Research Reports

Overview

Summary
On April 3, 2025, US President Trump announced the implementation of Reciprocal Tariffs. Subsequently, on April 5, the US federal government released a revised document, "Annex III," detailing specific tariff measures to supplement and implement the executive order. While President Trump announced a 90-day suspension of these reciprocal tariffs for various countries on April 9, this report aims to provide an in-depth analysis of the provisions in "Annex III." It will explain the institutional design, applicable conditions, and scope of exemptions. Additionally, the report will explore the impact on corporate supply chain configuration and tariff planning within the US-Mexico-Canada Agreement (USMCA) framework.

Table of Contents
1. How to Interpret Annex III
  (1) Structural Analysis of Articles in Annex III
  (2) Analysis of the Second Section: Additional Tariff Rules for Goods from Specific Countries
  (3) Heading 9903.01.25: Universal 10% Tariff Clause and Exceptions

2. Exemption Clauses in Annex III
  (1) Is 9903.01.34 the “Savior” Clause?
  (2) Heading 9903.01.34: Clarification of Customs Declaration Rules
  (3) Heading 9903.01.34: Explanation of US Content
  (4) Other Exemption Provisions from Annex III

3. Analysis on Background of Tariff Provisions in Points 3 & 4 of Annex III
  (1) Tariff Wars and Countermeasures Initiated on Canada and Mexico by the US
  (2) Reciprocal Tariff Strategies under USMCA: Observation on Boundaries of US Manufacturing
  Policy through Exemption Provisions

4. TRI’s View
  (1) US Components Indicated in Article 9903.01.34 are Not a Shortcut to Tariff Exemption
  (2) Focus and Research on USMCA is Essential

5. Appendix
  (1) Appendix (1): Detailed Explanation on New Exempted Items under Clause 9903.01.32 as of
  April 12th
  (2) Appendix (2): How Much Tariff Will the Products Be Subject to?

＜Total Pages：37＞