Last night, the White House issued an Executive Order modifying the Reciprocal Rates of Duty, authorized under the International Emergency Economic Powers Act (IEEPA). These revised duties will go into effect on August 7, 2025, at 12:01 a.m. Eastern Time. While the Executive Order contains vague language that could be interpreted as these new tariffs being in addition to the current 10%, it is our opinion, and we believe it is more likely that they will replace the existing