Executive Order Confirmed: China at 145% Tariff Baseline, EU Suspends Retaliation

Here’s the EO text. It indeed raises the IEEPA reciprocal rate on China to 125%, which stacks on top of the 20% IEEPA fentanyl rate for a 145% baseline rate (plus any Section 301, AD/CVD, and MFN tariffs). Looks like de minimis tariffs and fees rose again too. Everyone else gets the 10% IEEPA universal rate, with the 90-day deadline codified in the EO.

And one last note before closing – the EU announced it would suspend the Section 232 steel and aluminum tariff retaliation that it had unveiled yesterday for the duration of the 90-day pause.