US Announces Tariff Changes: Brazil, Copper, De Minimis Exemptions

The U.S. administration announced several changes to tariffs. Here’s what you need to know: TARIFFS ON BRAZILIAN GOODS: Starting August 6, many goods imported from Brazil will face a 40% tariff under IEEPA authority. This is in addition to existing reciprocal tariffs, meaning both rates will apply, along with other applicable Section 232 tariffs. Certain exceptions apply. COPPER TARIFFS: From August 1, tariffs on copper and copper-containing products will increase to 50% for all countries. However, if a product is also subject to auto/auto parts tariffs, only the auto/auto parts tariff will apply. DE MINIMIS EXEMPTION CHANGES: The de minimis exemption (currently suspended for China and Hong Kong) will be suspended for all other countries on August 29. The only exception is international postal shipments, which will continue to be exempt. RECIPROCAL TARIFFS: New reciprocal tariff rates were announced, such as a 15% rate for South Korea. Note that all reciprocal tariff announcements made this month are not yet official. We’re tracking all reciprocal tariff deals here: http://ms.spr.ly/6048sJgVO For more details on exemptions and how tariff stacking works with these changes, see our client advisory: http://ms.spr.ly/6049sJgVP