On January 20, 2025, within hours of taking the oath of office, President Trump signed an executive order (EO) entitled the
America First Trade Policy. As anticipated, the EO directs the Department of Commerce, Department of Treasury, Office of the United States Trade Representative and other agencies to examine a host of issues some of which are highlighted below. The reports are due April 1, 2025:
- Assess the unlawful migration and fentanyl flows from Canada, Mexico, China, and any other relevant jurisdictions and recommend appropriate trade and national security measures to resolve that emergency.
- Consider potential additional tariff modifications to Section 301 tariffs with respect to supply chains and circumvention through third countries and recommend such actions as are necessary to remediate any issues identified in connection with this process.
- Review other discriminatory Chinese policies for additional actions and assess legislative proposals regarding China’s Permanent Normal Trade Relations status.
- Assess the effectiveness of Section 232 exclusions on steel and aluminum.
- Review the impact of all trade agreements on federal procurement.
- Causes of the country’s large and persistent trade deficit.
- Feasibility of establishing an External Revenue Service (ERS) to collect tariffs, duties, and other foreign trade-related revenues.
- Review and identify, any unfair trade practices by other countries and recommend appropriate actions to remedy such practices under applicable authorities.
- Assess the impact of the USMCA on American workers and make recommendations regarding the United States’ participation in the agreement.
- Study currency manipulation.
- Identify countries with which the United States can negotiate agreements on a bilateral or sector-specific basis to obtain export market access.
- Review policies and regulations regarding the application of antidumping and countervailing duty laws, including with regard to transnational subsidies, cost adjustments, affiliations, and “zeroing.”
The list above is non-exhaustive, and this continues to be an evolving policy initiative as evidenced by the statement from President Trump that he intends to impose tariffs on Canada and Mexico by February 1, 2025.
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