White House executive summary of report on “America First Trade Policy”

The White House on April 3, 2025, announced the release of a comprehensive report on the America First Trade Policy (AFTP), pursuant to a presidential memorandum issued on January 20, 2025 (read TradeNewsFlash). The report includes reviews, investigations, findings, identifications, and recommendations across 24 chapters, addressing various aspects of U.S. trade policy.

The White House release—a brief public summary of the contents—highlights:

• The need for an America First Trade Policy to boost investment, jobs, and growth domestically while reinforcing industrial and technological advantages
• The persistent trade deficit, which reached $1.2 trillion in 2024, as a critical economic and national security threat
• Recommended measures such as imposing tariffs on certain imports to achieve balanced trade and creating an External Revenue Service to optimize tariff collection

Key chapters include reviews of unfair foreign trade practices, renegotiation of the U.S.-Mexico-Canada Agreement (USMCA), and assessments of foreign currency manipulation and existing trade agreements. The report also addresses economic and trade relations with China, including compliance with the Phase One Agreement and potential new Section 301 actions.