There's a Notable Absence Among Nations Hit With Tariffs

The broad new tariffs unveiled by President Trump on Wednesday impose financial penalties on pretty much every country of note. However, Axios points out that one major nation is missing from the list—Russia. The White House says it isn't about favoritism: Press secretary Karoline Leavitt says existing sanctions on Russia already "preclude any meaningful trade." Axios, however, points out that the US does more trade with Russia than other nations on the list, including Mauritius or Brunei.

• Three others: Cuba, North Korea, and Belarus also were not hit with new sanctions, with Leavitt again citing existing sanctions or tariffs.

• Canada, Mexico: These two North American nations were exempted from "Liberation Day" tariffs, but they are still subject to the 25% levies already imposed by Trump, per USA Today.
• Products: The president also declared certain products exempt from the reciprocal tariff policy, and the Wall Street Journal reports they include steel and aluminum, already subject to tariffs; energy (think oil from Saudi Arabia, for instance); copper, pharmaceuticals, semiconductors, and lumber, though these may face future tariffs; and bullion, including gold.

(More tariffs stories.)