EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
How EY can help
-
Washington Council Ernst & Young (WCEY) is a tax, legislative and regulatory group within Ernst & Young LLP that combines the power of a leading professional services organization with the on-the-ground knowledge, personal relationships and attention to detail of a boutique Washington-insider firm.
Read more
The Executive Order outlines exemptions for certain goods from the reciprocal tariffs, including steel and aluminum articles currently subject to 25% tariffs under Section 232, finished autos and auto parts, and imports involved in ongoing Section 232 investigations such as copper, lumber, pharmaceuticals, semiconductors, and critical minerals and energy goods detailed in Annex II. Notably, imports from Canada and Mexico are exempt from the reciprocal tariffs, although goods that do not qualify under the US-Mexico-Canada Agreement (USMCA) remain subject to existing tariffs. President Trump emphasized that the new tariffs are not fully reciprocal, offering discounted rates to avoid undue hardship for certain countries.
During a Rose Garden ceremony, President Trump described the new tariffs as a “declaration of economic independence,” asserting that they would enable the United States to prosper by reducing taxes and paying down national debt quickly. He highlighted discounted reciprocal tariff rates for countries such as China, the European Union and Japan. Additionally, effective at midnight, a 25% tariff will be imposed on all foreign-made automobiles. The Executive Order and the auto proclamation provide detailed information on the new trade measures and their implementation.