President Trump signed an executive order titled 'America First Trade Policy' initiating a sweeping review of U.S. trade practices. The order aims to address the massive U.S. trade deficit, particularly targeting China, Canada, Mexico, and the EU. Trump plans to impose tariffs, potentially as early as Saturday, and is considering a global supplemental tariff to balance the books. The memorandum also directs the review of the USMCA, potential implementation of an External Revenue Service for tariff collection, and scrutiny of currency manipulation and digital services taxes. The administration is also reviewing the Phase One Trade Agreement with China and assessing the need for additional tariffs under Section 232, particularly concerning national security.
The blueprint President Trump wasted no time reviving his “Tariff Man” persona, kicking off his term with a bold stroke—signing the “America First Trade Policy” memorandum on Inauguration Day. This executive order puts U.S. trade under a microscope, tasking multiple departments with a deep-dive review of trade practices and imbalances, with a deadline to report back by April 1. But make no mistake— Trump isn’t waiting for the paperwork to land on his desk.
That hasn’t stopped the administration from going full throttle. The memorandum fires off several other hard-hitting directives, including a potential External Revenue Service to take over tariff collection, a public consultation period to review the USMCA in 2026, and a deep-dive into currency manipulation—with China, Japan, South Korea, Taiwan, Vietnam, and Germany already on a watchlist. And let’s not forget the scrutiny of digital services taxes, which have primarily targeted U.S.
TRUMP TARIFFS TRADE WAR CHINA CANADA MEXICO TRADE DEFICIT AMERICA FIRST
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