Modifying the Scope of the Reciprocal Tariff with Respect to Certain Agricultural Products

Executive orderTariff cut or exemptionPublished 25/11/14Open the original

Summary

President Trump excludes certain agricultural products from the reciprocal tariff. The modification applies to goods entered for consumption, or withdrawn from warehouse for consumption, on or after November 13, 2025.

By industry

Tariffs & Reshoring1 trading day+0.3%p15 stocks5 trading days+0.3%p15 stocks20 trading days+10.6%p15 stocks
“certain agricultural products shall not be subject to the reciprocal tariff”

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
25/11/13	0.0%	0.0%
25/11/14	+0.3%	+0.0%
25/11/17	−1.3%	−1.0%
25/11/18	−1.6%	−1.9%
25/11/19	−1.0%	−0.9%
25/11/20	−2.8%	−3.0%
25/11/21	−0.2%	−1.9%
25/11/24	+1.6%	−0.5%
25/11/25	+4.3%	+0.4%
25/11/26	+5.6%	+1.1%
25/11/28	+5.8%	+1.6%
25/12/01	+6.0%	+1.1%
25/12/02	+5.8%	+1.4%
25/12/03	+9.4%	+1.7%
25/12/04	+8.8%	+1.8%
25/12/05	+7.8%	+2.0%
25/12/08	+7.2%	+1.8%
25/12/09	+7.1%	+1.5%
25/12/10	+10.1%	+2.1%
25/12/11	+13.7%	+2.5%
25/12/12	+12.0%	+1.4%

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.

Glencore International10% Owner
SellCentury Aluminum
Sell
Century Aluminum
CENX
$272.3M
9,000,000 sh
$272.3M
Filed 25/11/13
Traded 25/11/10
John R. McPhersonDirector
BuyCommercial Metals
Buy
Commercial Metals
CMC
$99.5K
1,712 sh
$99.5K
Filed 25/10/21
Traded 25/10/20
Phillip Michael HardestySVP
BuySunCoke Energy
Buy
SunCoke Energy
SXC
$60.9K
9,168 sh
$60.9K
Filed 25/11/12
Traded 25/11/07
Ralph M. Della Ratta Jr.Director
BuySunCoke Energy
Buy
SunCoke Energy
SXC
$50K
7,288 sh
$50K
Filed 25/11/07
Traded 25/11/06
Phillip Michael HardestySVP
BuySunCoke Energy
Buy
SunCoke Energy
SXC
$13.5K
2,032 sh
$13.5K
Filed 25/11/12
Traded 25/11/07
Phillip Michael HardestySVP
BuySunCoke Energy
Buy
SunCoke Energy
SXC
$5,304
800 sh
$5,304
Filed 25/11/12
Traded 25/11/07
John R. McPhersonDirector
BuyCommercial Metals
Buy
Commercial Metals
CMC
$587
10 sh
$587
Filed 25/10/21
Traded 25/10/20
Karla R. LewisPresident, CEO
SellReliance
Sell
Reliance
RS
$1.1M
3,775 sh
$1.1M
Filed 25/12/02
Traded 25/12/01
Karla R. LewisPresident, CEO
SellReliance
Sell
Reliance
RS
$577.4K
2,034 sh
$577.4K
Filed 25/12/02
Traded 25/12/01
Brian J. MalloyPresident and COO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$3.6M
11,894 sh
$3.6M
Filed 25/12/11
Traded 25/12/10
Brian J. MalloyPresident and COO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$2.9M
9,473 sh
$2.9M
Filed 25/12/11
Traded 25/12/10
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$2.7M
26,998 sh
$2.7M
Filed 25/11/20
Traded 25/11/18
Robert S. WetherbeeExecutive Chairman
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$2.4M
24,711 sh
$2.4M
Filed 25/11/20
Traded 25/11/18
Brian J. MalloyPresident and COO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$2.2M
7,326 sh
$2.2M
Filed 25/12/11
Traded 25/12/09
Brian J. MalloyPresident and COO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$2M
6,741 sh
$2M
Filed 25/12/11
Traded 25/12/09
Brian J. MalloyPresident and COO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$1.9M
6,108 sh
$1.9M
Filed 25/12/11
Traded 25/12/10
Kimberly A. FieldsPresident, CEO and Director
Sell10b5-1 planAti
Sell10b5-1 plan
Ati
ATI
$1.8M
21,153 sh
$1.8M
Filed 25/10/16
Traded 25/10/15
Brian J. MalloyPresident and COO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$1.7M
5,681 sh
$1.7M
Filed 25/12/11
Traded 25/12/10
Brian J. MalloyPresident and COO
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$1.7M
5,545 sh
$1.7M
Filed 25/12/11
Traded 25/12/10
Stephen D. LaxtonCFO and EVP
SellNucor
Sell
Nucor
NUE
$163.9K
1,082 sh
$163.9K
Filed 25/11/03
Traded 25/10/30