Implementing Certain Tariff-Related Elements of the U.S.-EU Framework on an Agreement on Reciprocal, Fair, and Balanced Trade

USTR noticeTariff cut or exemptionFederal Register 25/09/25Open the original

Summary

Commerce and USTR implement the tariff-related elements of the U.S.-EU framework agreement. The notice applies only MFN tariffs to certain EU goods and adjusts tariffs on automobiles and parts, aircraft and parts, and generic pharmaceuticals and their ingredients. It is effective September 25, 2025, with some changes retroactive to September 1, 2025 and August 1, 2025.

By industry

Tariffs & Reshoring1 trading day−0.6%p15 stocks5 trading days+2.2%p15 stocks20 trading days+0.8%p15 stocks
“implement the tariff modifications described in that Framework Agreement”
Batteries, EVs & the IRA1 trading day+2.6%p15 stocks5 trading days+2.4%p15 stocks20 trading days+9.5%p15 stocks
“automobiles and automobile parts subject to tariffs under Proclamation 10908”
Healthcare & Drug Pricing1 trading day−1.8%p15 stocks5 trading days+3.7%p15 stocks20 trading days+4.7%p15 stocks
“generic pharmaceuticals and their ingredients and chemical precursors”

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
25/09/24	0.0%	0.0%
25/09/25	−1.1%	−0.5%
25/09/26	+2.2%	+0.1%
25/09/29	+1.6%	+0.3%
25/09/30	+1.6%	+0.5%
25/10/01	+3.2%	+1.0%
25/10/02	+4.0%	+1.1%
25/10/03	+4.0%	+1.1%
25/10/06	+3.0%	+1.5%
25/10/07	+3.2%	+1.2%
25/10/08	+6.5%	+1.8%
25/10/09	+5.2%	+1.4%
25/10/10	+1.1%	−1.9%
25/10/13	+4.4%	+0.2%
25/10/14	+5.1%	+0.1%
25/10/15	+4.6%	+0.6%
25/10/16	+1.7%	−0.3%
25/10/17	+1.4%	+0.5%
25/10/20	+6.0%	+1.6%
25/10/21	+4.8%	+1.5%
25/10/22	+1.7%	+0.9%

Korean stocks in these industries

Hyundai Steel 004020
POSCO Holdings 005490
SeAH Steel Holdings 003030
LG Energy Solution 373220
Samsung SDI 006400
SK Innovation 096770
Samsung Biologics 207940
Celltrion 068270
SK Biopharmaceuticals 326030

Trades in these industries around the announcement

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

Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$114.7M
290,501 sh
$114.7M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$131.1M
332,908 sh
$131.1M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$113.5M
291,221 sh
$113.5M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$94.8M
242,112 sh
$94.8M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$89.3M
227,384 sh
$89.3M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$80.4M
206,832 sh
$80.4M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$51.5M
133,198 sh
$51.5M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$46.3M
116,948 sh
$46.3M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$45.3M
116,841 sh
$45.3M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$40.7M
104,079 sh
$40.7M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$28.4M
73,712 sh
$28.4M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$20.6M
54,526 sh
$20.6M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$19.1M
50,334 sh
$19.1M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$17.9M
47,384 sh
$17.9M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$17.2M
45,909 sh
$17.2M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$12.9M
34,530 sh
$12.9M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$11.7M
31,019 sh
$11.7M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$11.2M
29,410 sh
$11.2M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$10.8M
28,271 sh
$10.8M
Filed 25/09/15
Traded 25/09/12
Elon MuskCEO
BuyTesla
Buy
Tesla
TSLA
$10.4M
27,110 sh
$10.4M
Filed 25/09/15
Traded 25/09/12