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EO 14361Executive OrderTrump 47 · R

Executive Order 14361

Modifying the Scope of Tariffs on the Government of Brazil

This executive order modifies the 40 percent ad valorem tariffs imposed on Brazil under EO 14323 by removing certain agricultural products from the tariff scope, effective retroactively to November 13, 2025. The modification follows negotiations between the U.S. and Brazilian presidents and ongoing diplomatic engagement.

Federal Register Open PDF 90 FR 54467

Impact dates

  1. Tariff modification effective for goods entered for consumption or withdrawn from warehouse

Market exposure

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

Sectors

AgricultureSteel & aluminumAutosOther industrial

Mechanisms

Tariff

Role pressure

  • ProtectiveImporter — Agricultural importers from Brazil relieved of 40% ad valorem tariff, reducing costs and restoring supply access
  • ProtectiveTrading-partner exporter — Brazilian agricultural exporters regain competitive access to U.S. market for excluded products
  • AdverseDomestic producer — U.S. agricultural producers competing with Brazilian imports lose tariff protection on excluded products

Geographies

US

Exposure dates

  • — Tariff modification effective for goods entered for consumption or withdrawn from warehouse

Illustrative public companies

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

MMM3MAAAlcoaAAPLAppleADMArcher Daniels MidlandBGBungeCATCaterpillarCENXCentury AluminumCLFCleveland-CliffsCTVACortevaFFordFCXFreeport-McMoRanGEVGE VernovaGMGeneral MotorsHONHoneywellHYMTFHyundai MotorNUENucorSPYSPDR S&P 500 ETFSTLAStellantisTSLATeslaTMToyotaTSNTyson FoodsXUnited States SteelVALEVale

Confidence: medium · Policy alerts

Key directives

  • Remove certain agricultural products from 40% ad valorem tariff under EO 14323
  • Modify Harmonized Tariff Schedule per Annex II
  • Effective date: 12:01 a.m. EST November 13, 2025 for consumption entries and warehouse withdrawals
  • Process duty refunds per applicable law and CBP standard procedures
  • Secretary of State to continue monitoring emergency circumstances and inform President of need for further action
  • Secretary of State to implement with consultation from Treasury, Commerce, DHS, USTR, NSC, NEC, Senior Counselor for Trade and Manufacturing, and USITC Chair

Who is ordered

Timeline

Immediate

  • Tariff modification effective November 13, 2025 at 12:01 a.m. EST for goods entered or withdrawn from warehouse
  • Annex I to EO 14323 updated with excluded agricultural products
  • Potential duty refunds processed per CBP standard procedures

Near term (90d)

  • Ongoing U.S.-Brazil negotiations to address underlying concerns from EO 14323
  • Secretary of State monitoring and reporting on emergency circumstances

Long term

  • Potential further modifications to Brazil tariffs depending on negotiation outcomes
  • Structural uncertainty in U.S.-Brazil trade relations pending resolution of national emergency declaration

Risks & tensions

  • Retroactive effective date (November 13) predates signing date (November 20), creating administrative complexity for entries between those dates
  • Agricultural products excluded are unspecified in text; exact scope depends on unpublished Annex I/II
  • National emergency remains in place; this is partial relief, not resolution
  • Refund processing timeline unclear; 'standard procedures' may create cash-flow delays for importers
  • Ongoing negotiations could lead to further unpredictable tariff changes
Executive Order 14361: Modifying the Scope of Tariffs on the Government of Brazil · Executive Orders