Requires a variety of reports and recommendations to be delivered to the President by April 1, 2025: on the causes of the persistent trade deficit, how to establish the External Revenue Service, unfair foreign trade practices, the impact of the USMCA, currency manipulation, the reciprocity of existing trade agreements, AD/CVD policies, countries for bilateral or sectoral trade negotiations, the de minimis exemption, discriminatory extraterritorial taxes, impact of trade agreements on federal procurement, the China Phase One deal, the results of the four-year necessity review of the China 301 tariffs, whether further Section 301 investigations on China are warranted, legislative proposals to revoke China PNTR, reciprocity of China’s treatment of intellectual property rights, whether further Section 232 investigations are warranted and whether existing Section 232 product exclusions are effective, improvements to U.S. export control authorities, the connected vehicle rulemaking, the outbound investment EO and final rule, the impact of foreign subsidies on procurement, and migration and fentanyl flows from Canada, Mexico, and China.
The Order, issued in the context of the America First Trade Policy, instructs U.S. Treasury to investigate whether any foreign country subjects U.S. citizens or corporations to discriminatory or extraterritorial taxes within the meaning of Section 891 of the U.S. Internal Revenue Code. This statute permits the President to proclaim the doubling of certain U.S. tax rates due by citizens and corporations of such foreign countries, subject to certain thresholds.
Trump Executive Order - America First Trade Policy
