After all that tough tariff talk, U.S. President-elect Donald Trump is reportedly expected to sign a sweeping memorandum on Monday that will guide the course of U.S. trade policy over the coming years. Contrary to earlier concerns, the action will not impose new tariffs on day one, according to officials familiar with the plan.
This is an effort to lay out a vision for Trump’s trade agenda “in a measured way,” said a senior Trump policy adviser, suggesting a more deliberate approach to the often-heated rhetoric that characterized the campaign trail.
The upcoming memorandum will reportedly direct federal agencies to thoroughly study existing U.S. trade policies, focusing on persistent trade deficits and potentially unfair trade practices or currency manipulations by other nations. These areas have long been irritants for Trump, who campaigned on promises to protect American industries and jobs from what he described as lopsided global trade agreements.
Among the memo’s key instructions is an investigation into whether certain trade imbalances could be remedied through stricter enforcement of existing rules or the negotiation of new terms. Though many expected Trump might immediately unveil punitive tariffs, the current plan takes a more cautious route, effectively delaying any dramatic action until agencies complete their assessments.
However, as part of the directive, China, Canada, and Mexico will receive allegedly special scrutiny. Agencies will be tasked with reviewing Beijing’s adherence to its 2020 trade deal with the United States, particularly any outstanding issues concerning market access, intellectual property protections, and obligations to purchase U.S. goods.
North of the border, the memo is reportedly poised to revisit the terms of the U.S.-Mexico-Canada Agreement (USMCA), Trump’s update of the North American Free Trade Agreement. That accord is due for a formal review in 2026. Some experts believe the administration may push for additional concessions or amendments at that time, potentially affecting industries such as automotive manufacturing and agriculture. Automakers like Ford and General Motors, which rely on integrated supply chains spanning the U.S., Canada, and Mexico, will be watching developments closely.
Currency markets reacted swiftly to the news. The U.S. dollar dipped against the Canadian dollar, with USD/CAD sliding more than a cent in early trading—a sign that traders were bracing for stricter trade measures but have found some relief in the absence of immediate tariffs. Oil prices also pulled back as the perceived risk of imminent tariffs on Canadian or Mexican energy imports faded.
Beyond trade, other executive actions loom on the horizon. A Fox News reporter stated on Sunday that Trump plans to sign 10 border-related executive orders on Monday, including one authorizing the deployment of U.S. troops to the southern border. While details remain sparse, the move signals a continued emphasis on immigration and border security—a hallmark of Trump’s campaign platform and a companion issue to his broader push to renegotiate trade deals.
Economists and trade law specialists caution that the absence of immediate tariffs does not indicate a retreat from the administration’s tough stance. “We’re going to be dealing with tariff headlines for the next four years,” said one policy analyst. Others stress that the government’s decision to evaluate existing agreements before imposing any new measures is prudent, providing stakeholders with time to adjust and offer input.
No additional official statements emerged from the Trump transition team or federal agencies in the past 24 hours, according to the Associated Press. This silence has left traders, foreign capitals, and major industries in a state of watchful waiting as they anticipate the official text of the memorandum and any early indications of how new trade policies might evolve.
Trump is expected to be inaugurated as president on Monday, replacing outgoing President Joe Biden.
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