In the ever-evolving US tariff landscape, RIM is monitoring the potential imposition of reciprocal tariffs on countries that impose disproportionately higher tariffs on US goods, possibly as early as April 2nd, and assessing the impact on our clients.

News Reports: White House to Start Reciprocal Tariff Assessments April 2nd

On February 13th, the Trump administration authorized the Office of the US Trade Representative (USTR) to begin a comprehensive investigation in mid-March to determine “the equivalent of a reciprocal tariff with respect to each foreign trading partner” on other countries with existing tariffs on US goods. The US has one of the lowest average duty rates (2-2.5% on imported goods), whereas India, for example, currently has a more than 10% tariff on US goods.

In addition, the White House intends to impose 25% tariffs on imported cars, light trucks, and certain vehicle parts as early as April 3rd. Some countries may be subject to additional tariffs of 25%, starting April 2nd, for importing oil from Venezuela. Further, President Trump indicated that he will soon announce tariffs on lumber, pharmaceuticals, and possibly on computer chips, among other products.

RIM will continue to closely monitor this evolving situation and provide updates as necessary. Please reach out to your RIM representative should you have any further questions.