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President Trump announced a sweeping set of new tariffs at a White House Rose Garden event called “Make America Wealthy Again.” The U.S. will impose a 10% tariff on all imports and higher reciprocal rates on countries with tariffs on U.S. goods or other trade barriers. According to a White House official, Canada and Mexico retain their USMCA goods exemption from the new tariff. 10% Tariffs will go into effect on April 5, reciprocal tariffs will be imposed on more than 60 countries on April 9. Officials have said these rates are the top rate a country could pay, and the White House is open to negotiation to bring those rates down in the future if the countries make changes that benefit the United States.

The newly announced tariffs will not apply to goods with tariffs under Section 232 steel and aluminum tariffs, the 25% tariff on these products remains in place. Additionally, copper goods are also exempt from the new tariffs, likely signaling additional tariffs will be coming on these goods.

The top 10 exporters of HVACR+WH products to the U.S. and their top announced tariff rates are:

1. Mexico

- $10.5 billion in 2024

- USMCA goods remain exempt from tariffs

2. China

- $6 billion in 2024

- 54% tariff rate on all goods plus previous Sec. 301 tariffs

3. Canada

- $2.5 billion in 2024

- USMCA goods remain exempt from tariffs

4.Thailand

- $1.8 billion in 2024

- 36% tariff rate on all goods

5. South Korea

- $1.1 billion in 2024

- 25% tariff rate on all goods

6. Japan 

- $1 billion in 2024

- 24% tariff rate on all goods

7. Germany

- $900 million in 2024

- 20% tariff on all EU goods 

8. Vietnam

- $600 million in 2024

- 46% tariff on all goods

9. Italy

- $400 million in 2024

- 20% tariff on all EU goods

10. Malaysia

- $400 million in 2024

- 24% tariff on all goods

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HARDI Tariff Updates