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Explore our latest reports and pieces
This inventory provides an exhaustive overview of the major US tariff measures adopted in 2025. For each measure, a corresponding table details the affected product scope using Harmonised Tariff Schedule (HTS) codes, along with any applicable exclusions. The inventory currently includes the Executive Order of April 2, the Fentanyl Executive Order, and Section 232 investigations on autos, aluminium, and steel. The file will be updated as new US tariff measures are documented using official sources.
Industrial policy is undergoing a deep shift: once dominated by climate goals, it is now increasingly driven by national security and geopolitical concerns. This transformation is evident both in policy justifications and policy tools. While many Western governments have aggressively embraced this new paradigm, the EU remains more cautious. Whether Europe will stay the course or adopts the emerging strategic consensus remains to be seen.