New tariff announcements continue: Brazil and Copper imports face 50% tariff
by National Marine Manufacturers Association 11 Jul 09:10 AEST
Boat manufacturing © National Marine Manufacturers Association
Yesterday, President Donald Trump announced additional plans to impose new tariff rates on imports from several countries, including Brazil and the Philippines.
The President also noted late last night that he will impose a new 50% tariff on copper imports following a Section 232 investigation into imports - NMMA submitted comments earlier this year, highlighting how the industry utilizes copper in several components, parts, and products.
Similar to previous announcements this week, the new tariff on Brazilian imports were announced via Truth Social and are expected to go into effect on Aug. 1, unless the country can reach a trade framework with the U.S. New reciprocal tariff rates for the European Union (EU) have yet to be announced as U.S.-EU trade negotiators continue meeting this week in an effort to strike a deal to avoid rate increases.
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