongoing trade tensions.
- *Impact*: The pause may provide temporary relief for companies and traders, but uncertainty remains about future tariff rates and potential retaliatory actions by other countries.
The situation is fluid, with ongoing negotiations and potential changes to tariffs in the coming months.