Q2 2025 Tariff Update

New U.S. tariffs target imports from key countries, impacting global markets

UPDATE 05/28/25

Major Court Ruling of the U.S. Court of International Trade struck down President Trump’s “Liberation Day” tariffs ruling they exceeded presidential authority under the International Emergency Economic Powers Act (IEEPA)

The tariffs affected by this decision include:

- The 10% global "reciprocal tariffs" and the additional tariffs scheduled to take effect on July 9, 2025.

- The "fentanyl tariffs," including:

25% on imports from Canada (and 10% on certain energy products and potash)
25% on imports from Mexico
20% on imports from China

The following tariffs remain in place and are NOT affected by this decision:

- 25% duties on steel, aluminum, and related products (under Section 232)

- 25% duties on autos and auto parts (under Section 232)

- Section 301 duties (generally 7.5% or 25%) on goods from China

UPDATE 04/09/25

The White House paused the sweeping reciprocal tariffs imposed last week, saying dozens of countries had reached out to negotiate new trade deals.

The announcement came as a relief to global markets, U.S. allies, and many advisers, following growing concerns over a potential global crisis. Despite easing some concerns, the President held steady on the 10% baseline tariffs and escalated tariffs on China to 125%

04/02/25

The White House announced a comprehensive tariff strategy, introducing a universal 10% tariff on all imported goods, effective April 5, 2025. The plan also introduced higher, country-specific "reciprocal" tariffs on approximately 60 nations, starting April 9, 2025. These additional tariffs were calculated based on perceived trade imbalances and barriers (MarketWatch, April 2025).

ACR’s response is grounded in years of strategic investment to diversify our supply base, across North America and globally, enabling us to leverage an agile, collaborative, and reliable network that includes domestic manufacturing and supports continued value delivery. As foreign governments evaluate their tariffs on U.S. imports, there may be potential to revise the recently implemented tariffs in response. We will continue to closely monitor these developments and provide timely updates as new information emerges.