The Trump Administration has laid out tariff numbers for multiple countries as part of its foreign policy strategy and new trade policy, and these decisions could impact your daily life. Everyday items you use, from vehicles to technology to pharmaceuticals, can be affected when it comes to foreign goods. The numbers can change rapidly.
Worldwide Product-Specific Tariffs
This infographic is a gathering of statistics from Reed Smith’s International Trade and National Security team regarding the latest threatened and implement United States tariffs. Staying abreast of market changes is essential for all financial planning.
Challenges That Can Develop with Tariffs
Exemptions from tariffs imposed under specific trade agreements are known as reciprocal tariff exceptions. Reciprocal tariff rates are expected to be set for about 150 trading partners by early August, while negotiations with other trading partners are ongoing, potentially impacting country-specific tariff rates.
Tariff hikes could increase duties across product lines and, of course, there are always legal challenges that come with tariffs. If you have concerns about how tariffs or other foreign policy changes could impact your financial portfolio, investments, and future planning, reach out to Hollander Lone Maxbauer in Southfield, MI, to discuss your position. Contact us to schedule an appointment.
