New Tariff Rates to Take Effect Aug. 7, With in-Transit Exception
The White House is leaving most countries that buy more U.S. exports than they sell to the U.S. at a 10% tariff, and is increasing tariffs from 10% to somewhere between 15% and 41% for countries that have trade deficits with the U.S. -- with a notable exception of Nicaragua, which will remain at 10%.
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The changes to current 10% emergency tariff rates will take effect in seven days, though goods that are loaded onto a vessel at the port of loading and in transit on the final mode of transit before 12:01 a.m. EDT on Aug. 7 will not face the higher tariffs if they arrive before Oct. 5.