Initiation of Section 301 Investigation: Brazil's Acts, Policies, and Practices Related to Digital Trade and Electronic Payment Services; Unfair, Preferential Tariffs; Anti-Corruption Enforcement; Intellectual Property Protection; Ethanol Market Access; and Illegal Deforestation; Hearing; and Request for Public Comments

USTR noticeInvestigation openedFederal Register 25/07/18Open the original

Summary

At the President's direction, USTR opened a Section 301 investigation on July 15, 2025, into Brazil's practices on digital trade and electronic payments, unfair preferential tariffs, anti-corruption enforcement, intellectual property, ethanol market access and illegal deforestation; comments are due August 18, 2025, and a hearing is set for September 3.

By industry

Tariffs & Reshoring1 trading day+0.2%p15 stocks5 trading days+0.3%p15 stocks20 trading days−4.5%p15 stocks
“unfair, preferential tariffs”

Day by day after the announcement

Tariffs & Reshoring stocks and the S&P 500 after the announcement, cumulative %
Day	Tariffs & Reshoring stocks	S&P 500
25/07/17	0.0%	0.0%
25/07/18	+0.1%	−0.1%
25/07/21	+2.2%	+0.1%
25/07/22	+3.6%	+0.1%
25/07/23	+4.9%	+1.1%
25/07/24	+1.4%	+1.1%
25/07/25	+2.4%	+1.4%
25/07/28	+0.6%	+1.4%
25/07/29	−1.1%	+1.1%
25/07/30	−2.3%	+1.5%
25/07/31	−5.0%	+0.6%
25/08/01	−7.5%	−1.0%
25/08/04	−7.8%	+0.6%
25/08/05	−6.5%	−0.1%
25/08/06	−7.3%	+0.7%
25/08/07	−6.7%	+0.7%
25/08/08	−6.0%	+1.6%
25/08/11	−6.6%	+1.2%
25/08/12	−3.0%	+2.3%
25/08/13	−0.7%	+2.6%
25/08/14	−1.8%	+2.7%

Korean stocks in these industries

Hyundai Steel 004020
POSCO Holdings 005490
SeAH Steel Holdings 003030

Trades in these industries around the announcement

Members' and insiders' trades in the industries' stocks, 30 days before to 30 days after.

Leon J. TopalianChair, President and CEO
SellNucor
Sell
Nucor
NUE
$3M
21,172 sh
$3M
Filed 25/08/04
Traded 25/07/31
Leon J. TopalianChair, President and CEO
SellNucor
Sell
Nucor
NUE
$856.5K
5,947 sh
$856.5K
Filed 25/08/04
Traded 25/07/31
Leon J. TopalianChair, President and CEO
SellNucor
Sell
Nucor
NUE
$380.3K
2,674 sh
$380.3K
Filed 25/08/04
Traded 25/07/31
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$3M
40,777 sh
$3M
Filed 25/08/06
Traded 25/08/05
Allen C. BehrEVP
SellNucor
Sell
Nucor
NUE
$1.2M
8,021 sh
$1.2M
Filed 25/08/04
Traded 25/07/31
Kenneth Rex QueryEVP
SellNucor
Sell
Nucor
NUE
$924.3K
7,088 sh
$924.3K
Filed 25/06/30
Traded 25/06/26
Daniel R. NeedhamEVP
SellNucor
Sell
Nucor
NUE
$906.3K
7,088 sh
$906.3K
Filed 25/06/26
Traded 25/06/24
Christopher A. GrahamSVP
SellSteel Dynamics
Sell
Steel Dynamics
STLD
$761.2K
6,001 sh
$761.2K
Filed 25/07/31
Traded 25/07/30
Christopher A. GrahamSVP
SellSteel Dynamics
Sell
Steel Dynamics
STLD
$759.3K
5,999 sh
$759.3K
Filed 25/07/31
Traded 25/07/30
David J. MorehouseDirector
SellAti
Sell
Ati
ATI
$583.7K
7,700 sh
$583.7K
Filed 25/08/06
Traded 25/08/04
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$543.7K
7,220 sh
$543.7K
Filed 25/08/06
Traded 25/08/05
Kenneth Rex QueryEVP
SellNucor
Sell
Nucor
NUE
$379.4K
2,912 sh
$379.4K
Filed 25/06/30
Traded 25/06/26
Matt AboudSVP, Strategy & Business Dev't
SellCentury Aluminum
Sell
Century Aluminum
CENX
$279.9K
12,027 sh
$279.9K
Filed 25/08/14
Traded 25/08/12
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$152.4K
2,003 sh
$152.4K
Filed 25/08/06
Traded 25/08/05
Leon J. TopalianChair, President and CEO
SellNucor
Sell
Nucor
NUE
$5,353
37 sh
$5,353
Filed 25/08/04
Traded 25/07/31
Nicholas A. YacobozziChief Accounting Officer
Sell10b5-1 planMetallus
Sell10b5-1 plan
Metallus
MTUS
$395.5K
21,974 sh
$395.5K
Filed 25/07/23
Traded 25/07/23
David J. MorehouseDirector
SellAti
Sell
Ati
ATI
$15.3K
200 sh
$15.3K
Filed 25/08/06
Traded 25/08/04
Kristine C. SyrvalinEVP General Counsel
Sell10b5-1 planMetallus
Sell10b5-1 plan
Metallus
MTUS
$135K
7,500 sh
$135K
Filed 25/07/23
Traded 25/07/23
Kristine C. SyrvalinEVP General Counsel
Sell10b5-1 planMetallus
Sell10b5-1 plan
Metallus
MTUS
$120K
7,500 sh
$120K
Filed 25/07/02
Traded 25/07/02
Kristopher R. WestbrooksPresident & COO
Sell10b5-1 planMetallus
Sell10b5-1 plan
Metallus
MTUS
$72K
4,000 sh
$72K
Filed 25/07/23
Traded 25/07/23