#TariffPause

It seems like you're asking about the current status of tariffs, particularly in relation to the "Liberation Day tariffs" announced by US President Donald Trump on April 2, 2025. Here's what's been happening ¹ ²:

- *Tariff Announcement*: President Trump signed Executive Order 14257, outlining extensive global tariff policies, with a baseline 10% tariff applied universally to imports from all countries except Canada and Mexico, and additional country-specific "reciprocal" tariffs.

- *Tariff Rates*: Higher tariffs on imports from 57 countries, ranging from 11% to 50%, were scheduled to take effect on April 9 but were almost immediately suspended for 90 days for all countries except China.

- *Current Status*: The 10% minimum tariff and the 25% sector-specific tariffs remain in effect. The tariffs have contributed to downgraded GDP growth projections by the Federal Reserve and OECD and rising expectations of a recession.

- *Impact*: Many countries have been affected, with some notable exceptions like Russia and North Korea, which were exempt from the tariffs. The $800 de minimis threshold for duty-free imports from China was eliminated, effective May 2, with plans to eliminate this threshold for other countries once administrative capacity was established.

Some key details to note:

- *Affected Countries*: Over 100 trading partners are impacted by the tariffs, with country-specific rates applied based on perceived unfair trade practices.

- *Sector-Specific Tariffs*: 25% tariffs on steel, aluminum, and automobiles from all countries, with tariffs on auto parts expected to follow.

- *Reaction*: Financial markets generally responded negatively to the announcement, with S&P 500 index futures tumbling over 3% following Trump's announcement.