On January 20, 2025, President Donald J. Trump issued a memorandum initiating a broad-scale review of U.S. trade policy. The memorandum orders the heads of several executive agencies to (i) comprehensively review the reasons for the U.S. trade deficit, and (ii) conduct systematic reviews and submit reports recommending potential revisions to existing trade measures—including tariffs, the United States-Mexico-Canada Free Trade Agreement, antidumping and countervailing duty laws, trade regulations towards China, intellectual property protections, and export controls. The memorandum and other recent developments signal the administration’s likely expansion of trade measures that could substantially affect companies’ operations and global supply chains.
View other S&C insights relating to President Trump’s recent executive orders.