New US Tariffs Hit 60 Countries at 10-12.5% Starting Friday

The new order maintains exemptions for a wide array of products, including coffee and goods compliant under the 2020 North American trade agreement. It also created carveouts for cork from Portugal, roses from Switzerland, and gems like diamonds and rubies from several countries.

Many countries still face lower tariffs than they did last year, when the IEEPA-based reciprocal duties were in place. China faced 20% on most products, Japan and South Korea 15%, and Indonesia, Malaysia, Pakistan, and Thailand 19%.

The administration is pursuing additional Section 301 investigations. A sweeping probe into 16 trading partners' manufacturing overcapacity could result in higher duties on China, the EU, Indonesia, South Korea, Vietnam, Mexico, Japan, and India, among others. Asked whether that investigation was on pause, the senior administration official said not at all, calling the issues around structural excess capacity complex and noting the probe continues.

Another 301 investigation is looking at Germany's pharmaceutical pricing practices. U.S. Trade Representative Jamieson Greer told POLITICO last week that similar investigations are waiting in the wings if talks with France and others on drug pricing collapse.

The administration recently wrapped a separate probe into Brazil's trade practices. New 25% tariffs on Brazilian exports go into effect Wednesday, with significant carveouts.

Greer's office is expected to issue more tariffs as those investigations conclude.