On January 20, 2025, President Donald Trump released a Presidential Memorandum setting forth an “America First Trade Policy.” In the memorandum, Trump announces these trade actions:

  • Addressing Unfair and Unbalanced Trade
    • Directing the Secretary of Commerce, Secretary of the Treasury and the U.S. Trade Representative to “investigate the causes of our country’s large and persistent annual trade deficits in goods, as well as the economic and national security implications and risks resulting from such deficits, and recommend appropriate measures, such as a global supplemental tariff or other policies, to remedy such deficits.”
    • Directing the Secretary of the Treasury, Secretary of Commerce and the Secretary of Homeland Security to “investigate the feasibility of establishing and recommend the best methods for designing, building, and implementing an External Revenue Service (ERS) to collect tariffs, duties, and other foreign trade-related revenues.”
    • Directing the U.S. Trade Representative, Secretary of the Treasury, Secretary of Commerce, and the Senior Counselor for Trade and Manufacturing to “undertake a review of, and identify, any unfair trade practices by other countries and recommend appropriate actions to remedy such practices under applicable authorities.”
    • Directing the U.S. Trade Representative to commence a public consultation process as to the United States-Mexico-Canada Agreement (USMCA) in preparation for the July 2026 review of the USMCA. This review should “assess the impact of the USMCA on American workers, farmers, ranchers, service providers, and other businesses and make recommendations regarding the United States’ participation in the agreement.”
    • Directs the Secretary of the Treasury to “review and assess the policies and practices of major United States trading partners with respect to the rate of exchange between their currencies and the United States dollar” and recommend appropriate measures “to counter currency manipulation or misalignment that prevents effective balance of payments adjustments or that provides trading partners with an unfair competitive advantage in international trade, and shall identify any countries that he believes should be designated as currency manipulators.”
    • Directs the U.S. Trade Representative to “review existing United States trade agreements and sectoral trade agreements and recommend any revisions that may be necessary or appropriate to achieve or maintain the general level of reciprocal and mutually advantageous concessions with respect to free trade agreement partner countries.”
    • Directs the U.S. Trade Representative to “identify countries with which the United States can negotiate agreements on a bilateral or sector-specific basis to obtain export market access for American workers, farmers, ranchers, service providers, and other businesses” and make recommendations on potential agreements.
    • Directs the Secretary of Commerce to review “policies and regulations regarding the application of antidumping and countervailing duty (AD/CVD) laws, including with regard to transnational subsidies, cost adjustments, affiliations, and ‘zeroing.’” This review will cover procedures for conducting verifications, assess “whether these procedures sufficiently induce compliance by foreign respondents and governments involved in AD/CVD proceedings” and consider modifications, as appropriate.
    • Directs the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, the Senior Counselor for Trade and Manufacturing, and the U.S. Trade Representative, to assess “the loss of tariff revenues and the risks from importing counterfeit products and contraband drugs, e.g., fentanyl, that each result from the current implementation of the $800 or less, duty-free de minimis exemption,” and to recommend “modifications as warranted to protect both the revenue of the United States and the public health by preventing unlawful importations.”
    • Directs the Secretary of the Treasury, Secretary of Commerce and the U.S. Trade Representative to investigate whether any foreign country subjects U.S. citizens or corporations to discriminatory or extraterritorial taxes.
    • Directs the U.S. Trade Representative to review “the impact of all trade agreements — including the World Trade Organization Agreement on Government Procurement — on the volume of Federal procurement covered by Executive Order 13788 … (Buy American and Hire American),” and make recommendations “to ensure that such agreements are being implemented in a manner that favors domestic workers and manufacturers, not foreign nations.”
  • Economic and Trade Relations with the People’s Republic of China (PRC)
    • Directs the U.S. Trade Representative to review “the Economic and Trade Agreement Between the Government of the United States of America and the Government of the People’s Republic of China to determine whether the PRC is acting in accordance with this agreement,” and recommend appropriate actions, “including the imposition of tariffs or other measures as needed.”
    • Directs the U.S. Trade Representative to assess the May 14, 2024 report, “Four-Year Review of Actions Taken in the Section 301 Investigation: China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation” and consider potential additional tariff modifications as needed – “particularly with respect to industrial supply chains and circumvention through third countries, including an updated estimate of the costs imposed by any unfair trade practices identified in such review — and [recommending actions] to remediate any issues identified in connection with this process.”
