Articles Posted in Tariffs

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In the past several weeks the Trump administration has taken multiple actions on tariffs, based on several different legal authorities. The landscape is shifting almost continuously, and more changes are likely coming.

A number of the tariff actions are linked to the results of bilateral negotiations that involve commitments to investment and other actions, although in some cases the details of those agreements and commitments do not appear to be settled.

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Under the Trump administration, the U.S. has adopted sweeping tariffs on nearly every trading partner, with a promise of more on a range of strategic sectors including industrial metals and critical minerals, pharmaceuticals, semiconductors, and automobiles. These actions have provoked countermeasures from China and others. While these developments are rightly seen as geopolitical, trade actions—and the uncertainty they create for market access and supply chains—have direct and increasingly material implications for companies in financial distress, and for their advisers.

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On August 6, 2025, President Trump published a new Executive Order imposing secondary tariffs on India in response to its continued importation of Russian-origin crude oil. This marks both an escalation in U.S. trade negotiations with India and the first major Russia-related enforcement action of his second term. It also reflects the Trump Administration’s novel use of trade measures to enforce U.S. sanctions policy.

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On April 2, 2025, President Trump signed a sweeping Executive Order (EO) imposing tariffs designed to address what the Trump administration has characterized as persistent trade imbalances allegedly caused by unfair trade practices. Invoking the International Emergency Economic Powers Act (IEEPA), the Administration declared trade deficits a national emergency and is adopting tariffs based on its view of what would be required to drive the U.S. trade deficit in goods with each country to zero.

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Between March 4, 2025 and March 6, 2025, U.S. trade policy in North America changed course multiple times as the Trump Administration initially implemented previously-paused tariffs on imports from Canada and Mexico, and two days later, suspended tariffs on all Canadian and Mexican imports that meet the rules of origin for preferential tariff treatment of the United States-Mexico-Canada Agreement (USMCA). The Trump Administration also increased across-the-board tariffs on imports from China to 20%, which remain in place.  These measures, introduced through a novel use of the International Emergency Economic Powers Act (IEEPA), come after an initial 30-day delay in imposing tariffs on the North American trading partners on February 3, 2025.   Continue reading →

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Following days of speculation, President Donald Trump announced on February 13, 2025, a new tariff policy outlined in a Presidential Memorandum entitled the “Fair and Reciprocal Plan” (Plan).  The Memorandum directs key trade and economic U.S. government agencies to take action against trading partners that impose tariffs, taxes, non-tariff barriers (NTBs), or other restrictions on U.S. goods and services. At this time, no new tariffs have been implemented.

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On February 10, 2025, President Trump issued two Presidential Proclamations reimposing and expanding tariffs on all steel and aluminum imports into the United States pursuant to Section 232 of the Trade Adjustment Act of 1962. These measures effectively supersede prior alternative arrangements, including tariff-rate quotas (TRQs) negotiated with key U.S. trading partners such as the European Union (EU), the United Kingdom (UK), Japan and others, while also revoking country-specific exemptions previously granted to Canada and Mexico. The Proclamations represent a substantial escalation of U.S. trade policy in the metals sector and reaffirm the national security rationale that underpinned the original Section 232 tariffs imposed in 2018.

 

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Following President Trump’s February 1, 2025, announcement of a sweeping set of tariffs on imports from Canada, Mexico, and China, citing immigration concerns and the flow of fentanyl, trade tensions have lurched unpredictably between escalation and temporary resolution. While negotiations between heads of state on February 3, 2025, led to a 30-day pause on both U.S. tariffs for Canada and Mexico and parallel retaliatory measures, the 10% tariff on imports from China took effect at 12:01 a.m. on February 4, 2025. 

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After months of anticipation, on February 1, 2025, President Trump announced the imposition of significant tariffs on Mexico, Canada, and China through three Executive Orders (EOs). While additional details are expected to be published in the Federal Register in days to come, the tariffs mark a significant shift in U.S. trade policy. At this time, negotiations appear underway between the United States, Mexico, and Canada relating to the timing of the tariffs. 

Key points are outlined below.  

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On January 20, 2025, Donald J. Trump was inaugurated as the 47th President of the United States. Within hours of taking office, President Trump issued dozens of executive orders and an “America First Trade Policy” memorandum outlining his administration’s trade priorities and signaling an aggressive approach to reshaping U.S. trade, sanctions and national security policies. However, “Day 1” tariffs did not materialize despite previous announcements by President Trump that China, Canada and Mexico would be targeted. President Trump has informally suggested that 25% tariffs for Mexico and Canada and an additional 10% tariff for China remain possible by February 1, 2025.

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