U.S. Imposes New Tariffs on Latin American Exports

On July 23, 2026, President Donald Trump signed a Presidential Memorandum imposing new tariffs on imports from 60 economies, including Chile.

As a result of the measure, goods imported from Chile into the United States are, as a general rule, subject to an additional 12.5% ad valorem tariff, except where the Memorandum provides otherwise.

Why was the measure adopted?

The measure is based on Section 301 of the Trade Act of 1974, which authorises the Office of the United States Trade Representative, or USTR, to investigate certain trade practices adopted by foreign countries.

Where those practices are found to burden or restrict U.S. commerce, the USTR may impose corrective measures, including tariffs.

In this case, the USTR concluded that the economies under review either fail to prohibit, or fail to enforce effectively a prohibition on, the importation of goods produced wholly or partly with forced labour.

On that basis, the United States imposed new tariffs on imports from 60 economies. Goods imported from Chile are now, as a general rule, subject to an additional 12.5% ad valorem tariff.

When does it take effect?

The new tariffs entered into force on July 24, 2026, replacing the temporary 10% tariff previously applicable to imports from Chile.

The Memorandum nevertheless establishes a transitional rule. The new tariff will not apply to goods that were loaded onto their final mode of transport before the measure entered into force and that are entered into the United States before July 28, 2026.

Which goods are excluded?

Although the new tariff applies broadly, the Memorandum contains general exclusions covering certain categories of goods, including civil aircraft and related parts, certain pharmaceutical inputs, passenger vehicles and semiconductors.

It also provides exclusions for specific tariff subheadings. These include several Chilean export products, such as avocados, kiwifruit and fresh oranges.

With respect to copper, steel and aluminium, the Memorandum expressly excludes products already subject to the sectoral tariffs imposed under Section 232 of the Trade Expansion Act of 1962.

These tariffs currently reach up to 25% for certain steel and aluminium products and up to 50% for certain copper products. Those goods will therefore remain subject to the tariff regime established under Section 232 and will not be subject to the new additional 12.5% tariff.

What does this mean for Chilean exporters?

The new tariff represents a significant additional cost for Chilean exporters, which will need to incorporate it into their pricing structures and assess its effect on the competitiveness of their products in the U.S. market.

It will therefore be essential to determine whether exported goods fall within any of the exclusions established under the Memorandum. This assessment will require particular attention to the correct tariff classification of each product.

Carey has a specialised international trade team that can assist companies in assessing the impact of the measures, determining whether potential exclusions apply and developing strategies to address their commercial implications.

Refund claims for "Liberation Day" tariffs remain available

The new tariff measures do not affect the refund process for duties paid under the measures announced as part of the so-called "Liberation Day", which were subsequently declared invalid by the U.S. Supreme Court.

Potentially affected companies may continue to seek reimbursement of those amounts through the CAPE programme. (carey.cl)

Authors: Matías Vergara, Francisco León and Florencia Martínez

Further information: Carey