President Donald Trump announced a new 10% universal tariff along with specific country duties, effective soon, which will require importers to adapt their processes quickly. Key details include a deadline for shipments to avoid tariffs, with China facing a significant 34% rate that may compound with existing duties. Canada and Mexico are excluded from the new tariffs, although they face a 25% rate under the USMCA. Additionally, the de minimis exemption for goods from China and Hong Kong will end, impacting smaller businesses reliant on duty-free imports.

Source: https://www.supplychaindive.com/news/5-key-clauses-in-trumps-global-reciprocal-tariffs/744404/