Liberation Day

…and More Tariffs

In a highly anticipated move, President Trump officially introduced his "Liberation Day" tariffs, a sweeping set of import levies aimed at reshaping America's trade relationships. Effective April 5, a uniform 10% tariff will be imposed on all imports entering the United States. Additional “reciprocal” tariffs (a misnomer given the actual calculation used) will be applied to nations with which the U.S. sustains the highest deficits. These heightened tariffs will take effect on April 9 and will significantly impact some of America's key trading partners.

Under the new tariff structure, China faces the steepest increase, with a total levy of 54% on its exports to the U.S. Japan follows with a 24% toll, while the European Union will contend with a 20% duty. Notably, Mexico and Canada have been spared from the latest round—for now. Certain critical goods—such as energy and minerals not domestically available—are also exempted.

Latest Mortgage Rates

Meanwhile mortgage rates remain relatively stable. The national average rate for a 30-year fixed mortgage currently stands at 6.65%, aligning with the four-week average and reflecting a modest decline from the peak of just over 7% seen in January. Washington State homeowners are facing a slightly higher rate, with Bankrate reporting an average of 6.71% in the region.