On Monday, January 20, 2025, President Trump took his first tariff and trade related action of his second term with the issuance of an Executive Order on America First Trade Policy. The Order does not impose any new tariffs or other measures; rather, it directs members of his administration to conduct studies of numerous potential tariff actions, with most reports due by April 1 (and with any resulting tariffs presumably imposed sometime thereafter). Importers and others should not assume that this more measured action means that Trump is unlikely to impose new tariffs within the near-term future (and see more on that topic below); rather, at least one news report states that Trump remains highly interested in new tariff actions, and that the delay is meant to bolster the legal basis for new tariffs and make them more difficult to overturn. Moreover, during a press conference held at the Oval Office while President Trump signed this and other executive orders, the President indicated to the press that tariffs on Mexican and Canadian goods could be imposed as early as February 1st and that tariffs could be imposed earlier than April on other nations as well. This memorandum outlines key provisions of the Executive Order and statements made by President Trump regarding tariffs in his first day in office.
The following are the areas contained in the Order:
- Potential Universal Tariffs to Remedy the U.S. Trade Imbalance
- Potential Tariffs on Canada, Mexico, and/or China in Response to Immigration and Drug Concerns
- Potential Increased/New Tariffs on China
- Potential Tariffs to Remedy Unfair Trade Practices by Any Country
- Potential Actions to Counter Currency Manipulation
- Free Trade Agreement Review
- USMCA Review
- Identification of Target Countries for Export Agreements and other Export Actions
- Antidumping and Countervailing Duties
- Potential Changes to De minimis exemption
- Section 232 Tariffs on Steel and Aluminum and Other Measures to Protect US Industries
- External Revenue Service (ERS)
President Trump Statements
Separately, President Trump made a number of statements on Monday regarding trade and tariff measures which in some instances are inconsistent with or more sweeping than the more measured steps outlined in the Executive Order.
- President Trump stated that he would impose a 100 percent tariff on products of the BRICS nations (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the UAE) if they reduce their reliance on the U.S. dollar.
- Trump threatens the imposition of tariffs on the European Union pay tariffs and noted that his administration was discussing a 10% punitive duty on Chinese imports because fentanyl is being sent from China to the U.S. via Mexico and Canada. These tariffs have a  Feb. 1 deadline.
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This blog is a brief summary of a client-issued memorandum. Should you be interested in more detailed information and recommendations on how to prepare for the likelihood that tariffs will be imposed, please contact our Customs and Trade team. We understand that new tariffs and other trade measures may pose challenges for your business, and we are here to support you through this period of uncertainty. Please do not hesitate to reach out if you have any questions or require further assistance. If you have any questions, please do not hesitate to contact Jessica Rikin (jrifkin@ofwlaw.com) or Denise Calle (dcalle@ofwlaw.com).
