U.S. Introduces “Fair and Reciprocal Plan,” Marking Significant and Impactful Shift in Trade Policy

On February 13, 2025, President Trump announced the “Fair and Reciprocal Plan” (“Plan”), a major shift in U.S. trade policy designed “to counter non-reciprocal trading arrangements with trading partners by determining [and implementing] the equivalent of a reciprocal tariff with respect to each foreign trading partner.” This initiative, introduced as a memorandum rather than an executive order, establishes a framework for implementing reciprocal tariffs on a country-by-country basis.