President Trump Initiates Section 232 Investigations into Pharmaceuticals, Semiconductors, Critical Minerals and Trucks
美国总统特朗普启动对药品、半导体、关键矿产和卡车的232条款调查
05/16/2025
President Trump Initiates Section 232 Investigations into Pharmaceuticals, Semiconductors, Critical Minerals and Trucks
美国总统特朗普启动对药品、半导体、关键矿产和卡车的232条款调查
By（作者）：美国普盈律师事务所国际贸易业务团队Pillsbury’s International Trade
- Commerce has initiated four new Section 232 national-security investigations—into pharmaceuticals, semiconductors/SME, medium- and heavy-duty trucks, and (on an expedited track) processed critical minerals—expanding the Trump administration’s concerns over U.S. supply chains for strategic sectors.
美国商务部已启动四项新的232条款国家安全调查，涵盖医药、半导体及半导体制造设备、中重型卡车，以及（被启动加速调查的）加工后的关键矿产。这反映出特朗普政府对美国战略行业供应链日益加剧的担忧。 - Public-comment windows close fast (currently May 7 for drugs and chips; May 16 for trucks and minerals), and Commerce could recommend that the President impose tariffs and other import restrictions within 180 days for critical minerals and 270 days for the other investigations.
公众意见征询窗口已经或即将关闭（目前医药和半导体的截止日期为5月7日，卡车和矿产的截止日期为5月16日）。美国商务部可能会在关键矿产调查启动后的180天内、以及其他调查启动后的270天内，向美国总统建议实施关税或其他进口限制措施。 - Many of the products temporarily spared from the April “reciprocal” tariffs—including semiconductor chips and APIs—now face the prospect of additional duties under Section 232 if Commerce concludes these imports threaten national security.
许多在4月“对等关税”中暂时豁免的产品（包括半导体芯片和活性药物成分）在美国商务部认为其进口威胁国家安全的情况下，也可能面临232条款下的额外关税。
The Trump administration has intensified its America First Trade Policy initiatives by announcing three new investigations under Section 232 of the Trade Expansion Act of 1962 by the Department of Commerce. As foreshadowed in the administration’s Day 1 Executive Order, last week Commerce announced the initiation of investigations into whether imports of pharmaceuticals, semiconductors and critical minerals threatened to impair national security. And on April 23, 2025, Commerce announced the initiation of a fourth Section 232 investigation into imports of trucks. These follow previously announced and ongoing investigations into copper and lumber, as well as existing section 232 duties on steel, aluminum and light passenger vehicles.
特朗普政府加大了“美国优先”贸易政策的推进力度，宣布美国商务部依据《1962年贸易扩展法》第232条启动三项新的国家安全调查。正如特朗普政府在其上任首日发布的行政命令中所预示的那样，美国商务部于2025年4月1日宣布启动对药品、半导体和关键矿产进口是否威胁国家安全的调查。2025年4月23日，美国商务部又宣布启动第四项针对卡车进口的232条款调查。此前，美国商务部已宣布并正在进行对铜和木材的调查，以及对钢铁、铝和轻型乘用车征收的第232条关税。
Commerce’s slew of Section 232 investigations reflect a fundamental reevaluation of the U.S. supply chain for key inputs into critical industries and infrastructure. In its executive orders, the White House describes these actions as part of its strategic objective to boost domestic manufacturing capacity in certain advanced strategic sectors and reduce reliance on foreign imports, particularly those distorted by non-market policies and practices. These investigations differ from recent tariffs imposed under the International Economic Emergency Powers Act (IEEPA) in process and function. Commerce’s national security investigations offer stakeholders the opportunity for substantive participation, including through public comments. And while both the so-called “reciprocal” and fentanyl IEEPA tariffs focus on particular “emergencies,” Section 232 duties are intended to reorient supply chains.
