Recent developments reported by the Wall Street Journal suggest that U.S. administration is considering narrowing the scope of the reciprocal tariffs planned for April 2. The U.S. administration still plans to announce reciprocal tariffs, with some flexibility and potential to roll out in phases starting next week. Reciprocal tariffs would focus more on specific nations versus sector-specific but the president mentioned in a press conference today the tariffs could still be on everything. The changes are fluid as just today the president announced via social media a 25% tariff on countries purchasing Venezuelan oil traded with the U.S.

Per the Executive Order, Imposing Tariffs on Countries Importing Venezuelan Oil, on 4/2/25 or after, the U.S. will impose 25% tariffs on goods imported from every country that imports Venezuelan oil directly or indirectly from a 3rd party. The 25% tariffs are in addition to other additional tariffs such as Section 301, IEEPA, and Section 232. The largest importers of oil from Venezuela include China, U.S., India, Spain, Cuba, Brazil and Turkey. Other countries such as Italy, Russia, Singapore and Vietnam also import Venezuelan oil but in smaller volumes. Additional details can be found in federal register #13829.

Changes continue to happen frequently and we will do our best monitor the changes that are most impactful to our customers.

To help keep up with the changes and details, the U.S. Customs and Border Protection’s (CBP) website now provides an FAQs section regarding Section 232 tariffs on steel and aluminum, which were implemented on March 12th. It explains that certain exemptions and quotas may apply depending on the country of origin, and that companies can apply for exclusion from these tariffs under specific conditions. The FAQs also address issues such as entry requirements, documentation, and how businesses should handle tariff payments.