The America First Trade Policy memorandum issued on Jan. 20, 2025 calls for a comprehensive review of U.S. trade policy, trade practices, and trade imbalances. The memorandum outlines trade and economic policy recommendations to address priority areas of trade, several of which may have important implications for companies and their supply chains.
However, the full impacts of the tariff plan and global trade policy remains to be seen. While some policy changes have already taken effect, U.S. trade policy and the economic landscape will continue to see developments.
Global trade milestones
The below timeline tracks 2025 notable trade actions based on announcements and actions from the administration.
| Countries | Date | Milestone |
|---|---|---|
| US, China | 2/4/25 | 10% US ad valorem tariff on China implemented |
| US, China | 3/4/25 | Additional 10% tariff on China (total 20% ad valorem) implemented |
| US, Canada, Mexico | 3/4/25 | 25% US ad valorem tariffs on Mexican goods except potash at 10%; 25% ad valorem tariffs on Canadian goods except energy-related goods and potash at 10% ad valorem under the International Emergency Economic Powers Act (IEEPA) |
| US, Canada | 3/4/25 | 25% Canadian ad valorem tariff on C$30 billion on US goods (primarily agriculture, alcohol, motorcycles) |
| US, Canada, Mexico | 3/7/25 | Exemption for Mexican and Canadian IEEPA tariffs for goods entering under special chapters 98-99 provisions for USMCA begins. Compliant certification must be declared at entry |
| US, Global | 3/12/25 | 25% US ad valorem tariffs on steel and aluminum (HTS chapters 73 and 76) and derivative products begin; steel and aluminum product outside of chapters 73 and 76 will be covered in the April 1, 2025 US Dept. of Commerce trade report |
| US | 3/14/25 | Current US federal government continuing budget resolution expires |
| US, EU | 3/31/25 | Suspension period for steel & aluminum tariffs on Europe expire (tariffs fully reinstated on April 1) |
| US | 4/1/25 | US inter-agency review and recommendations on US trade and tariff policy (USTR, Treasury, Commerce & Homeland Security) |
| US, Global | 4/2/25 | Potential new reciprocal tariff and non-tariff US country- and sector-based tariffs including auto, pharma, semiconductors, copper announcements expected |
With new tariffs underway and trade policies evolving, you need to be ready to act quickly and align your business strategies with policy updates. Our global trade and supply chain management experts are monitoring developments to offer tailored guidance and scenario planning for organizations across industries.
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