Where tariffs stand

Where tariffs stand and what’s changed since the last Fed meeting

From CNN's Elisabeth Buchwald

The tariff rates that American importers are paying on foreign goods haven’t changed since the Federal Reserve’s last meeting. That’s set to change drastically come 12:01 a.m. ET on Friday, the self-imposed deadline President Donald Trump set for countries to make trade agreements or face higher tariffs.

Ahead of the deadline, Trump sent dozens of letters to heads of state informing them of those rates, which go as high as 50%. Countries that didn’t receive letters and haven’t entered trade agreements with the United States aren’t off the hook for higher tariffs, though. In those instances, Trump threatened to raise their tariff levels from a minimum of 10%, the same rate most countries’ goods have been taxed at since April, to between 15% and 20%.

Even though Trump announced a handful of recent agreements with trading partners, which include the European Union, Japan, Indonesia and the Philippines, the rates at which their goods shipped to the US will be taxed are still higher than current levels. But they avoided his threats for even higher tariffs.

Then, in addition to country-specific rates, Trump recently threatened to impose a 50% copper tariff and said tariffs on semiconductors and pharmaceuticals will increase in the near future.