ExecutiveOrdersEO
Notice 14257NoticeTrump 47 · R Quiet signal

Presidential Notice 14257

Continuation of the National Emergency With Respect to Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits

President Trump continues for one year the national emergency declared on April 2, 2025 (EO 14257) regarding large and persistent U.S. goods trade deficits, citing ongoing threats to national security and the economy. The continuation maintains the legal foundation for trade-related executive actions taken throughout 2025, including multiple subsequent executive orders imposing tariffs and trade measures.

Federal Register Open PDF 91 FR 15517

Impact dates

  1. Continued national emergency expires unless further extended

  2. Original emergency expiration date; continuation takes effect

Market exposure

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

Sectors

Steel & aluminumAutosAgricultureTechnology & softwarePharmaCritical minerals

Mechanisms

TariffBan / prohibitionLicensing

Role pressure

  • AdverseImporter — Continuation of emergency authority preserves and potentially expands tariff exposure on imported goods across multiple sectors
  • ProtectiveDomestic producer — Maintained emergency framework supports ongoing tariff protection for U.S. manufacturing against import competition
  • AdverseTrading-partner exporter — Extended emergency signals continued U.S. trade restrictions affecting foreign exporters to U.S. market
  • MixedDownstream manufacturer — Input cost pressures from tariffs persist, but potential competitive benefit against finished imports

Geographies

USCNEUMXCAJPKRTWVNIN

Exposure dates

  • — Original emergency expiration date; continuation takes effect
  • — Continued national emergency expires unless further extended

Illustrative public companies

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

ALBAlbemarleAAAlcoaGOOGLAlphabetAAPLAppleADMArcher Daniels MidlandBGBungeCATCaterpillarCENXCentury AluminumCLFCleveland-CliffsCTVACortevaDQDaqo New EnergyLLYEli LillyFFordFCXFreeport-McMoRanGMGeneral MotorsHYMTFHyundai MotorQQQInvesco QQQ TrustJNJJohnson & JohnsonMRKMerckMETAMeta PlatformsMSFTMicrosoftMPMP MaterialsNVSNovartisNUENucor

Confidence: high · Policy alerts

Key directives

  • Continue national emergency declared in EO 14257 for 1 year beyond April 2, 2026
  • Publish notice in Federal Register
  • Transmit notice to Congress

Timeline

Immediate

  • National emergency continues in effect beyond April 2, 2026
  • Legal authority for existing trade measures preserved

Near term (90d)

  • Potential for additional executive actions under continued emergency authority

Long term

  • Emergency authority extends through April 2, 2027 unless terminated earlier

Risks & tensions

  • Procedural continuation without new policy specifics; uncertainty about whether additional tariff actions will follow
  • Potential WTO challenges to prolonged emergency-based trade restrictions
  • Retaliatory measures from trading partners may escalate under extended emergency framework
Presidential Notice 14257: Continuation of the National Emergency With Respect to Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits · Executive Orders