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(Bloomberg) — President Donald Trump’s expanded reciprocal tariffs will not apply to any products loaded onto a vessel for transport into the United States before 12:01 a.m. New York time on Thursday, according to guidance issued by US Customs and Border Protection.
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The notice, posted by the federal government on Monday, outlines implementation of the tariffs Trump announced last week, which are expected to ratchet up levies on dozens of trading partners.
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Expected exemptions for products under the US-Mexico-Canada free trade agreement negotiated by the president during his first term are included in the document, as are exemptions for relief items like food, clothing and medicine set to be distributed as aid. So is the president’s threatened penalty of a 40% tariff on goods deemed by the federal government to be transshipped to avoid country-specific duties.
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“The 40% duties are in addition to any other applicable or appropriate fine or penalty, and any other duties, fees, taxes, extractions, or charges applicable to goods of the country of origin,” the document says.
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Taken together, the average US tariff rate will rise to 15.2% if rates are implemented as announced, according to Bloomberg Economics. That’s up from 13.3% earlier and significantly higher than the 2.3% in 2024 before Trump took office.
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Some countries, including Switzerland, are attempting to negotiate a deal to lower their duties ahead of Thursday’s deadline. Trump is expected to unveil separate tariffs on imports of pharmaceuticals, semiconductors, critical minerals and other key industrial products in the coming weeks, meaning ongoing uncertainty for companies and investors.
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