[Global IDT Insights] US Introduces New Tariff Regime With Sharp Import Duties
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- By Chetan Kulasri
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- Last Updated on 10 April, 2025
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Editorial Team – [2025] 173 Taxmann.com 254
The President of the United States has announced the “Liberation Day” tariffs, implementing a 10% universal import duty effective 05-04-2025, along with additional country-specific tariffs.
In addition to the baseline tariff, the administration has imposed higher, country-specific tariffs designed to reciprocate the trade barriers that these nations allegedly impose on U.S. exports.
The reciprocal tariffs will not apply to specific goods such as copper, pharmaceuticals, semiconductors, lumber, bullion, energy, and specified minerals.
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