U.S. President Donald Trump signed an executive order offering some tariff exemptions as soon as Monday to trading partners who strike deals on industrial exports such as nickel, gold and other metals, as well as pharmaceutical compounds and chemicals.
Trump has spent his first seven months in office building up massive tariff increases to reorder the global trading system, cut U.S. trade deficits and extract concessions from trading partner countries in negotiations.
His latest order identifies more than 45 categories for zero import tariffs from "aligned partners" who clinch framework pacts to cut Trump's "reciprocal" tariffs and duties imposed under the Section 232 national security statute.
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