Trump’s “America First Trade Policy” Memorandum, published on January 20, 2025, did not impose any new tariffs, as initially stated. Instead, the policy sets the stage for numerous potential future actions. The memo directs agency heads to begin numerous reviews, with the majority due by April 1, 2025.
Some actions directed by the President could result in:
1. New tariffs on countries with which the U.S. has a trade deficit
2. Establishment of an External Revenue Service (ERS) to collect tariffs, duties, and other foreign trade-related revenues
3. Reciprocal tariffs based on currency manipulation or other trade barriers
4. New trade agreements (bilateral or sectoral)
5. Revisions to the de minimis regime
6. Additional review of the “Four-Year Review” of the Section 301 Investigation: “China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation” (i.e., the basis for the current Section 301 duties)
7. New/increased section 301 tariffs on China pursuant to new investigations
8. Removing China’s PNTR status
9. Reviewing Section 232 tariffs on steel and aluminum, with an additional focus on 232 exclusions
10 Beginning the public review in preparation for the USMCA review/renewal in 2026
11. New export controls on adversaries or geopolitical rivals
In addition, the President paused all agencies to make no new rules/regulations until a department or agency head appointed by the current President has reviewed and approved the rule. Agencies are ordered to consider postponing new proposed rules that have already been published in the Federal Register but are not yet in effect by 60 days to allow the incoming political appointees to review and approve. In short, the notices of proposed rulemaking regarding de minimis entries published last week will undergo additional review by the incoming administration before any action is taken.
According to comments the president made to reporters late Monday evening, Mexico and Canada “could” be subject to the threatened 25% tariffs as early as Feb. 1.
Stay tuned for more updates.
Authored by: J. Acayan, J. Beker, H. Jackson, W. Yum
