ExecutiveOrdersEO
Notice 12938NoticeTrump 47 · R

Presidential Notice 12938

Continuation of the National Emergency With Respect to the Proliferation of Weapons of Mass Destruction

This notice continues for one year the national emergency originally declared in Executive Order 12938 on November 14, 1994, regarding the proliferation of weapons of mass destruction and their delivery systems. The continuation extends existing sanctions authorities and related measures beyond their scheduled expiration date of November 14, 2025.

Federal Register Open PDF 90 FR 50737

Impact dates

  1. New expiration date of continued national emergency

  2. Original expiration date of national emergency (superseded by continuation)

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Banking & financeDefense primesChemicalsTechnology & software

Mechanisms

Ban / prohibitionLicensing

Role pressure

  • MixedDomestic producer — Defense contractors benefit from continued counter-proliferation funding but face ongoing export licensing restrictions
  • AdverseImporter — Financial institutions must maintain compliance screening for blocked persons/entities under sustained sanctions authorities
  • AdverseTrading-partner exporter — Foreign entities in targeted jurisdictions remain subject to asset blocking and transaction prohibitions

Geographies

USCNKRINOTHER

Exposure dates

  • — New expiration date of continued national emergency

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

MMM3MALBAlbemarleGOOGLAlphabetAAPLAppleBACBank of AmericaBASFYBASFBLKBlackRockBABoeingCTVACortevaDOWDowDDDuPontGDGeneral DynamicsGSGoldman SachsHSBCHSBCQQQInvesco QQQ TrustJPMJPMorgan ChaseLMTLockheed MartinLYBLyondellBasellMETAMeta PlatformsMSFTMicrosoftNOCNorthrop GrummanORCLOracleRTXRTXSPYSPDR S&P 500 ETF

Confidence: high · Policy alerts

Key directives

  • Continue national emergency declared in EO 12938 for 1 year beyond November 14, 2025
  • Publish notice in Federal Register
  • Transmit notice to Congress

Timeline

Immediate

  • Continuation takes effect upon publication (November 5, 2025)
  • Existing sanctions and blocking authorities remain in force

Near term (90d)

  • Annual congressional notification completed

Long term

  • Emergency authority expires November 14, 2026 unless renewed again
  • Potential for further amendments to EO 12938 framework

Risks & tensions

  • Routine renewal with no policy changes—minimal friction expected
  • Vague on whether new designations or enforcement actions are contemplated
  • Perpetual emergency status since 1994 raises constitutional governance questions per section 202(d) NEA
Presidential Notice 12938: Continuation of the National Emergency With Respect to the Proliferation of Weapons of Mass Destruction · Executive Orders