U.S. Exempts Oil, Gas, Fertilizer, Food from Tariffs Citing North American Supply Chains
A U.S. official announced exemptions for oil and gas, fertilizer, certain foodstuffs, Section 232 goods, and USMCA-compliant products from tariffs, citing integrated North American supply chains and high U.S. content levels.
A U.S. official stated that oil and gas, fertilizer, and certain foodstuffs will be exempt from new tariffs. Also exempted are goods already subject to Section 232 national security tariffs and products that comply with the USMCA trade agreement.
The rationale given is the integrated nature of North American supply chains and the high levels of U.S. content in these products. The move aims to avoid disrupting cross-border trade flows among the U.S., Mexico, and Canada.
Source: First Squawk