On February 6, 2026, the United States and India announced a framework for an Interim Agreement on reciprocal and mutually beneficial trade, marking a step toward a broader bilateral trade agreement (BTA). The announcement comes on the heels of a social media post earlier in the week in which U.S. President Trump reported the trade agreement following a discussion with India Prime Minister Modi. The White House has released a joint statement and fact sheet…
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…
On 14 November 2025, Switzerland, Liechtenstein, and the United States announced a framework to negotiate an Agreement on Fair, Balanced, and Reciprocal Trade (see joint statement here and press release of Swiss government here, see fact sheet here). This development brings long-awaited relief to Swiss market participants after the steep 39% tariffs introduced on 1 August 2025 (Swiss national day) sent shock waves through the Swiss economy. Under the framework, the United States will reduce…
On November 14, 2025, President Donald J. Trump issued an Executive Order modifying the scope of reciprocal tariffs to exempt certain agricultural products. The tariffs were originally imposed in April to address persistent U.S. goods trade deficits, which were deemed a national emergency under the International Emergency Economic Powers Act (IEEPA), the National Emergencies Act, and the Trade Act of 1974. The action follows an earlier order issued in September that had modified the goods…
On November 13, 2025, the United States and South Korea issued a joint factsheet announcing the formalization of a series of trade-related negotiations. The announcement builds upon prior arrangements and reflects ongoing negotiations between the two countries’ leaders, including recent meetings and state visits. The announcement confirms the trade deal announced in July 2025, which set a 15% tariff rate for most South Korean imports, and also represents a comprehensive approach to the critical economic…
Following months of negotiations and feints, on November 1, 2025, the United States and China reached a trade and economic agreement during bilateral discussions held in the Republic of Korea. The agreement outlines a series of reciprocal measures intended to address trade flows and market access between the two countries. The negotiations had already yielded significant rapprochement between the two countries, including the one-year suspension, as of November 10, 2025, of the “Affiliates Rule,” which…
On October 26, 2025, the Trump Administration announced a series of trade agreements with Malaysia and Cambodia, as well as framework agreements with Thailand and Vietnam, marking expanded US economic engagement across Southeast Asia. Vietnam: According to a joint statement, Vietnam will open its market to most US exports on a duty-free basis, while the United States maintains a 20% tariff on Vietnamese goods, with some exceptions, to be listed in Annex III to Executive…
Following an investigation initiated in December 2024, the Office of the United States Trade Representative (USTR) issued a formal determination under Section 301 of the Trade Act of 1974. A report published by USTR pursuant to the investigation found that the Nicaraguan government’s systematic repression of dissent, misuse of laws to target civil society, and broader violations of labor and human rights burden US commerce. The determination recommends several measures in response to the findings,…
On September 29, 2025, President Donald J. Trump issued a proclamation imposing new tariffs on imports of timber, lumber, and wood products as a result of an ongoing investigation under Section 232 of the Trade Expansion Act of 1962 that was initiated on March 1, 2025. In accordance with this investigation, the President concluded that duties should be imposed on certain timber, lumber, and wood products to address national security concerns. To address these concerns,…
On September 25 and after years of litigation, the Federal Circuit upheld tariffs on Chinese goods imposed during President Donald Trump’s first term under Section 301 of the Trade Act of 1974 . The three-judge panel unanimously agreed that the administration had the authority to expand the initial tariffs from USD 50 billion to USD 320 billion worth of Chinese goods on products in 2019. Importers challenged the tariffs arguing they were unlawful. The court…