President Trump delivers a speech at the White House outlining a global trade reset established on the principle of trade and tariff reciprocity.  [Primary Executive Order Here]  – [Executive Order Here]

“The post-war international economic system was based upon three incorrect assumptions: first, that if the United States led the world in liberalizing tariff and non-tariff barriers the rest of the world would follow; second, that such liberalization would ultimately result in more economic convergence and increased domestic consumption among U.S. trading partners converging towards the share in the United States; and third, that as a result, the United States would not accrue large and persistent goods trade deficits.”

“Put simply, while World Trade Organization (WTO) Members agreed to bind their tariff rates on a most-favored-nation (MFN) basis and thereby provide their best tariff rates to all WTO Members, they did not agree to bind their tariff rates at similarly low levels or to apply tariff rates on a reciprocal basis.  Consequently, according to the WTO, the United States has among the lowest simple average MFN tariff rates in the world at 3.3 percent, while many of our key trading partners like Brazil (11.2 percent), China (7.5 percent), the European Union (EU) (5 percent), India (17 percent), and Vietnam (9.4 percent) have simple average MFN tariff rates that are significantly higher.”

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Country-specific ad valorem rates of duty as specified in Annex I to the main Executive Order.

The tariffs generally target completed goods, not the imported chemical or component materials needed to by industry to manufacture the products domestically.  Annex II are the exemptions to the Executive Order.

I have been going through the details and will have much more soon.