Report to the President on the America First Trade Policy Executive Summary

Fact sheetStatementPublished 25/04/03Open the original

Summary

Treasury, Commerce and USTR delivered to the President on April 1, 2025, a 24-chapter report under the January 20, 2025 America First Trade Policy memorandum, with recommendations from market access and the de minimis exemption to export controls and outbound investment restrictions.

By industry

Tariffs & Reshoring1 trading day−8.0%p15 stocks5 trading days−7.8%p15 stocks20 trading days−2.7%p15 stocks
“from market access and the de minimis duty exemption to export controls and outbound investment restrictions”

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
25/04/02	0.0%	0.0%
25/04/03	−9.4%	−1.4%
25/04/04	−14.7%	−7.1%
25/04/07	−14.4%	−6.4%
25/04/08	−16.9%	−8.9%
25/04/09	−7.6%	+0.3%
25/04/10	−11.5%	−3.9%
25/04/11	−9.4%	−1.9%
25/04/14	−9.2%	−1.4%
25/04/15	−9.7%	−1.7%
25/04/16	−10.0%	−3.5%
25/04/17	−9.0%	−3.0%
25/04/21	−10.8%	−5.6%
25/04/22	−7.5%	−1.4%
25/04/23	−4.8%	−1.4%
25/04/24	−1.8%	+0.8%
25/04/25	−2.7%	+1.2%
25/04/28	−1.9%	+1.1%
25/04/29	−1.5%	+1.6%
25/04/30	−2.3%	+2.5%
25/05/01	−0.3%	+2.4%

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.

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
John T. BaldwinDirector
BuyCleveland-Cliffs
Buy
Cleveland-Cliffs
CLF
$34.8K
4,000 sh
$34.8K
Filed 25/03/10
Traded 25/03/10
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
David J. MorehouseDirector
SellAti
Sell
Ati
ATI
$884.5K
17,000 sh
$884.5K
Filed 25/04/03
Traded 25/04/01
Viola L. AcoffDirector
SellCarpenter Technology
Sell
Carpenter Technology
CRS
$807.3K
4,000 sh
$807.3K
Filed 25/03/06
Traded 25/03/04
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
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
Robert F. HoffmanSVP, IT and CAO
SellCentury Aluminum
Sell
Century Aluminum
CENX
$50K
2,500 sh
$50K
Filed 25/03/18
Traded 25/03/14
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