Executive Order 14346 (EO 14346) provides new procedures for implementing trade and security agreements and modifies the Trump administration’s approach to reciprocal tariffs. EO 14346 builds on previous trade actions, particularly those established under EO 14257, by expanding Annex II to EO 14257 – the list of items that are exempt from the reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
Goods have been added to Annex II, such as bullion-related articles and certain critical minerals and pharmaceutical products (subject to pending Section 232 investigations). This means they are no longer subject to reciprocal tariffs.
Conversely, goods have also been removed from Annex II, meaning they are now subject to reciprocal tariffs. These include aluminum hydroxide, resin, and silicone products.
A new Annex, “Potential Tariff Adjustments for Aligned Partners” (PTAAP), contains the list of products for which President Trump may be willing to apply only the Most-Favored Nation (MFN) tariff after the conclusion of any future reciprocal trade and security deal. These products—certain aircraft parts, generic pharmaceuticals, unavailable natural resources, and select agricultural goods—may qualify for reduced MFN tariff rates if a trading partner reaches a reciprocal trade and security agreement with the United States and demonstrates meaningful commitments to address the U.S. trade deficit and related concerns.
These modifications took effect on September 8, 2025.
Based on recent reviews of trade practices and national security considerations, EO 14346 adjusts the list of countries and products that are subject to reciprocal tariffs in Annex II and updates tariff rates and coverage. It establishes formal procedures to negotiate, implement, and review trade and security agreements with foreign countries, including requirements for interagency consultation, public notice, and periodic review of the agreements’ effectiveness.
EO 14346 also provides mechanisms to respond to foreign retaliation against U.S. tariffs and outlines processes for granting exemptions or modifications to tariffs where it serves U.S. interests.
In particular, EO 14346 directs the Secretary of Commerce, in coordination with other relevant agencies, to periodically assess the impact of imports on U.S. national security and make further recommendations on tariff adjustments (or additional measures), as needed.
Its purpose is to ensure that U.S. trade policy remains responsive to evolving economic and security threats, maintains leverage in international negotiations, and continues to support and strengthen the domestic manufacturing base.