Group 1 - The U.S. is expanding the range of products exempt from reciprocal tariffs, particularly in aerospace and pharmaceuticals, while most general plastics and chemical products still incur these tariffs [1][2] - The reciprocal tariff rates range from 10% to 40%, and the U.S. has recently added more food and fertilizer imports to the exemption list due to domestic supply issues [1][2] - The exemption list includes various categories such as minerals, food, fertilizers, crude oil, refined products, pharmaceuticals, and semiconductor materials [1] Group 2 - The largest tariff exemptions come from imports from Canada and Mexico under the USMCA, with additional exemptions provided through various trade agreements [2] - The impact of tariff exemptions on the chemical industry is minimal, as most chemical products are excluded from the exemption lists, but key minerals that are exempt may influence the chemical market indirectly [2][3] - Limited chemical raw materials qualify for exemptions, and many essential chemicals like benzene and toluene still face tariffs despite domestic shortages [3] Group 3 - The reciprocal tariff policy is currently facing legal challenges, which may lead to a reevaluation of the tariff structure in the future [3] - The established exemption lists and trade agreements provide insights into the potential direction of U.S. trade policy [3]

The U.S. government on Monday said it will exempt U.K.-origin pharmaceuticals, pharmaceutical ingredients, and medical technology from current and future tariffs imposed under two U.S. laws as part of a negotiated agreement in principle. ...