Policy & Supply Chain Tracker

Following the Supreme Court’s IEEPA decision, President Trump announced a global 10% tariff levied under Section 122 of the Trade Act of 1974.

Effective February 24, 2026, the 10% rate remains in effect until July 24, 2026, unless Congress approves an extension.

Fact Sheet: President Donald J. Trump Takes Action on Certain Advanced Computing Chips to Protect America’s Economic and National Security

On January 14, 2026, President Trump signed a proclamation directing the Secretary of Commerce and the U.S. Trade Representative to coordinate negotiations to reach international agreements addressing national security threats related to imports of semiconductors, semiconductor manufacturing equipment, and their derivative products. The proclamation also implements a 25% tariff on certain chips, including Nvidia H200 and AMD M1325X chips. The tariff will not apply to chips that are imported to support the domestic buildout of chip manufacturing. It further notes the President may issue broader tariffs in the near future.

25% for derivative products

Reduced rates for U.K. imports

10% for products made with American metals

This EO outlines a new system for calculating duties on the metals that is based on the full value of the metals paid by U.S. customers. Further, it announces that articles made (or mostly made of) aluminum, steel, or copper will pay a 50% duty, with reduced rates for certain goods originating in the U.K. Derivative products of these metals will face a 25% duty, and products produced abroad using American metals will face a 10% duty. Finally, products composed of less than 15% steel, aluminum, or copper will no longer face Section 232 metal tariffs. A White House Fact Sheet on the EO is available here.

On December 31, 2025, President Trump signed a proclamation maintaining the 25% rate on upholstered furniture, kitchen cabinets, and vanities, as imposed under the September 25, 2025, Proclamation, will remain in effect until 2027. Under the original September Proclamation, a 50% rate was set to take effect on January 1, 2026.

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On October 17, 2025, President Trump announced an extension of the 25% tariff to truck parts, including key parts (engines, transmissions, tires, etc.). The 10/17 proclamation incentivized domestic medium- and heavy-duty truck production by offering an offset to a portion of tariffs for medium- and heavy-duty truck parts equal to 3.75% of the aggregate value of all trucks assembled in the United States from 2025 through 2030, reflecting the duty that would be owed when a 25% tariff is applied to 15% of the value of a U.S.-assembled medium- and heavy-duty truck.

It also established a 10% tariff on imports of buses, including school and transit buses.

Products subject to tariffs under this proclamation will not be subject to additional or existing sectoral tariffs on steel, aluminum, copper, automobiles and automobile parts, and lumber; they also will not be subject to reciprocal tariffs or the tariffs imposed on Canada, Mexico, Brazil, or India.

Adjusting Imports of Timber, Lumber, and their Derivative Products into the United States – The White House

Fact Sheet: President Donald J. Trump Addresses the Threat to National Security from Imports of Timber, Lumber, and Their Derivative Products – The White House

The tariff increases were originally scheduled to come into effect on January 1, 2026; however, on December 31, 2025, President Trump issued a proclamation delaying the tariff increases a full year.

15% for EU, Japan, South Korea, Switzerland, and Liechtenstein

10% rate for companies entered into production onshoring agreements with the U.S.

This EO establishes a 100% tariff on patented pharmaceuticals and associated ingredients as identified in Annex I. The tariff will go into effect on July 31 for certain large pharmaceutical companies as identified by the Secretary of Commerce, and on September 29 for smaller companies identified by the Secretary. Further, products from the European Union, Japan, South Korea, Switzerland, and Liechtenstein will face a 15% duty. Companies that enter into Most Favored Nation (MFN) pricing agreements with the Department of Health and Human Services (HHS) and onshoring agreements with the Department of Commerce will face a 0% rate through January 20, 2029. However, companies that only enter into onshoring agreements (and not MFN agreements) will face a 20% rate. Generic pharmaceutical products and associated ingredients will not face tariffs. A White House Fact Sheet on the EO is linked here.

September 29, 2026, for smaller pharmaceutical companies as identified by Commerce Secretary

In March 2026, USTR announced the initiation of 60 new Section 301 investigations to determine whether the countries targeted by the probe have failed to address forced labor in their domestic supply chains. Notably, investigations into the U.K., China, Brazil, Canada, the European Union, India, Mexico, Japan, Vietnam, South Korea, and Indonesia are included in the list.

In March 2026, USTR announced the initiation of Section 301 investigations into actions related to “structural excess capacity and production” in manufacturing sectors to determine if certain countries utilize policies and practices that are unreasonable or discriminatory. USTR identified the following countries as the focus of these investigations: China, the European Union, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, Korea, Vietnam, Taiwan, Bangladesh, Mexico, Japan, and India.

In October 2025, the Administration launched a Section 301 investigation into China’s implementation of the December 2019 Phase I trade agreement signed with the U.S.

In July 2025, USTR announced a Section 301 investigation into Brazil’s practices related to digital trade, anti-corruption enforcement, intellectual property protection, and illegal deforestation.

USTR Suspension of Action in Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance | United States Trade Representative

Suspension will last until November 10, 2026.

