As global economic and geopolitical environments enter a new era, companies need to continuously develop and adjust their coherent global business strategies to secure and further expand business opportunities in all markets while minimizing political and legal risks by ensuring compliance. To assist you with that task, Mayer Brown’s US-China Trade Monthly provides news and insights related to the latest US developments impacting the US-China bilateral trade relationship.
In this February 2025 issue, we will discuss: (1) President Trump’s America First trade policy; and (2) President Trump’s use of the National Security Act and potential next steps for Congress.
President Trump Issues “America First” Trade Policy
The second Trump Administration’s "America First Trade Policy" orders a comprehensive review of US trade and economic policies, focusing on trade deficits, unfair trade practices, and the impact of existing trade agreements, with most recommendations due by April 1, 2025.
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President Trump’s Use of the National Emergency Act and Possible Congressional Next Steps
Recently, President Donald Trump issued three Executive Orders (EOs) to impose tariffs on Mexico, Canada, and the People’s Republic of China (PRC) pursuant to his authorities under the Constitution and the laws of the United States, including the International Emergency Economic Powers Act (IEEPA), the National Emergencies Act (NEA), Section 604 of the Trade Act of 1974, as amended, and Section 301 of title 3, United States Code, to “declare and reiterate a national emergency under the NEA and IEEPA” in response to the Mexican, Canadian, and PRC governments’ failure to take action against “[t]he extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl.”
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