The latest Trade Update from our government relations team is available now. Here are a few key takeaways.

Section 232 Steel and Aluminum Tariffs President Trump significantly expanded these tariffs in February 2025, eliminating exemptions and increasing aluminum tariffs from 10% to 25%. In June, both steel and aluminum tariffs were further increased to 50%. The expansion now covers numerous “derivative” products and establishes a new process for adding additional products to the tariff scope.

New Section 232 Investigations The administration launched investigations into multiple sectors including critical minerals, copper, wood products, pharmaceuticals, semiconductors, trucks, and aircraft/jet engines – indicating a broad sectoral approach to national security tariffs.

IEEPA Tariffs Under Legal Challenge Trump imposed “reciprocal tariffs” (10% baseline, up to 50% for specific countries) and fentanyl-related tariffs on China, Canada, and Mexico under emergency powers. However, multiple court cases have ruled these tariffs exceed presidential authority, creating legal uncertainty. The administration has paused implementation of higher rates while pursuing bilateral trade negotiations.

Bilateral Trade Negotiations The U.S. reached an agreement in principle with the UK providing quota relief from steel/aluminum tariffs and preferential treatment for automobiles. Similar negotiations are ongoing with dozens of other countries, leveraging tariff threats for concessions.

International Response Canada and the EU have imposed significant retaliatory tariffs. China initially escalated but agreed to a temporary truce in May 2025, reducing reciprocal tariffs to 10% while negotiations continue.

You can read the full report here.