    • Directs the U.S. Trade Representative to “investigate other acts, policies, and practices by the PRC that may be unreasonable or discriminatory and that may burden or restrict United States commerce,” and make recommendations regarding appropriate responsive actions.
    • Directs the Secretary of Commerce and the U.S. Trade Representative to “assess legislative proposals regarding Permanent Normal Trade Relations with the PRC and make recommendations regarding any proposed changes to such legislative proposals.”
    • Directs the Secretary of Commerce to assess “the status of United States intellectual property rights such as patents, copyrights, and trademarks conferred upon PRC persons” and make recommendations to “ensure reciprocal and balanced treatment of intellectual property rights with the PRC.”
  • Additional Economic Security Matters
    • Directs the Secretary of Commerce, Secretary of Defense and the heads of any other relevant agencies to “conduct a full economic and security review of the United States’ industrial and manufacturing base to assess whether it is necessary to initiate investigations to adjust imports that threaten the national security of the United States.”
    • Directs the Assistant to the President for Economic Policy, the Secretary of Commerce, the U.S. Trade Representative, and the Senior Counselor for Trade and Manufacturing to review and assess “the effectiveness of the exclusions, exemptions, and other import adjustment measures on steel and aluminum” in responding to threats to the national security of the United States and make recommendations based upon the findings.
    • Directs the Secretary of State and Secretary of Commerce, in cooperation with the heads of other agencies with export control authority, to review “the United States export control system and advise on modifications in light of developments involving strategic adversaries or geopolitical rivals as well as all other relevant national security and global considerations. Specifically, the Secretary of State and the Secretary of Commerce shall assess and make recommendations regarding how to maintain, obtain, and enhance our Nation’s technological edge and how to identify and eliminate loopholes in existing export controls -– especially those that enable the transfer of strategic goods, software, services, and technology to countries to strategic rivals and their proxies. In addition, they shall assess and make recommendations regarding export control enforcement policies and practices, and enforcement mechanisms to incentivize compliance by foreign countries, including appropriate trade and national security measures.”
    • Directs the Secretary of Commerce to review and recommend “appropriate action with respect to the rulemaking by the Office of Information and Communication Technology and Services (ICTS) on connected vehicles, and shall consider whether controls on ICTS transactions should be expanded to account for additional connected products.”
    • Directs the Secretary of the Treasury, Secretary of Commerce and, as appropriate, the heads of any other relevant agencies to review “whether Executive Order 14105 … (Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern) should be modified or rescinded and replaced, and assess whether the final rule entitled “Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern,” 89 Fed. Reg. 90398 … includes sufficient controls to address national security threats” and make recommendations, including potential modifications to the Outbound Investment Security Program.
    • Directs the Director of the Office of Management and Budget (OMB) to assess “any distorting impact of foreign government financial contributions or subsidies on United States Federal procurement programs and propose guidance, regulations, or legislation to combat such distortion.”
    • Directs the Secretary of Commerce and Secretary of Homeland Security to assess “the unlawful migration and fentanyl flows from Canada, Mexico, the PRC, and any other relevant jurisdictions and recommend appropriate trade and national security measures to resolve that emergency.”

The results of these reviews and investigations are due in April 2025. 

Despite prior statements that he would immediately implement certain tariffs – particularly on China, Canada and Mexico – Trump in his memorandum does not issue such directives but notes the possibility of new tariffs and other appropriate actions. In comments to the press, Trump said that he may still implement such tariffs, stating, “We’re thinking in terms of 25 percent on Mexico and Canada … [possibly by] February 1, ” and acknowledged that former President Joe Biden had left in place tariffs on China. Regarding potential universal tariffs on all goods coming into the United States, Trump said, “We may, but we’re not ready for that just yet.”

Thompson Hine’s international trade attorneys and non-legal professionals are closely monitoring these developments and will continue to report on any significant trade actions.

Trump Trade Appointees

  1. Secretary of Commerce – Howard Lutnick is pending Senate confirmation.
  2. Secretary of State – Marco Rubio was confirmed on January 21, 2025.
  3. Secretary of the Treasury – Scott Bessent is pending Senate confirmation.
  4. U.S. Trade Representative — Juan Millán has been named acting U.S. Trade Representative, pending Senate confirmation of Jamieson Greer as the USTR.
  5. Secretary of the Department of Homeland Security – Kristi Noem is pending Senate confirmation.