美国商务部开展的一系列232条款调查反映出对美国关键产业和基础设施所需核心投入品供应链的根本性重新评估。白宫在其行政命令中称这些行动是其战略目标的一部分，旨在增强美国特定先进战略行业的国内制造能力，并减少对外国进口的依赖，特别是对那些受非市场政策和做法扭曲的进口依赖。这些调查在程序和功能上与近期《国际经济紧急权力法》（IEEPA）下实施的关税有所不同。美国商务部的国家安全调查为利益相关者提供了实质性参与的机会，如通过提交公众意见。《国际经济紧急权力法》下所谓的“对等关税”和芬太尼关税主要聚焦于具体“紧急情况”，而232条款则更倾向于重塑供应链。
The Trump administration signaled its intention to target pharmaceuticals, minerals and metals, and semiconductor products and derivatives by including them on a list of exemptions from the reciprocal tariffs announced on April 2, 2025. Practically speaking, many products subject to an exemption from the 10% global duty rate—and the escalatory 125% reciprocal tariffs on China—may soon be subject to additional duties under Section 232.
特朗普政府早在2025年4月2日公布的“对等关税”豁免清单中，就已释放出关注药品、矿产金属及半导体产品及其衍生品的信号。实际上，许多此前享受10%全球关税豁免（以及免于对华逐步升级的125%对等关税）的产品，如今也可能被列入232条款范围，面临额外进口限制。
I. Investigation into Pharmaceuticals, Semiconductors, and Trucks
I. 医药、半导体与卡车调查
On April 1, 2025, Commerce initiated a Section 232 investigation to evaluate whether imports of pharmaceuticals, pharmaceutical ingredients and their derivative products threaten to impair the national security of the United States. On the same day, Commerce initiated an investigation into semiconductors, semiconductor manufacturing equipment (SME) and derivative products. The semiconductor investigation spotlights the Trump administration’s concerns over strategic dependencies, foreign state subsidies (especially regarding China), and possible vulnerabilities in the U.S. technology and defense sectors. In addition, on April 22, 2025, Commerce launched a Section 232 investigation to evaluate whether imports of trucks, truck parts and their derivatives threaten to impair U.S. national security.
2025年4月1日，美国商务部启动了评估药品、药品成分及其衍生品进口是否威胁美国国家安全的232条款调查。同日，美国商务部还启动了对半导体、半导体制造设备（SME）及其衍生品的调查。该项半导体调查凸显了特朗普政府对战略依赖、外国政府补贴（尤其是中国）以及美国技术和国防行业潜在脆弱性的担忧。此外，2025年4月22日，美国商务部启动了第四项232条款调查，以评估卡车、卡车零部件及其衍生品进口是否威胁到美国国家安全。
Scope of Investigations
调查范围
Pharmaceuticals. The Section 232 investigation into pharmaceuticals covers a wide range of products, including finished generic and non-generic drugs, active pharmaceutical ingredients (APIs), key starting materials, medical countermeasures and derivative products. Commerce explained that U.S. reliance on foreign sources for critical medical supplies raises the specter of sudden shortages, price hikes and the “weaponization” of supply chains by major exporting nations.
药品。针对药品的232条款调查涵盖范围广泛，包括非专利药和专利药、活性药物成分（APIs）、关键起始原料、医疗对策以及相关衍生产品。美国商务部指出，美国对关键医疗物资的外部来源依赖，可能带来突发短缺、价格暴涨，以及主要出口国“武器化”供应链的风险。
Semiconductors. The scope of the Section 232 investigation into semiconductors includes semiconductors, SME and derivative products, including foundational and leading-edge chips, microelectronics, substrates, bare wafers, SME components and products that contain semiconductors, such as in the electronics supply chain.