Following the announcement of a trade deal with China, USTR announced the suspension of action in the Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance

Initiation of Section 301 Investigation: China’s Implementation of Commitments Under the Phase One Agreement; Notice of Hearing; and Request for Public Comments (TBD).

In October 2025, the Administration launched a Section 301 investigation into China’s implementation of the December 2019 Phase I trade agreement signed with the U.S.

Fact Sheet: President Donald J. Trump Implements A Historic U.S.-Japan Framework Agreement – The White House

Following the announcement of a trade deal framework with Argentina in November, the Administration signed a formal agreement on February 5, 2026, finalizing the agreement. Under the agreement, Argentina will eliminate tariffs on over 200 U.S. goods, including chemicals, pharmaceuticals, machinery, and many other products. The updated tariff schedule also indicates the removal of an additional 10% tariff on Argentine beef imports, however, Argentine beef will still face a 9% base tariff rate. The U.S. also agreed to remove reciprocal tariffs on 1,675 Argentine products, including “certain unavailable natural resources” and ingredients for pharmaceutical goods originating in Argentina. Further, Argentina will open its market to U.S. auto and auto parts that meet U.S. motor vehicle safety and emissions standards.

USTR Suspension of Action in Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance | United States Trade Representative

Suspension will last until November 10, 2026.

Following the announcement of a trade deal with China, USTR announced the suspension of action in the Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance

Initiation of Section 301 Investigation: China’s Implementation of Commitments Under the Phase One Agreement; Notice of Hearing; and Request for Public Comments (TBD).

In October 2025, the Administration launched a Section 301 investigation into China’s implementation of the December 2019 Phase I trade agreement signed with the U.S.

On January 15, 2026, the Administration announced that the U.S. and Taiwan have reached a trade deal that includes $250 billion in investment into the production of semiconductors, and an additional $250 billion in credit guarantees to support the semiconductor supply chain in the U.S. As part of the agreement, the U.S. will cap reciprocal tariff rates applied to Taiwanese goods at 15%. Further, generic pharmaceuticals and their ingredients, aircraft components, and certain natural resources will not face a reciprocal tariff.

On February 9, 2026, the White House released a joint statement with the government of Bangladesh announcing an Agreement on Reciprocal Trade. While a full, final agreement has not yet been disclosed by the White House, the joint statement explained that Bangladesh will provide significant preferential market access for U.S. industrial and agricultural goods. In response, the U.S. will reduce its reciprocal tariff rate on Bangladeshi goods from 20% to 19%. Further, the U.S. will commit to establishing a mechanism to allow for “certain textile and apparel goods from Bangladesh to receive a zero reciprocal tariff rate.”

In October 2025, the U.S. and Cambodia announced a trade deal. Key terms include:

• Cambodia commits to eliminating tariffs on 100 percent of U.S. industrial goods and U.S. food and agricultural products exported to Cambodia and has already implemented this commitment.
• The United States commits to maintain at 19 percent the reciprocal tariffs, as set forth in Executive Order 14257 of April 2, 2025, as amended, on originating goods of Cambodia, and identifies products from the list set out in Annex III to Executive Order 14346 of September 5, 2025, Potential Tariff Adjustments for Aligned Partners, to receive a zero percent reciprocal tariff rate.

In March 2026, USTR announced the formal signing of an Agreement on Reciprocal Trade with Ecuador. The U.S. and Ecuador previously announced a joint statement on a framework deal in November 2025. Under the agreement, Ecuador pledged to reduce or eliminate tariffs on certain U.S. goods, including motor vehicles, certain agricultural items, chemicals, and health products. A full list of tariffed items and associated rates can be found in Schedule 1 of the Agreement. Further, Ecuador committed to working with the U.S. to facilitate investment in critical mineral projects. The U.S. will levy various tariff rates on Ecuadorian goods identified in Schedule 2 of the Agreement.

El Salvador will streamline regulatory requirements for U.S. goods, including pharmaceuticals; remove import restrictions on remanufactured goods; and accept U.S. auto standards. El Salvador will also remove barriers to the entrance of U.S. agricultural goods to its market. The country will commit to advancing certain intellectual property treaties and preventing barriers to services and digital trade.

50% on steel, aluminum and copper imports

27.5% on automobiles

Fact Sheet: The United States and European Union Reach Massive Trade Deal – The White House

EU-US trade deal explained – energy aspects (EU Commission)

Exemptions include:

European Commission President von der Leyen stated that “we have also agreed on zero-for-zero tariffs on a number of strategic products. This includes all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials.”

In a joint statement with India, President Trump announced a framework for an Interim Trade Agreement that would impose an 18% duty on Indian goods. India in term will reduce or eliminate tariffs on a variety of U.S. industry and agricultural products.

Fact Sheet: President Donald J. Trump Implements A Historic U.S.-Japan Framework Agreement – The White House

In a trade deal framework released on November 14, 2025, the White House announced it will impose a maximum cumulative reciprocal tariff of 15% on Liechtenstein.

