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EO 14228Executive OrderTrump 47 · R

Executive Order 14228

Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People's Republic of China

This executive order doubles the ad valorem tariff on Chinese goods from 10 percent to 20 percent, citing China's failure to take adequate steps to stop the flow of synthetic opioids including fentanyl into the United States. The order amends Executive Order 14195 and maintains the national emergency determination under IEEPA.

Federal Register Open PDF 90 FR 11463

Impact dates

  1. 20% tariff takes effect on PRC products

Market exposure

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

Sectors

Steel & aluminumAutosTechnology & softwarePharmaChemicalsOther industrial

Mechanisms

Tariff

Role pressure

  • AdverseImporter — Immediate 10 percentage point increase in landed cost of all Chinese goods with no exemptions
  • AdverseDownstream manufacturer — Input cost inflation from 20% tariff on Chinese components and raw materials
  • MixedDomestic producer — Potential competitive benefit against Chinese imports but also higher input costs if reliant on Chinese supply chain
  • AdverseTrading-partner exporter — PRC-based exporters face reduced US market access and demand destruction

Geographies

USCN

Exposure dates

  • — 20% tariff takes effect on PRC products

Illustrative public companies

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

MMM3MALBAlbemarleAAAlcoaGOOGLAlphabetAAPLAppleBASFYBASFCATCaterpillarCENXCentury AluminumCLFCleveland-CliffsCTVACortevaDOWDowDDDuPontLLYEli LillyFFordFCXFreeport-McMoRanGEVGE VernovaGMGeneral MotorsHONHoneywellHYMTFHyundai MotorQQQInvesco QQQ TrustJNJJohnson & JohnsonLYBLyondellBasellMRKMerckMETAMeta Platforms

Confidence: high · Policy alerts

Key directives

  • Amend EO 14195, section 2(a), to replace '10 percent' with '20 percent' ad valorem tariff on articles that are products of the PRC

Timeline

Immediate

  • 10% tariff on PRC products increases to 20% upon signing

Near term (90d)

  • Customs and Border Protection system adjustments to new rate
  • trade flow disruptions as importers absorb or pass through costs
  • potential retaliatory measures from PRC

Long term

  • Sustained elevated US-PRC trade tensions
  • possible supply chain restructuring away from Chinese sourcing
  • ongoing national emergency framework for trade measures

Risks & tensions

  • Retaliatory escalation risk from PRC
  • Downstream US manufacturers face cost pressure without alternative sourcing
  • Uses IEEPA for trade policy, stretching emergency powers framework
  • No exemption or grace period for goods in transit
Executive Order 14228: Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People's Republic of China · Executive Orders