WASHINGTON, DC – Yesterday, President Trump announced that he’s invoking his authority under the International Emergency Economic Powers Act of 1977 and signing an
Executive Order imposing reciprocal tariffs on nearly every country across the world. The Executive Order finds that underlying conditions, including both tariff and non-tariff barriers of foreign trading partners, have caused a threat to the national security and economy of the United States.
The tariffs will begin at a baseline level of 10 percent ad valorem on all foreign countries and depending on a country’s calculation of tariff and non-tariff barriers, could be assessed higher. Beginning on April 5, the United States will impose a 10 percent baseline tariff on all imports. On April 9, the United States will impose an individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Go
here for a full list of reciprocal tariffs by country. For countries not listed in this Annex, an automatic 10 percent tariff will apply.
Annex II has also been released to exempt specific products.
While Canada and Mexico are still subject to U.S. tariffs on automobiles, steel and aluminum, and non-USMCA compliant goods related to fentanyl and immigration. They are not subject to yesterday’s Executive Order regarding reciprocal tariffs.
“We are encouraged by the President’s actions to address imports by bad actors, particularly in the case of Thailand, India, China, Vietnam, and Pakistan,” said Bobby Hanks, Louisiana rice miller and chair of the USA Rice International Trade Policy Committee. “We are hopeful that the Administration will continue to work closely with the rice industry to further address the blatant over-subsidization and protectionist practices by these large exporters that all enjoy trade surpluses with the United States.”
Hanks continued, “We are hopeful that these tariffs will create leverage to pursue meaningful market access in future negotiations with many of these markets or an opportunity to address some of the protectionist actions taken by these markets to gain unfair advantage over U.S. rice farmers and exporters.”
Early in Trump’s speech to the world, he specifically referenced the high tariffs on U.S. rice by China, South Korea, and Japan, and, in the official fact sheet and Executive Order, referenced the high tariffs for rice exported to India, Malaysia, and Turkey.