Tariff Letters: European Union and Mexico
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Tariff Letters: European Union and Mexico
Posted on Jul 14
By: Brian Walczyk, Compliance Manager, TradeInsights, LCB, CCS
President Trump issued two additional tariff letters over the weekend, one for the European Union (EU) and one for Mexico.
The EU is set to face a tariff of 30% come August 1st, with the letter citing the large Trade Deficit and non-reciprocal trade as paramount concerns for the increase.
Meanwhile, Mexico’s letter outlines an increase of the IEEPA Fentanyl tariff from 25% to 30% starting August 1st.
Both letters contained statements that if either nation were to retaliate with their own reciprocal increases the U.S. would match the increases in turn.
We will continue to provide updates as they are made available, including when the impacted commodities (by HTS) are known.
Please contact your V. Alexander account team, or you may also contact our Trade Compliance team at tradeinsights@valexander.com with any questions, and you can always follow us on our website www.valexander.com for updates on this and other topics.