Trump's Tariffs

Buckle up ladies an gentlemen, prepare your popcorn, initiate stress resistance meditation practices or ensure you speak with a Customs specialist to better understand the implications to your business.

US President Donald Trump has made a set of announcements threatening tariffs against Canada, Mexico, China and the EU. Countries like Brazil and India also weren't left out. Tariffs of 25% were mentioned, which is quite a big jump from the usual 2% and 3% for most goods, amongst other higher tariffs for agricultural, textiles and apparel. Steel and aluminium are currently attracting the highest tariffs, while imports from specific countries can go as high as 200%.

However, the situation remains unclear, as February has been filled with bold statements lacking clear technical provisions. Some of the key questions include:

• For how long will these measures last? Are they viewed as negotiation chips?

• Origin Rules: Will the focus be on the country of origin or the country of shipment?

• Duty Drawback: Will businesses still be able to recover duties on exported goods?

• Testing, Repairs, Processing: What happens to goods brought to the U.S. for testing, repair or small processing operations?

Many questions remain.