President Donald Trump on Friday announced a series of adjustments to his sweeping global tariff program, exempting key metals including gold bullion, tungsten, uranium, and graphite, while continuing to impose tariffs on silicone products. The changes are set to take effect Monday under an executive order issued Friday.
The move aims to bring clarity to markets and formalizes a prior U.S. Customs and Border Protection ruling that caused confusion by signaling that gold bullion might be subject to import taxes. The executive order cites recommendations from U.S. officials, noting that “these modifications are necessary and appropriate to deal with the national emergency” first declared when the tariffs were imposed in April.
In addition to metals, the order could accelerate the implementation of bespoke trade agreements with other countries. This framework would allow Washington to lift tariffs on items such as aircraft parts, generic pharmaceuticals, specialty spices, coffee, and other products that cannot be domestically grown, mined, or produced. Importantly, the measure empowers the U.S. Trade Representative and the Commerce Department to enact framework agreements with trading partners — including the European Union, Japan, and South Korea — without requiring new executive orders.
The EU welcomed the development. EU Trade Chief Maros Sefcovic wrote Saturday on X that the move “paves the way for car and parts tariffs to drop to 15% and secures key exemptions from the 15% cap,” addressing long-standing concerns about higher U.S. levies on the European auto sector. While Friday’s order does not provide immediate relief, it is being seen as a step toward easing tensions with key trading partners.
Trump’s global tariffs remain central to his strategy to tackle trade imbalances, which he has framed as a threat to national security. Prior to the rollout of dozens of country-specific rates last month, the administration negotiated agreements with several foreign economies to maintain lower tariffs in exchange for removing barriers to American goods.
Critics have warned that the rapid rollout of tariffs and some of the accompanying deals could disrupt markets and increase the cost of goods that cannot be produced domestically, but Friday’s executive order signals a more nuanced approach. By exempting essential metals and providing a framework for trade negotiations, the administration appears to be seeking a balance between protecting domestic industries and minimizing market disruption.
Pump Radar
Stock Alerts