On January 14, 2026, President Trump issued two proclamations under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. § 1862), relating to imports of semiconductors and critical minerals (the “Semiconductor Proclamation” and “Critical Minerals Proclamation”, respectively). These proclamations—especially the Semiconductor Proclamation, which imposes an immediate 25% tariff on imports of certain semiconductors—will likely have significant impacts on U.S. trade in these sectors. Semiconductor Proclamation The Semiconductor Proclamation was issued based on the…