One of Donald Trump’s first acts as President included signing the “America First Trade Policy” Presidential Memo. The stated purpose of the memo is to advance a “robust and reinvigorated trade policy that promotes investment and productivity, enhances our Nation’s industrial and technological advantages, defends our economic and national security, and — above all — benefits American workers, manufacturers, farmers, ranchers, entrepreneurs, and businesses.”
The Memo directs several agencies including the Department of Commerce, the Department of Homeland Security, and the United States Trade Representative to take numerous actions including:
- Investigate the causes of the U.S.’s annual trade deficits in goods, as well as the economic and national security implications and risks resulting from such deficits
- Investigate the feasibility of establishing an External Revenue Service (ERS)
- Identify any unfair trade practices by other countries
- Assess the impact of the United States Mexico Canada Agreement (USMCA) on American workers, farmers, ranchers, service providers, and other businesses
- 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
- Review existing United States trade agreements and sectoral trade agreements
- Identify countries with which the United States can negotiate agreements on a bilateral or sector-specific basis to obtain export market access
- Review policies and regulations regarding the application of antidumping and countervailing duty (AD/CVD) laws
- Assess how the $800 de minimis exemption impacts the loss of tariff revenues and risk of counterfeit and contraband drug imports
- Review the impact of all trade agreements to ensure that such agreements are being implemented in a manner that favors domestic workers and manufacturers
- Investigate acts, policies, and practices by China that may be unreasonable or discriminatory and that may burden or restrict United States commerce
- Assess the unlawful migration and fentanyl flows from Canada, Mexico, China, and any other relevant jurisdictions
Notably, the memo does not impose new tariffs. However, President Trump has made clear that imposing new tariffs is still under consideration and could come as soon as February 1, 2025.
The reports required by the memo are due April 1, 2025. Diaz Trade Law will continue to monitor and provide updates as they are announced.
