Megan Cassella

Kevin Hassett says on CNBC that the expectation is for the 10% universal baseline tariff to remain in place over the long term. “It would take some kind of extraordinary deal to go below there,” he says.

This may not be the biggest news today, but as of 9:21pm, we have yet to see any official paperwork from the White House to formally lift tariffs on Chinese imports to the 125% level the President promised today. Yesterday, when the jump was to 104%, we’d seen the papers by now

UPDATE: The White House now backtracks on its previous comments and says the 10% universal baseline tariff will in fact NOT apply to Canada and Mexico. So we hold at the status quo there: 25% rate (imposed over fentanyl concerns) and exemptions for USMCA-compliant goods.

Megan Cassella @mmcassella

TL;DR: The new U.S. tariff rate against our two largest trading partners is either 10%, 25% or 35%, and so far no one I've reached out to at the White House is able to tell me which.

TL;DR: The new U.S. tariff rate against our two largest trading partners is either 10%, 25% or 35%, and so far no one I've reached out to at the White House is able to tell me which.

Megan Cassella @mmcassella

White House says the 10% baseline tariff also applies to Canada & Mexico. It has not said whether that's the effective new rate itself; whether it adds to the 25% fentanyl tariff, making the new rate 35%; or whether it kicks in only if the fentanyl tariff falls away

White House says the 10% baseline tariff also applies to Canada & Mexico. It has not said whether that's the effective new rate itself; whether it adds to the 25% fentanyl tariff, making the new rate 35%; or whether it kicks in only if the fentanyl tariff falls away

Karoline Leavitt confirms the universal 10% baseline tariff will remain in effect during the 90-day pause, while country-specific tariffs on everyone except China will fall away.

If you’re thinking the EU’s retaliation this morning seems measured, remember it’s only a response so far to the steel and aluminum tariffs (remember those?) The bloc has vowed there’s more to come in response to the new “reciprocal” tariffs. Tit for tat is only just beginning.

In addition to formally enacting an additional 84% tariff on Chinese imports, taking effect at 12:01am tonight — on top of the 20% fentanyl tariff and all duties previously in effect — the White House is also vastly increasing tariff rates for small packages:

Joey Politano 🏳️‍🌈 @JosephPolitano

De minimis exemption was already closed for China but there is also some brutal increases in the tariff rate for small packages to avoid companies just shipping direct from China to consumers to avoid the 104% tariff on traditional exports https://t.co/XHuSO3GcP9