半导体。针对半导体的232条款调查范围涵盖半导体本体、半导体制造设备及其衍生产品，包括传统和先进芯片、微电子设备、基板、裸晶圆、半导体制造设备组件及含有半导体的产品，如电子供应链中常见的产品。
The semiconductor sector is concurrently under scrutiny by the Office of the U.S. Trade Representative (USTR) in an investigation under Section 301 of the Trade Act of 1974. The Section 301 action specifically targets China’s trade practices, including alleged state-sponsored subsidies, forced technology transfers and overcapacity in foundational semiconductors, including to the extent they are incorporated as components into downstream products and inputs into semiconductor fabrication. The Section 301 investigation will assess dependences and vulnerabilities that “create risks for certain critical downstream industries, as well as harm to U.S. semiconductor producers and foundries.” Consequently, semiconductor producers and downstream industries with a China nexus could be caught in overlapping protective measures under both Section 232 and Section 301 if both investigations culminate in new import restrictions. One through-line of these investigations remains the administration’s commitment to reshoring semiconductor fabrication in the U.S. to combat the strategic dominance of China in these sectors.
与此同时，美国贸易代表办公室 (USTR) 根据《1974 年贸易法》第 301 条款对半导体行业展开调查。301条款行动专门针对中国的贸易行为，包括被指控的国家补贴、强制技术转让及基础型半导体产能过剩（其中也包括将这些半导体作为组件被用于下游产品或作为原材料投入半导体制造过程的情况）。该项301条款调查关注的是依赖与脆弱性问题，这些问题“既威胁到美国下游关键产业，也损害美国半导体生产商和代工厂的利益。”因此，若232条款和301条款下的这两项调查都导致新的进口限制，涉华的半导体生产商及下游产业可能会面临两项条款下重叠保护措施的双重打击。这些调查背后的核心逻辑仍然是美国政府致力于将半导体制造业务回流美国，以抗衡中国在该领域的战略主导地位。
Trucks. As noted above, the Section 232 investigation into trucks and truck parts includes medium heavy-duty trucks, heavy-duty trucks, medium- and heavy-duty truck parts, and their derivatives. (The Section 232 duties on automobiles already in place are limited to light passenger vehicles and parts, and excluded trucks, which already have a higher MFN duty rate.) The term “trucks” refers to motor vehicles used for the transport of goods. “Medium heavy-duty trucks” are defined as trucks with a gross vehicle weight of more than 10,000 pounds and under 26,001 pounds. “Heavy-duty trucks” have a gross vehicle weight rating of 26,001 pounds or more. “Medium- and heavy-duty truck parts” refer to individual components and systems of medium- and heavy-duty trucks, including engines and engine parts, transmissions and powertrain parts, and electrical components.
卡车。如前所述，此次对卡车及其零部件的232条款调查涵盖中型卡车、重型卡车、中重型卡车零部件及其衍生产品。（当前已实施的针对汽车的232条款关税仅限于轻型乘用车及其零部件，不包括卡车，而卡车原本适用的最惠国关税已较高。） “卡车”指用于货物运输的机动车辆。“中型卡车”是指总重量超过10,000磅但低于26,001磅的车辆。“重型卡车”是指总重量在26,001磅以上的车辆。“中重型卡车零部件”包括发动机及其零部件、变速器与动力传动系统零部件以及电气组件等。
Next Steps
后续
Commerce has invited public comments in the three investigations. The deadlines are as follows: 美国商务部已就这三项调查公开征求意见。截止日期如下：
- The current deadline to provide comments for the pharmaceutical and semiconductor investigations is May 7, 2025.
目前对药品和半导体调查提出意见的截止日期为2025年5月7日。 - The current deadline to provide comments for the truck investigations is May 16, 2025.
目前对卡车调查提出意见的截止日期为2025年5月16日。
Commerce must complete its review and report findings to the President in each investigation within 270 days (although the investigation can be completed prior to 270 days). If Commerce concludes that covered pharmaceutical, semiconductor or vehicle imports threaten to impair national security, the President must decide within 90 days whether to impose remedial measures.
