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EO 14289Executive OrderTrump 47 · R Quiet signal

Executive Order 14289

Addressing Certain Tariffs on Imported Articles

This executive order prevents tariffs on automobiles, border-related goods, steel, and aluminum from stacking cumulatively on the same imported articles. When multiple listed tariffs apply to the same product, only the highest single applicable tariff rate applies rather than adding them together, with retroactive effect to March 4, 2025.

Federal Register Open PDF 90 FR 18907

Impact dates

  1. HTSUS changes must be made to comply with non-stacking policy

Market exposure

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

Sectors

AutosSteel & aluminumAgricultureOil & gasOther industrial

Mechanisms

Tariff

Role pressure

  • ProtectiveImporter — Reduces total duty burden when multiple listed tariffs would otherwise apply to same article, lowering landed costs
  • MixedDomestic producer — Competitors' input costs may fall slightly, but domestic steel/aluminum/auto producers retain at least one protective tariff layer
  • ProtectiveDownstream manufacturer — Lower cumulative tariffs on imported steel, aluminum, and auto parts reduce input costs for manufacturers using these materials
  • MixedTrading-partner exporter — Canadian and Mexican exporters see reduced stacking of border+metals/auto tariffs, but base tariffs remain; Chinese exporters unaffected as fentanyl/301 duties still stack

Geographies

USCAMXJPEUKR

Exposure dates

  • — HTSUS changes must be made to comply with non-stacking policy

Illustrative public companies

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

MMM3MAAAlcoaAAPLAppleADMArcher Daniels MidlandBGBungeCATCaterpillarCENXCentury AluminumLNGCheniere EnergyCVXChevronCLFCleveland-CliffsCOPConocoPhillipsCTVACortevaXOMExxon MobilFFordFCXFreeport-McMoRanGEVGE VernovaGMGeneral MotorsHONHoneywellHYMTFHyundai MotorNUENucorSHELShellSPYSPDR S&P 500 ETFSTLAStellantisTSLATesla

Confidence: high · Policy alerts

Key directives

  • Secretary of Homeland Security shall update CBP guidance, systems, and enforcement mechanisms by May 16, 2025
  • Secretary of Homeland Security authorized to determine HTSUS changes and coordinate with USITC Chair
  • Secretary of Commerce and Secretary of Homeland Security shall provide additional guidance with Treasury and USTR
  • HTSUS changes must be made by 12:01 a.m. EDT on May 16, 2025
  • Order applies retroactively to entries on or after March 4, 2025

Who is ordered

Timeline

Immediate

  • HTSUS changes due by May 16, 2025
  • Retroactive application to March 4, 2025 entries begins
  • CBP guidance and system updates required

Near term (90d)

  • Refund processing for overpaid duties on stacked tariffs
  • Commerce/DHS/USTR/Treasury coordination on consistent interpretation

Long term

  • Ongoing non-stacking administration of listed tariffs
  • Potential precedent for future tariff coordination mechanisms

Risks & tensions

  • Retroactive application to March 4, 2025 creates administrative burden for refunds and system reconciliation
  • Border tariff (2(b)/2(c)) and metals tariff (2(d)/2(e)) interaction creates complex hierarchy—auto parts could face different treatment than raw materials
  • Section 3(c) preserves stacking with non-listed tariffs (including China fentanyl EO 14195 and Section 301 duties), maintaining significant cumulative tariff exposure for many imports
  • Unclear whether 'additional tariffs' language in 3(a)(iii) permits full stacking of steel+aluminum or only single application of each
Executive Order 14289: Addressing Certain Tariffs on Imported Articles · Executive Orders