Tariff Talk

An exciting change for importers of Indian-origin goods has been finalized: the 25% Russian Oil IEEPA tariff has been suspended retroactive to February 7. Importers should work with their broker to update any entries made since February 7. A social media announcement regarding India also indicated a potential change to reciprocal rates, suggesting that all, or a specific list of, items would be decreased to 18%; however, no formal change has been received. Change notifications are also pending for a newly announced agreement with Bangladesh that would lower its reciprocal rate by 1% to 19.

The trade community is “ears to the ground” for updates on a variety of tariff topics, including Canada, Taiwan, and oil tariffs related to Cuba. OCEANAIR will provide additional updates in our weekly Current and will open a clients-only Tariff Talk Thursday with the latest tariff updates.