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Cross Border Trade Updates

March 31, 2025

U.S. Retaliatory Tariffs
- On 30 March, President Trump said that reciprocal tariffs will include all countries, not just a smaller group of 10-15 countries with the biggest trade imbalances as 2 April approaches which is referred to as “Liberation Day”. As scope is still unknown, it is unclear how it will affect PMMI members.

U.S. Retaliatory Tariffs on the European Union (EU)
- On 26 March, Maroš Šefčovič, the EU trade commissioner, said he expects President Donald Trump to hit the EU with tariffs of about 20%. As no scope was given, it is unclear how it will affect PMMI members.

U.S. Tariffs on Countries Importing Venezuelan Oil
- On 25 March, President Trump announced he would impose tariffs on countries who import oil from Venezuela whether directly or indirectly starting 2 April.
  - The tariff will be stacked on any other applicable tariffs.
  - Countries that buy oil from Venezuela include China, India and Spain.
European Union (EU) Tightens Steel Import Restrictions
- On 25 March, the EU said it would tighten import restrictions on steel next month in a bid to shield the ailing EU sector from surging imports.
  - The EU reduced the liberalization rate from 1% to 0.1%, limiting the amount of steel that can be imported into the EU tariff-free.
  - The 'carry-over' mechanism allowing unused quotas to roll over has also been eliminated for categories with high import pressure and low consumption.
  - Most changes take effect on 1 April 2025, with some measures entering on 1 July 2025.
U.S. Section 232 Tariffs on Aluminum and Steel
- On 27 March, a quick reference sheet was developed on the current scope of U.S. section 232 tariffs on steel and aluminum. This includes full scope of new and expanded actions that came into effect on 12 March.

World Trade Organization (WTO)
- On 28 March, the United States paused contributions to the WTO as President Trump’s administration ramps up efforts to cut government spending.