President Trump Issues Sweeping Trade Policy Review Directives to Key Agencies

On January 20, 2025, as one of his first acts in office, President Trump signed a memorandum entitled the “America First Trade Policy” directed to the Secretaries of Commerce, State, Treasury, Defense, and Homeland Security, the U.S. Trade Representative (USTR), the Office of Management and Budget (OMB), the Assistant to the President for Economic Policy (Kevin Hassett, National Economic Council Director), and the White House Senior Counselor for Trade and Manufacturing (Peter Navarro). The memorandum does not impose specific trade-restricting action – such as tariffs on imported goods – at this time.

In comments to the press from the Oval Office on Monday, President Trump stated that he may impose 25 percent tariffs on goods from Canada and Mexico as early as February 1. Yet, rather than immediate action, President Trump’s memorandum instructs the identified officials and their agencies to conduct what is essentially a top-to-bottom review of U.S. trade policy on numerous fronts, with the goals of defending the United States’ economic and national security, promoting our technological advantages, and benefiting American “workers, manufacturers, farmers, ranches, entrepreneurs, and businesses.” Actions resulting from the order could involve tariffs on Canadian and Mexican imports, albeit later than February 1st.

Read more analysis from our Government Relations team at Kelley Drye.