Tariffs are in the news for obvious reasons, and below presents a brief overview.
On Inauguration Day the President issued his America First general trade policy statement. On February 21 he issued his Memorandum of an American First Investment Policy. Tariffs arise under these policies and under various specific laws, are impacted by trade deals and agreements, and import and export controls.
[Separately but reflecting the same “America First” bias, certain increased restrictions now exist on inbound investment under the so-called CFIUS regimen and outbound limitations under the COINS Act and the BIOSECURE Act. A full summary would far exceed the scope of this post, but may be addressed in another post in the future.]
Tariffs set on Chinese imports, at this moment set at 10%, have been as high as 20% for much of 2025; special tariffs for Canada (now at 35% except for energy and potash) and Mexico (presently 25% except for potash) are somewhat mitigated by the US Mexico Canada Act for certain compliant products. (Note also that the President, speaking January 14, 2026 at a Ford plant, asserted that the USMCA was “irrelevant” to the United States.)
Another class of tariffs aimed at tariff reciprocity with certain other countries, were addressed in Executive Order 14527 issued April 2, 2025, and rates thereunder were adjusted by Executive Order 14326, July 31, 2025, from 10% to 41%.
Across the board, exemptions from all tariffs for low value imports have been eliminated: for China in May of 2025, for all other countries in August of last year.
Although subject to ongoing challenge, under the general tariff laws some countries have been targeted with specific tariffs on select goods (Brazil at 40% for most goods; India at 25%).
At present there are special tariffs as high as 50% on imports of steel and aluminum (with specific impact on auto imports), copper, timber, semiconductors and some materials; current investigations are ongoing as to pharma, aircraft, silicone, unmanned aircraft, wind turbines, certain robotics and medical equipment. Further, there are pending programs looking to higher tariffs in 2027 on Chinese semiconductors, Chinese shipping, Nicaraguan labor rights, Brazilian trade practices (ongoing), and international seafood.
The list of specific country-wide trade deals announced last year includes fifteen countries and the EU.
Federal agencies policing fair trade (US Customs Border Protection and Department of Justice) have beefed up their enforcement, have formed a Trade Fraud Task Force and are using the False Claims Act to encourage whistleblower actions. Other initiatives are extensive and granular, relating to new rules or bans on certain territories, specific Russian companies (oil), supply chains, a National Defense Strategy to support the US Homeland and its critical interests in the Western Hemisphere.
Foregoing is my best understanding as of today. I urge readers to be alert to the lay of the land, but do NOT rely on specific tariff provisions of today to remain accurate in the future. Businesses need to engage tariff advisers or law firms to determine daily specifics and to identify longer-term trade strategies.