Cross Border Trade Updates
March 24, 2025
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- U.S. Retaliatory Tariffs
- On 23 March, the Trump Administration said that they will be narrowing their approach for retaliatory tariffs that will take effect on 2 April.
- Sector-specific tariffs will not be announced on 2 April.
- Tariffs will be focused on about 15% of nations with persistent trade imbalances with the United States which is called the “dirty 15”. No official list of countries has been released yet; however, countries that could be targeted are Australia, Brazil, Canada, China, the EU, India, Japan, South Korea, Mexico, Russia, Vietnam, and more.
- EU Retaliatory Trade Action
- On 20 March, the EU announced that they have delayed their first tranche of retaliatory tariffs on goods from the United States until mid-April.
- The first tranche of the EU’s retaliatory tariffs ranges from 10%-50%. The additional retaliatory tariffs do not target PMMI machinery tariff lines. The retaliatory list does include steel materials and inputs under Chapter 72 sources from the United States.
- U.S. Tariffs on Imports Steel and Aluminum
- On 17 March, President Trump said that there will be no exemptions from steel and aluminum tariffs.
- Reciprocal tariffs are still set to take place on 2 April. As details are still forthcoming, it is unclear how PMMI members will be affected.
- Actions at the World Trade Organization (WTO)
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