As of this evening, we have received official confirmation from the U.S. Customs and Border Protection (CBP) regarding the tariff increase.

Effective at 12:01 AM on June 4, 2025, these tariffs will rise to 50%, as outlined by President Trump in his announcement last Friday.

For those who participated in the call this afternoon, you are already aware that we were awaiting confirmation and specific instructions at that time. Given the importance of this update, we feel it is essential to communicate this information promptly to all our clients, particularly for those who could not join us for the discussion. Our goal is to ensure that everyone is kept informed as developments unfold.

The correspondence we received from CBP contains detailed information that will require careful review. Tomorrow morning, as we regroup, we will take the time to analyze the contents of this update thoroughly and will aim to provide you with further insights and clarifications.

It is crucial to note that this tariff adjustment will significantly impact many of our clients, which is why we want to ensure that you are briefed with preliminary information as swiftly as possible. Should there be any further developments or substantial changes to the details shared today, we will provide another update by midday on Wednesday, June 4, 2025.

Thank you for your attention to this matter.

June 3, 2025