Insights

On his first day in office, President Trump rolled out a sprawling set of directives to the heads of numerous government agencies charged with shaping U.S. trade policy.  While stopping short of enacting new tariffs, the Presidential Memorandum defining an “America First Trade Policy” lays the investigative groundwork for potentially sweeping changes to tariffs and the existing trade environment.   The Memorandum requires various agencies—including, e.g., the Department of Commerce, the Department of the Treasury, and the Office of the U.S. Trade Representative (“USTR”)—to issue upward of twenty reports by April 1, 2025, each one covering a unique trade-related issue pertaining to certain key themes, including unfair and unbalanced trade with all U.S. trading partners, the relationship and impact of trade relations with the People’s Republic of China, and the state of economic security matters relevant for goods entering and exiting the United States. 

Beginning on February 8, the members of the Indo-Pacific Economic Framework (IPEF), the Biden-Harris Administration’s signature economic initiative in the Asia-Pacific, held the next framework negotiating round. This round advanced the arrangement’s supply chains, clean economy, and fair economy pillars and continued to build on the negotiating text that was tabled at the last negotiating round. Notably, it did not include negotiations on the trade pillar, of which India is not a member. The Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit, which will be held in San Francisco in late 2023 has been cited as a tentative target date by which the parties hope to conclude the negotiations.