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EO 14360Executive OrderTrump 47 · R

Executive Order 14360

Modifying the Scope of the Reciprocal Tariffs With Respect to Certain Agricultural Products

This executive order exempts certain agricultural products from the reciprocal tariffs imposed under Executive Order 14257 of April 2, 2025, by updating Annex II to that order and the Annex to Executive Order 14346. The tariff modifications took effect at 12:01 a.m. EST on November 13, 2025, and may require refunds of duties already collected.

Federal Register Open PDF 90 FR 54091

Impact dates

  1. Tariff modifications effective for goods entered or withdrawn from warehouse

Market exposure

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

Sectors

Agriculture

Mechanisms

Tariff

Role pressure

  • ProtectiveImporter — Exemption from reciprocal tariffs reduces import costs for covered agricultural products
  • AdverseDomestic producer — Domestic farmers lose tariff protection against competing imports for exempted products
  • ProtectiveTrading-partner exporter — Exporters of covered agricultural products to U.S. regain market access without tariff penalty

Geographies

USOTHER

Exposure dates

  • — Tariff modifications effective for goods entered or withdrawn from warehouse

Illustrative public companies

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

ADMArcher Daniels MidlandBGBungeCATCaterpillarCTVACortevaTSNTyson Foods

Confidence: high · Policy alerts

Key directives

  • Modify Harmonized Tariff Schedule per Annex I
  • Exempt certain agricultural products from reciprocal tariffs under EO 14257
  • Process duty refunds per CBP standard procedures
  • Commerce and USTR to continue monitoring emergency circumstances and report to President
  • Commerce, DHS, and USTR authorized to adopt implementing rules and regulations

Who is ordered

Timeline

Immediate

  • Tariff exemptions effective November 13, 2025 at 12:01 a.m. EST
  • Potential duty refunds for goods already entered

Near term (90d)

  • Commerce and USTR monitoring and consultation on emergency circumstances
  • Possible further modifications based on negotiations and domestic capacity assessments

Long term

  • Ongoing trade negotiation dynamics with affected partners
  • Potential precedent for further tariff scope adjustments

Risks & tensions

  • Exemptions could shift domestic political pressure from agricultural importers to domestic farmers who lose tariff protection
  • Retroactive effective date (one day before signing) may create implementation confusion
  • Scope of 'certain agricultural products' not defined in body text; actual products only in unpublished annexes
  • Further modifications possible, creating ongoing trade policy uncertainty
Executive Order 14360: Modifying the Scope of the Reciprocal Tariffs With Respect to Certain Agricultural Products · Executive Orders