Modifying Reciprocal Tariff Rates To Reflect Trading Partner Retaliation and Alignment

Executive orderTariff cut or exemptionSigned 25/04/09Federal Register 25/04/15Executive Order 14266Open the original

Summary

President Trump suspends for 90 days, from April 10, 2025 through July 9, 2025, the individual reciprocal tariff rates for the trading partners listed in Annex I and instead applies an additional 10% duty. China remains subject to separate treatment, and the HTSUS is modified accordingly.

By industry

Tariffs & Reshoring1 trading day+1.3%p15 stocks5 trading days+0.8%p15 stocks20 trading days+8.1%p15 stocks
“temporarily suspend, for a period of 90 days”

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
25/04/08	0.0%	0.0%
25/04/09	+11.3%	+10.1%
25/04/10	+6.5%	+5.5%
25/04/11	+9.0%	+7.6%
25/04/14	+9.4%	+8.2%
25/04/15	+8.7%	+7.9%
25/04/16	+8.3%	+5.9%
25/04/17	+9.4%	+6.5%
25/04/21	+7.2%	+3.6%
25/04/22	+11.2%	+8.2%
25/04/23	+14.6%	+8.3%
25/04/24	+18.2%	+10.7%
25/04/25	+17.1%	+11.1%
25/04/28	+18.1%	+10.9%
25/04/29	+18.6%	+11.5%
25/04/30	+17.6%	+12.6%
25/05/01	+20.0%	+12.4%
25/05/02	+24.5%	+14.3%
25/05/05	+23.1%	+13.6%
25/05/06	+22.2%	+13.6%
25/05/07	+21.3%	+13.1%

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.

Peter R. MattPresident and CEO
BuyCommercial Metals
Buy
Commercial Metals
CMC
$294.6K
6,100 sh
$294.6K
Filed 25/03/31
Traded 25/03/27
John R. McPhersonDirector
BuyCommercial Metals
Buy
Commercial Metals
CMC
$100K
2,475 sh
$100K
Filed 25/04/07
Traded 25/04/04
Leon J. TopalianChair, President and CEO
SellNucor
Sell
Nucor
NUE
$2.9M
23,935 sh
$2.9M
Filed 25/05/05
Traded 25/05/01
Leon J. TopalianChair, President and CEO
SellNucor
Sell
Nucor
NUE
$1.2M
9,769 sh
$1.2M
Filed 25/05/05
Traded 25/05/01
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$1.8M
26,416 sh
$1.8M
Filed 25/05/08
Traded 25/05/06
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$1.6M
23,584 sh
$1.6M
Filed 25/05/08
Traded 25/05/06
David J. MorehouseDirector
SellAti
Sell
Ati
ATI
$884.5K
17,000 sh
$884.5K
Filed 25/04/03
Traded 25/04/01
I. Martin InglisDirector
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$678.6K
3,433 sh
$678.6K
Filed 25/05/01
Traded 25/04/29
Leon J. TopalianChair, President and CEO
SellNucor
Sell
Nucor
NUE
$64.9K
534 sh
$64.9K
Filed 25/05/05
Traded 25/05/01
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$352.8K
4,641 sh
$352.8K
Filed 25/05/22
Traded 25/05/06
Elizabeth A. SocciVP, Contr & Ch Acctg Officer
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$287.3K
1,415 sh
$287.3K
Filed 25/05/05
Traded 25/05/01
Elizabeth A. SocciVP, Contr & Ch Acctg Officer
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$275.8K
1,375 sh
$275.8K
Filed 25/05/05
Traded 25/05/01
Elizabeth A. SocciVP, Contr & Ch Acctg Officer
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$241.8K
1,200 sh
$241.8K
Filed 25/05/05
Traded 25/05/01
Elizabeth A. SocciVP, Contr & Ch Acctg Officer
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$204.7K
1,004 sh
$204.7K
Filed 25/05/05
Traded 25/05/01
Robert F. HoffmanSVP, IT and CAO
SellCentury Aluminum
Sell
Century Aluminum
CENX
$101.2K
5,000 sh
$101.2K
Filed 25/03/24
Traded 25/03/20
Elizabeth A. SocciVP, Contr & Ch Acctg Officer
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$1,228
6 sh
$1,228
Filed 25/05/05
Traded 25/05/01