On April 2, 2025, President Trump signed a new Executive Order (the “Liberation Day EO”) implementing additional tariffs on almost all U.S. trading partners, invoking the International Emergency Economic Powers Act (IEEPA). Citing a lack of reciprocity in the U.S.’s bilateral trade relationships, disparate tariff rates and non-tariff barriers assessed by U.S. trading partners, and concerns over U.S. trading partners’ economic policies, the Liberation Day EO assesses an additional 10 percent baseline ad valorem duty on nearly all imports as of April 5,...

By Simon Kelly, Global VAT Services, RSM US LLP For many Americans, the concept of Value-Added Tax (VAT) might seem unfamiliar or confusing. However, understanding European VAT is essential if you are a U.S. business owner looking to expand into Europe, a traveler planning a European adventure, or someone simply curious about global economics. In the United States, sales tax is the predominant form of consumption tax, applied at the point of sale and varying by state and locality. In contrast,...

By Frank Desiderio, Partner, and Arthur Bodek, Partner, Grunfeld Desiderio Lebowitz Silverman & Klestadt Even before all of the craziness that was kicked off on “Liberation Day”, GDLSK partners Frank Desiderio and Arthur Bodek were invited to give a presentation entitled “Truth or Dare – Trump Tariffs – Truth v. Fake News” to the Quebec General Delegation in New York on March 11, 2025.  We addressed the then current state of affairs as it related to: Brief History of Trade War Tariffs Review...

The other shoe has dropped. Last week President Trump announced more tariffs that will increase duties on most imports from 10% to 40+% depending on the export country. No one should be surprised by the new tariffs, yet the high-level of uncertainty remains for how supply chains and costs will be impacted. A main purpose of the US tariffs is to return more “strategically vital” manufacturing to the US. A new “baseline” tariff of 10% went into effect on April...

Key Takeaways Even prior to yesterday’s “Liberation Day” announcements introducing a 10 percent baseline tariff (effective April 5) and additional country-specific reciprocal tariffs (effective April 9), which will dramatically alter international trade, there have been substantial changes in U.S. tariff policy. Trade-related actions have already affected, and will continue to affect, front-line U.S. importers, downstream consumers, and multinational and international businesses alike with strong vigor. Savviness about Harmonized Schedule (HS) classification and knowing what degree of third-country manufacturing activity...

Go-To Guide: New 25% tariff on imported cars starts April 3, 2025, citing national security concerns. Automobile parts from USMCA countries temporarily exempt, but full implementation expected by May 3, 2025. USMCA-qualifying vehicles may receive partial relief based on U.S. content value. Importers that do not carefully document U.S. content may face retroactive, full tariffs on misstatements. On March 26, 2025, President Donald Trump announced a proclamation, “Adjusting Imports of Automobiles and Automobile Parts Into the United States,” directing the...