President Trump is launching new tariffs tomorrow starting just after midnight tonight, which is happening because his blanket 10% is expiring.
Here’s more via CNN:
Starting at 12:01 a.m. Friday, dozens of America’s trading partners from Europe to China to India will face new tariffs of 10% to 12.5% on goods shipped to the United States, according to a statement from the office of the US Trade Representative on Thursday. Goods from the 60 affected trading partners encompass 99.4% of US imports, the US Trade Representative said.
The timing coincides with the lapse of a 10% near-blanket duty Trump imposed earlier this year after losing the Supreme Court case.
“The president is not going to allow his trade policy and overall objectives to be undermined simply because one tool may be limited by a court or something else,” senior White House officials told reporters Thursday on a call previewing the actions.
The new rates apply to imports from countries that supply nearly everything the United States buys from abroad. A variety of imports, including oil and gas, as well as products that can’t be sourced domestically, were granted exemptions, administration officials said.
The timing of the rollout was intended to “avoid complexity” that would come from layering the new levies on top of the existing 10% duties, administration officials said. They added that business leaders have been seeking more continuity and predictability around tariffs.