Modifying the Scope of Reciprocal Tariffs and Establishing Procedures for Implementing Trade and Security Agreements
1. Purpose
Executive Order 14346 modifies reciprocal tariffs and sets procedures for implementing trade and security agreements in light of a national emergency concerning U.S. trade deficits.
2. Key Actions And Directives
- Implementation of Tariff Modifications: Tariff changes shall align with framework and final agreements with foreign trading partners, based on national interests.
- Monitoring Trade Conditions: The Secretary of Commerce and the U.S. Trade Representative shall continuously monitor conditions tied to the national emergency.
- Refund Processing: U.S. Customs and Border Protection is tasked with processing refunds of duties collected when required by agreement implementation.
3. Important Points
- National Security Concern: The executive order addresses significant trade deficits as a potential threat to U.S. national security and economic stability.
- Framework Agreement with EU: The order establishes a conditional framework agreement with the EU, allowing potential tariff reductions contingent upon EU compliance.
- Management Responsibilities: The Secretary of Commerce and the U.S. Trade Representative play crucial roles in implementing actions and monitoring related trade conditions.
- Tariff Modification Criteria: The President will factor in the economic commitments of trading partners when deciding on tariff modifications.
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