- Initiation of Assessment: The White House has ordered a country-by-country assessment to determine if trade remedies are necessary for reciprocal trade relations with all current trading partners, considering both tariff and non-tariff measures imposed on U.S. goods and businesses.
- Fair and Reciprocal Plan: Signed by President Trump on 13 February 2025, this plan aims to establish equivalent reciprocal tariffs for foreign partners. It will evaluate tariffs on U.S. products, taxes on U.S. businesses, costs from non-tariff barriers, and any practices that limit market access or fair competition.
- Business Action Recommendations: Companies are encouraged to conduct scenario planning for potential trade policy changes, explore duty mitigation strategies, and stay informed on trade regulations to adapt quickly to possible impacts on tariffs and trade operations.
Source EY
