Closed-Door Reciprocal Tariffs Conference and Presidential Memo

At a Glance

• The memo directs the secretary of Commerce and U.S. trade representative (USTR) nominee, Jamieson Greer, to consult with the secretaries of Treasury and Homeland Security to submit a report detailing proposals for each trading partner.
• President Trump stated that he believes many proposed tariffs will not be modified, and he will not allow waivers during this administration.
• The president stated that he plans to impose even more tariffs, specifically on pharmaceuticals and semiconductor chips.

On February 13, 2025, President Trump held a closed-door conference on reciprocal tariffs.

During the conference, President Trump signed a presidential memorandum proposing reciprocal tariffs that will be customized for each trading partner. The timeframe for implementation of these tariffs is unclear, but White House officials are saying that President Trump would like to move rapidly — i.e., within weeks potentially, but no longer than a “few months.”

However, the memo directs the secretary of Commerce and U.S. trade representative (USTR) nominee, Jamieson Greer, to consult with the secretaries of Treasury and Homeland Security to submit a report detailing proposals for each trading partner. Then, the head of the Office of Management and Budget would have 180 days to submit a report to assess the fiscal impact of the tariffs.

The level of tariffs is not clear at this time but can be based on five different considerations: (1) tariffs the trading partner imposes on U.S. products; (2) unfair taxes imposed by the trading partner; (3) costs to U.S. businesses and consumers from that trading partners’ policies; (4) exchange rates; and (5) any other practices determined to be unfair by the USTR.

President Trump specifically focused on nonmonetary barriers, including Japan’s high structural barriers. He also focused on India’s particularly high tariffs. President Trump stated that it did not matter whether it was competitors like China, or allies like the European Union, Japan or Korea.

Last, President Trump stated that he believes many proposed tariffs will not be modified, and he will not allow any waivers during this administration. Further, he seeks to match whatever tariff a country invokes to make trade a level playing field and protect American jobs. Consequently, the new tariffs are not over yet. President Trump stated that he plans to impose even more, specifically on pharmaceuticals and semiconductor chips.

For More Information

We will continue to monitor the news and sources for the text of the memo. Please do not hesitate to reach out to a member of the Faegre Drinker Customs and International Trade Team with any questions.