Fact Sheet: President Donald J. Trump Modifies the Scope of Reciprocal Tariffs and Establishes Procedures for Implementing Trade Deals

Fact sheetTariff cut or exemptionPublished 25/09/05Open the original

Summary

President Trump signs an executive order changing the scope of the reciprocal tariffs announced on April 2. Bullion-related articles and certain critical minerals and pharmaceutical products leave the tariffs, while certain aluminum hydroxide, resin and silicone products become subject to them from September 8, 2025. The order also creates the PTAAP Annex of products that may receive only the MFN tariff under a trade deal.

By industry

Tariffs & Reshoring1 trading day+2.6%p15 stocks5 trading days+1.7%p15 stocks20 trading days+2.2%p15 stocks
“modifying the scope of the reciprocal tariffs that he first announced on April 2, 2025”

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
25/09/04	0.0%	0.0%
25/09/05	+2.2%	−0.5%
25/09/08	+1.5%	−0.1%
25/09/09	−0.8%	+0.3%
25/09/10	+0.6%	+0.4%
25/09/11	+3.0%	+1.3%
25/09/12	+2.3%	+1.3%
25/09/15	+3.0%	+1.7%
25/09/16	+3.4%	+1.7%
25/09/17	+2.3%	+1.7%
25/09/18	+3.2%	+2.1%
25/09/19	+2.4%	+2.2%
25/09/22	+2.2%	+2.6%
25/09/23	+0.9%	+2.2%
25/09/24	+0.9%	+1.9%
25/09/25	−0.1%	+1.3%
25/09/26	+3.2%	+1.9%
25/09/29	+2.7%	+2.1%
25/09/30	+2.8%	+2.4%
25/10/01	+4.4%	+2.9%
25/10/02	+5.2%	+3.0%

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.

Tony R. ThenePresident and CEO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$3.2M
13,148 sh
$3.2M
Filed 25/08/19
Traded 25/08/18
Tony R. ThenePresident and CEO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$1.4M
5,852 sh
$1.4M
Filed 25/08/19
Traded 25/08/18
Kimberly A. FieldsPresident, CEO and Director
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$1.6M
20,312 sh
$1.6M
Filed 25/09/23
Traded 25/09/22
Kenneth Rex QueryEVP
SellNucor
Sell
Nucor
NUE
$1.4M
10,000 sh
$1.4M
Filed 25/08/20
Traded 25/08/18
I. Martin InglisDirector
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$1.4M
5,691 sh
$1.4M
Filed 25/08/19
Traded 25/08/18
Kimberly A. FieldsPresident & CEO
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$1.2M
15,941 sh
$1.2M
Filed 25/09/10
Traded 25/09/09
Daniel R. NeedhamEVP
SellNucor
Sell
Nucor
NUE
$1.1M
7,200 sh
$1.1M
Filed 25/08/20
Traded 25/08/18
Michael D. KellerVice Pres. and Corp. Contro
SellNucor
Sell
Nucor
NUE
$890.5K
6,000 sh
$890.5K
Filed 25/08/26
Traded 25/08/22
Steven E. KarolDirector
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$843.8K
3,433 sh
$843.8K
Filed 25/09/10
Traded 25/09/09
Kenneth L. CallowaySVP, Human Resources
SellCentury Aluminum
Sell
Century Aluminum
CENX
$452.4K
16,450 sh
$452.4K
Filed 25/09/23
Traded 25/09/19
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
Agust F. HafbergSVP & Chief Commercial Officer
SellCentury Aluminum
Sell
Century Aluminum
CENX
$264.9K
9,493 sh
$264.9K
Filed 25/09/30
Traded 25/09/26
Richard WagnerSVP and COO
SellInsteel Industries
Sell
Insteel Industries
IIIN
$167.7K
4,366 sh
$167.7K
Filed 25/08/26
Traded 25/08/26
James R. YorkSVP
SellInsteel Industries
Sell
Insteel Industries
IIIN
$115.5K
3,000 sh
$115.5K
Filed 25/08/28
Traded 25/08/22
James R. YorkSVP
SellInsteel Industries
Sell
Insteel Industries
IIIN
$23.1K
600 sh
$23.1K
Filed 25/09/05
Traded 25/09/04
Michael D. KellerVice Pres. and Corp. Contro
SellNucor
Sell
Nucor
NUE
$13.1K
88 sh
$13.1K
Filed 25/08/26
Traded 25/08/22