Tariff Alerts & Updates
Holman is committed to providing regular tariff updates along with insight on how these conditions could affect your fleet.
United States Tariff Updates
- July 10 – The President announced a 50% tariff on US copper imports, effective August 1.
- June 4 – The recently announced increase to tariffs on imported steel and aluminum – increasing from 25% to 50% – officially went into effect.
- June 2 – The President announced plans to increase the tariffs on steel and aluminum imports from 25% to 50%, effective June 4.
- May 11 – The U.S. and China agreed to temporarily reduce tariffs for 90 days; U.S. tariffs on Chinese imports will be reduced from 145% to 30%; Chinese tariffs on U.S. imports will be reduced from 125% to 10%.
- May 9 – The administration reduced the tariff on cars imported from the UK from 25% to 10% for the first 100,000 vehicles imported each year; additionally, the 25% tariff on steel and aluminum imported from the UK has been eliminated.
- April 30 – The President signed a pair of executive orders to slightly mitigate the impact of automotive tariffs; while the 25% tariff on imported vehicles remains and a 25% tariff on imported parts will go into effect on May 3, the executive orders ensure vehicles are not subject to multiple tariffs such as those on raw material imports or country-specific tariffs.
- April 11 – In response to the President’s action, China announced reciprocal tariffs of 125% on U.S. imports.
- April 9 – The President announced a three-month pause on country-specific “reciprocal” tariffs, with the exception of China. Tariffs on Chinese goods imported to the U.S. would increase to 145%. Other countries would face a baseline tariff of ten percent for at least 90 days. Previously announced 25% tariffs on automobiles, steel, and aluminum remain in effect.
- April 2 – The President enacted a number of far-reaching tariffs that will impact a wide range of imported goods from dozens of countries, including a 25% tariff on imported vehicles.
- March 26 – The President announced a 25% tariff on imported vehicles and automotive parts will go into effect on April 3.
- March 12 – The previously announced 25% tariff on imported steel and aluminum officially went into effect on March 12.
- March 6 – The President signed an executive order to delay the implementation of the 25% tariff on Mexican and Canadian imports for all goods that comply with USMCA production rules, which covers the vast majority of imports from these countries.
- March 4 – The previously announced 25% tariffs on U.S. imports from Canada and Mexico as well as the additional 10% tariff (20% in total) on Chinese goods officially went into effect on March 4. In response, China announced a new 15% tariff on a number of U.S. goods (mainly agricultural exports) while Canada and Mexico indicated plans to impose retaliatory tariffs on American imports to their respective countries.
Region & Industry Updates
Tariff Status: 25% tariff on Canadian and Mexican imports went into effect on March 4; Canada announced a reciprocal 25% tariff on April 3 on vehicles imported from the U.S.; all goods that comply with USMCA production rules are currently exempt from these tariffs (with certain exceptions).
Potential Impact: Increase of $3,000 to $6,000 per vehicle on average; up to $15,000 per vehicle for MD and HD Units.
Tariff Status: On May 11, the U.S. and China agree to a temporary reduction in tariffs for 90 days; U.S. tariffs on Chinese imports are currently 30%; Chinese tariffs on U.S. imports are currently 10%.
Potential Impact: This tariff is likely to impact more than $10 billion worth of automotive parts imported from China.
Tariff Status: A 25% tariff on imported vehicles went into effect on April 3; on May 9, the U.S. and the UK reached an agreement to reduce the tariff on imported vehicles from the UK to 10%.
Potential Impact: Forecast increase of 8.5% to 10% on the average vehicle price in the U.S., ranging from $4,000 to $10,000 depending on model.
Tariff Status: A 25% tariff on steel and aluminum imports went into effect on March 12; on May 9, the U.S. and the UK reached an agreement to eliminate the tariff on steel and aluminum imported from the UK.
Potential Impact: Projected cost increase of approximately $300 per vehicle on average; projected cost increase of $300 for the typical truck body; other upfit components will vary.
Tariff Status: Energy imports – electricity, crude oil, and gasoline – from Canada are subject to a 10% tariff; most of these imports are currently exempt from this tariff because they are covered by the USMCA production rule.
Potential Impact: The impact of this tariff will vary by region but areas such as the northeast, which relies heavily on Canadian oil imports, may see fuel prices increase by 20 to 40 cents per gallon.
OEM Status – Updated 4/9
Fleet orders received prior to possible pricing actions will be price protected,
however, currently awaiting additional information on how this policy applies to
fleets with intro-level price agreements.
Any MY25/MY26 orders from fleet customers with a signed CAP agreement are price protected.
Fleet orders placed prior to April 4 are price protected; awaiting additional information.
Paused all fleet ordering effective April 3.
Awaiting additional information.
Awaiting additional information.
Awaiting additional information.
No plans to adjust fleet pricing at this time.
Awaiting additional information.
Awaiting additional information.
Paused all fleet ordering effective April 3.
Awaiting additional information.
No changes to fleet ordering or pricing at this time.
Paused all fleet ordering effective April 3.
MD/HD OEMs
Fleet units ordered after March 29 are subject to the tariff(s) in place at the time of production.
Awaiting additional information.
Awaiting additional information.
Awaiting additional information.
Chassis with a confirmed production date were price protected through April 4; fleet orders received after March 28 for April or May production are subject to full tariff(s) surcharge.
Fleet orders built after June 1 will be subject to a $3,900 tariff surcharge; this is expected to increase.
All new fleet orders that are produced prior to July 1 are subject to a $7,000 tariff surcharge.
Chassis with a confirmed production date were priced protected through April 4; fleet orders received after March 28 for April or May production are subject to full tariff(s) surcharge.
Fleet units ordered after March 29 are subject to the tariff(s) in place at the time of production.
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