Initial Section 232 Actions On Semiconductors, Critical Minerals Announced

Two Presidential Proclamations released yesterday address the Trump Administration's actions arising out of the recently concluded investigations of imported semiconductors, processed critical minerals, and their respective derivative products under Section 232 of the Trade Expansion Act of 1962. Whereas targeted tariffs will apply to a limited group of imported semiconductors beginning today, the plans of action otherwise require the United States Trade Representative and Secretary of Commerce to negotiate agreements with like-minded countries to address national security vulnerabilities. Notably, the Proclamation on critical minerals does not impose Section 232 tariffs. However, the respective Proclamations each indicate that additional tariffs or other trade restrictions may follow in the future.