US Goes Tit-for-Tat on Tariffs to Protect Workers and Farmers
Published Date: 2/19/2025
Presidential Document
Summary
The U.S. is tired of playing fair while others don’t, so the President is launching the “Fair and Reciprocal Plan” to fix unfair trade deals. This plan will make sure other countries treat America like America treats them, helping U.S. workers, farmers, and businesses by cutting the trade deficit and boosting the economy. Expect changes soon that could shake up tariffs and trade rules to make things more balanced and fair.
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Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Policy to Cut Trade Deficit
The President directs a new “Fair and Reciprocal Plan” aimed at reducing the United States’ large and persistent annual trade deficit in goods to benefit American workers, manufacturers, farmers, ranchers, entrepreneurs, and businesses. The memorandum (dated February 13, 2025) states the Plan’s goal is to grow the U.S. economy and improve trade relationships to those ends.
Determine Reciprocal Tariffs Per Partner
The memorandum directs the Administration to determine the equivalent of a reciprocal tariff “with respect to each foreign trading partner.” This means officials will calculate reciprocal tariff measures for individual trading partners as part of the Fair and Reciprocal Plan.
Comprehensive Review of Unfair Trade Measures
The Plan will examine a comprehensive set of non-reciprocal measures, including (a) tariffs on U.S. products; (b) unfair or extraterritorial taxes such as value-added taxes; (c) nontariff barriers and subsidies; and (d) policies affecting exchange rates, wage suppression, and other mercantilist practices. The United States Trade Representative, in consultation with other agencies, will judge what practices impose unfair market access limits.
Agencies Will Investigate and Propose Remedies
The Secretary of Commerce and the U.S. Trade Representative, working with Treasury, Homeland Security, and other officials, are directed to initiate investigations of harm from non-reciprocal trade arrangements and then submit reports to the President detailing proposed remedies for each trading partner. Those proposed remedies will inform the next steps under the Fair and Reciprocal Plan.
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