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US Extends USMCA Tariff Carveout, Adds 10% Levy on Imported Buses

The United States will broaden its USMCA tariff carveout to cover medium and heavy trucks, while imposing a 10% duty on imported buses effective November 1.

Summary

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Terms & Concepts
  • USMCA: The United States-Mexico-Canada Agreement, a trade deal replacing NAFTA, governing tariffs and trade between the three countries.
  • Tariff Carveout: An exemption or reduced tariff rate granted for certain products within the scope of a trade agreement.
  • Import Tariff: A tax imposed on goods brought into a country, designed to protect domestic industries or generate revenue.