This week, President Trump announced his large “reciprocal” tariff plan to initially impose a 10% ...

This week, President Trump announced his large "reciprocal" tariff plan to initially impose a 10% tariff on all imported goods and within a week, impose a larger set of tariffs on good important from many other countries. According to the White House, a ten percent tariff will be issued on all imported goods this Saturday, April 5 and additional reciprocal tariffs placed on all goods from many nations, including but not limited to: China, the European Union, Vietnam, Taiwan, South Korea, and Japan on April 9. At this point, Canada and Mexico are exempted from the 10% tariff, with the existing "fentanyl/migration" tariffs still in effect. USMCA compliant goods will still enter tariff-free, and non-USMCA compliant products face a 25% tariff. A country-by-country breakdown of the tariff list can be found here.

The country-by-country reciprocal tariff rates are based on a combination of factors, including a nation's tariffs on the U.S., value-added taxes, nontariff barriers and foreign exchange policies. Additionally, a number of products are exempt from the new reciprocal tariffs including:

Additionally, 25% tariffs on foreign made passenger vehicles and light trucks became effective on April 3. USMCA compliant vehicles from Canada and Mexico will not be charged the tariff. Nebraska President Mark McHargue issued the following statement on President Trump's new tariff plan: "With the economic futures of Nebraska's farm and ranch families at stake, it is imperative increased market access and barrier elimination be our ultimate goal in the months ahead. Unfortunately, after four years of complete inaction, we have seen the U.S. agricultural trade deficit reach historic levels as other countries continued to expand trade while we sat still. President Trump and USDA Secretary Rollins have repeatedly promised to level the playing-field and expand markets for farmers and ranchers when it comes to international trade, and we hold them to that promise. However, we fear yesterday's announced plan to increase tariffs threatens the economic future of farm and ranch families who have lost money on most major crops for the past three years. As we sit just before spring planting and towards the end of spring calving seasons in Nebraska, the window for success can only be open for so long. We remain committed to working with the Trump administration to quickly eliminate unnecessary international trade barriers and find new trading partners."