President Trump introduced the Fair and Reciprocal Plan yesterday afternoon, an initiative aimed at correcting trade imbalances and addressing the U.S. trade deficit.
Under this plan, the Secretary of Commerce and the U.S. Trade Representative, in collaboration with the Treasury Secretary and the Secretary of Homeland Security, will review and investigate trade practices, trade partner policies, existing agreements, tariff revenue losses, and other relevant factors. Their findings and reports are due to the President by April 1, 2025.
Following the review, the appropriate agencies will take necessary actions within their legal authority to assess the impact of non-reciprocal trade arrangements imposed by U.S. trading partners. Upon completion, they will submit a report outlining proposed remedies to establish fair and reciprocal trade relations, including determining the equivalent reciprocal tariff for each country that imposes tariffs on U.S. exports. No deadline has been specified for this report’s completion.
The Trump Administration will not impose these tariffs immediately, allowing countries time to lower or eliminate their tariffs on U.S. goods.
For more details, see the official fact sheet: White House Fact Sheet
We will continue to keep you updated on changes as they occur.