President Trump signed an executive order removing certain agricultural products from IEEPA reciprocal tariffs. These items were added to Annex II (covering all countries) and removed from Annex III (PTAAP). While exclusions were announced on November 13, no implementation dates have been established yet for the countries delineated below:

South Korea Trade Agreement Finalized
The U.S. and South Korea completed an IEEPA trade agreement with a “no stacking” provision: tariffs will be the higher of KORUS, MFN, or 15%. Annex III products are exempt.
[Joint Fact Sheet]

Agreements with Switzerland & Liechtenstein
Both countries negotiated similar “no stacking” provisions; Annex III products exempt. Negotiations are expected to conclude in Q1 2026, with one-third of investment commitments completed by the end of 2026.
[Joint Statement] | [Fact Sheet]

Additional Framework Agreements
The U.S. will finalize IEEPA agreements with El Salvador, Argentina, Ecuador, and Guatemala soon. Annex III exemptions apply.
[Fact Sheets]

Agricultural Products from Brazil
Unlike the agreements noted above, CBP announced Brazilian agricultural products exemptions that are retroactively effective on or after 12:01 EST on November 13th.
[Executive Order]

Due to the rapidly changing application and modifications of duty rates, please note that Deringer is not responsible for coordinating the timing of U.S. entry and imposed tariff rates.