美国商务部必须在各项调查启动后的270天内完成审查并向美国总统提交调查结果报告（但调查也可以在270天之前提前完成）。若美国商务部认定相关药品、半导体或车辆进口危及国家安全，美国总统须在90天内决定是否采取补救措施。
II. 对关键矿产的232条款调查
On April 22, 2025, Commerce formally launched a Section 232 investigation to evaluate whether imports of processed critical minerals and their derivative products threaten to impair national security. The associated Executive Order (the critical minerals Section 232 EO) provides that critical minerals are the “building blocks” of a modern economy and cites concerns regarding the handful of countries—namely China—that dominate both the global mining and processing of critical minerals.
2025年4月22日，美国商务部正式启动了评估关键矿产及其衍生产品的进口是否对国家安全构成威胁的232条款调查。相关的行政命令（即关键矿产232条款行政命令）指出，关键矿产是现代经济的“基石”，并表达了对少数几个国家（主要是中国）主导全球关键矿产开采和加工的担忧。
Scope of Critical Minerals Investigation
关键矿产的调查范围
As noted above, the scope of the Section 232 investigation includes processed critical minerals and derivative products. These terms are defined as follows.
如前所述， 232条款调查涵盖“加工后的关键矿产”及其“衍生产品”。相关术语定义如下：
- “Critical minerals” includes minerals included in U.S. Geological Survey’s “Critical Minerals List” and any subsequent list and uranium. (The current list from 2022 is available here. These lists are typically updated every three years.)
“关键矿产” 包括美国地质调查局发布的《关键矿产清单》及其未来更新版本中所列的矿产，以及铀矿。（2022年的最新清单可在此处获取。这些清单通常每三年更新一次。） - “Processed critical minerals” means “critical minerals that have undergone the activities that occur after critical mineral ore is extracted from a mine through its conversion into a metal, metal powder, or a master alloy.” This includes conversion of ore into oxide concentrates, separation into oxides, and conversion into metals, metal powders and master alloys.
“加工后的关键矿产” 是指“关键矿产矿石从矿山中开采出来后，经过一系列加工过程，被转化为金属、金属粉末或母合金的关键矿产”。这些加工过程包括将矿石转化为氧化物精矿、将其分离为氧化物，以及进一步转化为金属、金属粉末和母合金。 - “Derivative products” means “all goods that incorporate processed critical minerals as inputs” including semi-finished goods (such as anodes and cathodes) and final products (such as motors, batteries, radar systems, wind turbines and their components, and advanced optical devices, among other things). Note that these products also contain semiconductors.
“衍生产品” 指的是“所有以加工后的关键矿产为原材料的产品”，包括半成品（如阳极和阴极）及最终产品（如电机、电池、雷达系统、风力涡轮机及其组件、先进光学设备等）。需注意，这些产品中也可能包含半导体。
Timeline and Next Steps
时间安排与后续
Commerce has invited comments in connection with the investigation, which are due on May 16, 2025. The critical minerals Section 232 EO directs the Secretary of Commerce to conduct an expedited investigation. Within 90 days, or by July 14, 2025, the Secretary must submit a draft interim report for internal review to the Secretary of the Treasury, the Secretary of Defense, the USTR, and senior White House economic and trade advisors. These officials have 15 days to provide comments. A final report and recommendations must then be submitted to the President within 180 days of the investigation’s commencement, or by no later than October 12, 2025. This is a notably faster and more specific timetable than semiconductors or pharmaceuticals investigations.
美国商务部已邀请公众就该调查发表意见，截止日期为2025年5月16日。关键矿产232条款行政命令要求美国商务部长开展加速调查。在启动调查的90天内，即2025年7月14日之前，美国商务部长必须向美国财政部长、美国国防部长、美国贸易代表以及白宫高级经济与贸易顾问提交一份草拟的供内部审阅的中期报告。这些官员将有15天时间提出反馈。最终报告和建议必须在调查启动后180天内，也就是不迟于2025年10月12日提交给美国总统。与半导体或药品相关的调查相比，这是一个明显更快、更具体的时间安排。
Common Themes
共同议题
In a Section 232 investigation, Commerce is required to assess a number of factors enumerated in 19 U.S.C. 1862(d). In addition, in the case of the investigations initiated under the second Trump administration, Commerce has been directed to consider various additional factors including, among other things, the impact of foreign government subsidies, overcapacity, and non-market policies and practices, and the potential for export restrictions by foreign nations. This may be in response to Chinese export restrictions or bans targeting various minerals including gallium, germanium, tungsten, antimony and rare earths (where China has obtained a dominant market position), and the significant U.S. government reporting regarding the impact of non-market policies and practices on supply chains.
