- Presidential Memorandum on Tariffs: On February 13, President Trump signed a memorandum instructing the Administration to review and potentially impose reciprocal tariffs on a country-by-country basis, considering both tariff rates and non-tariff barriers, with implementation possibly taking months.
- Fair and Reciprocal Plan: The memo outlines a “Fair and Reciprocal Plan” aimed at countering non-reciprocal trading arrangements by evaluating various factors, including tariffs on U.S. products, unfair taxes (like VAT), costs from non-tariff barriers, and practices affecting exchange rates and market access.
- Assessment and Review Process: The review will involve key government officials, and within 180 days, the Director of the Office of Management and Budget is tasked with assessing the fiscal impacts and delivering a written report to the President. President Trump also stated that there would be no exemptions from the potential tariffs.
Source EY