Liechtenstein companies have announced investment into U.S. industries. Liechtenstein will also remove tariffs across agricultural and industrial sectors, including tariffs on fresh and dried nuts, fish and seafood, certain fruits, chemicals, and spirits such as whiskey and rum. The U.S., Liechtenstein, and Switzerland also committed to a framework of digital trade principles.

On 10/26, the White House announced a trade deal with Malaysia. Key terms of the deal include:

• Malaysia has committed to provide significant preferential market access for U.S. industrial goods exports (including chemicals, machinery and electrical equipment, metals, passenger vehicles) and for U.S. agricultural exports (including dairy, horticultural products, poultry, processed products, beverages, pork, rice, and fuel ethanol).
• The United States has committed to maintain at 19 percent the reciprocal tariffs first set forth in Executive Order 14257 of April 2, 2025, as amended, on originating goods of Malaysia, and has identified products from the list set out in Annex III to Executive Order 14346 of September 5, 2025 to receive a zero percent reciprocal tariff rate. The U.S. and Malaysia also signed an MOU to strengthen cooperation on critical minerals supply chains and promote investment.

Memorandum of Understanding Between the Government of the United States of America and the Government of Malaysia Concerning Cooperation to Diversify Global Critical Minerals Supply Chains and Promote Investments – The White House

The U.S. and Malaysia also signed a Memorandum of Understanding to strengthen cooperation between the countries on critical minerals supply chains development and expansion and to promote trade and investment between the countries in critical mineral resource exploration, extraction, processing and refining, manufacturing, and recycling and recovery.

South Korea’s National Assembly ratified the deal in March 2026, authorizing the establishment of a state-run investment corporation designed to manage South Korea’s $350 billion in planned investment into the U.S. as part of the deal.

In a trade deal framework released on November 14, 2025, the White House announced it would impose a maximum cumulative reciprocal tariff of 15% on Switzerland. Switzerland has committed to balancing its trade with the U.S. and several Swiss companies have announced investment in U.S. industries. Switzerland will also remove tariffs across agricultural and industrial sectors and establish tariff rate quotas for American poultry, beef, and bison. The U.S., Liechtenstein, and Switzerland also committed to a framework of digital trade principles.

Switzerland has committed to balancing its trade with the U.S., and several Swiss companies have announced investment in U.S. industries. Switzerland will also remove tariffs across agricultural and industrial sectors, including tariffs on fresh and dried nuts, fish and seafood, certain fruits, chemicals, and spirits such as whiskey and rum. In addition, Switzerland will establish tariff rate quotas for American poultry, beef, and bison.

The U.S., Liechtenstein, and Switzerland also committed to a framework of digital trade principles.

On 10/26, the White House announced a trade deal with Thailand. Key details include:

• Thailand will eliminate tariff barriers on approximately 99 percent of goods, covering a full range of U.S. industrial and food and agricultural products.
• The United States will maintain at 19 percent the reciprocal tariffs (as set forth in Executive Order 14257 of April 2, 2025, as amended) on originating goods of Thailand, and will identify products from the list set out in Annex III to Executive Order 14346 of September 5, 2025 to receive a zero percent reciprocal tariff rate.

Memorandum of Understanding Between the Government of the United States of America and the Government of the Kingdom of Thailand Concerning Cooperation to Diversify Global Critical Minerals Supply Chains and Promote Investments – The White House

The U.S. and Thailand also signed a Memorandum of Understanding seeking to cooperate in strengthening critical minerals resource sector governance, promoting partnerships between U.S. and Thai companies, and promoting trade and investment between the Participants to expand Thailand’s integration into secure and reliable global supply chains.

As part of the deal, the United States intends to create an annual quota of 100,000 vehicles for United Kingdom automotive imports at a 10 percent tariff rate.

Technology Prosperity Deal:

Memorandum of Understanding Between the Government of the U.S. and the Government of the U.K. regarding the Technology Prosperity Deal – The White House.

The Technology Prosperity Deal is a collaborative effort between the U.K. and U.S. to advance technology disciplines, including artificial intelligence (AI), civil nuclear, fusion, and quantum technologies. The Memorandum of Understanding (MOU) establishes a joint flagship research program between U.S. and U.K. science agencies to advance the development of models and datasets in shared priority areas, including AI for biotechnology and medicine. Additionally, the MOU calls for increased coordination on non-proliferation and nuclear security programs to maximize certainty for both U.S. and U.K. markets. Furthermore, the memorandum establishes a U.S.–UK task force to accelerate breakthroughs in benchmarking across quantum computing hardware, software, and algorithms. According to the MOU, the U.S. and U.K. intend to establish and convene a “Ministerial-Level Working Group” within six months.

In July 2025, the U.S. launched a Section 301 investigation to determine whether acts, policies, and practices of the Government of Brazil related to digital trade and electronic payment services; unfair, preferential tariffs; anti-corruption interference; intellectual property protection; ethanol market access; and illegal deforestation are unreasonable or discriminatory and burden or restrict U.S. commerce.