在232条款调查中，美国商务部需评估《美国法典》第19编第1862(d)条所列举的若干因素。此外，在特朗普政府第二任期内启动的调查中，美国商务部还被指示考虑其他多项因素，包括但不限于外国政府补贴、产能过剩、非市场政策与做法的影响，以及外国政府可能实施的出口限制。这些要求可能是针对中国对包括镓、锗、钨、锑和稀土等矿产实施出口限制或禁令的回应（中国在这些矿产领域占据主导地位）。同时，这也呼应了美国政府关于非市场政策与做法对供应链造成冲击的大量报告内容。
Interplay with the Reciprocal Tariffs and Potential Outcomes
与“对等关税”政策的联动及潜在结果
On April 2, 2025, the Trump administration’s EO on reciprocal tariffs introduced a 10% universal tariff on most imports, going into effect on April 5, with much higher country-specific tariffs slated for April 9, 2025. However, on April 8, 2025, the Trump administration paused implementation of the country-specific tariffs for 90 days while trade talks and domestic consultations continue. During this pause, the baseline 10% universal tariff remains in effect and applies to all countries subject to the paused country-specific tariffs. (An exception is China, which currently has a reciprocal tariff of 125%.)
2025年4月2日，特朗普政府签署行政命令，启动“对等关税”政策，对大多数进口商品加征10%的统一关税，该命令自4月5日起生效。随后，将于4月9日开始大幅提高国别关税。然而，2025年4月8日，特朗普政府决定将国别关税的执行暂停90天，以便继续进行贸易谈判和国内磋商。在此暂停期间，仍维持对所有暂停国别关税的国家实施10%的基础统一关税。（中国除外，美国目前对中国实施125%的对等关税。）
President Trump has previously stated that he plans to impose tariffs on pharmaceuticals and semiconductors. Given the broad scope of these investigations and the complexity of the supply chains, the Trump administration may consider imposing tariff-rate quotas in lieu of tariffs for certain products, duty mitigations for U.S. content, or exclusions of certain products where particular requirements are met (such as compliance with U.S.-Mexico Canada rules of origin or certain U.S. manufacturing requirements). Also, the Trump administration may consider components of the supply chain to be part of sectoral arrangements the USTR is attempting to negotiate with certain countries and sectors, as noted in the Executive Summary to the Report to the President on the America First Trade Policy.
美国总统特朗普此前曾表示，他计划对药品和半导体征收关税。鉴于调查范围广泛且供应链复杂，特朗普政府可能会考虑以关税配额制度取代某些产品的直接征税，或对含有美国成分的产品予以关税减免，或对符合特定条件的产品给予关税豁免（例如符合《美墨加协定》原产地规则或符合某些美国本土制造要求）。此外，特朗普政府还可能将某些供应链环节纳入美国贸易代表办公室正与相关国家和行业协商的“行业安排”范畴，正如其在就《美国优先贸易政策》致总统报告的执行摘要中所述。
With respect to minerals, the critical minerals Section 232 EO directs Commerce to consider a range of remedies and responses when making recommendations under Section 232. These include both traditional import duties and restrictions and other security and industrial policy measures, such as safeguards to prevent circumvention or weakening of any Section 232 measures; policies to encourage domestic production, processing and recycling; and any additional actions deemed necessary to address national security risks, including measures authorized under the IEEPA. As we discuss here, on March 20, 2025, the Trump administration issued an Executive Order invoking emergency powers to boost U.S. critical mineral development (including for processing), signaling to producers, buyers and investors that domestic production is an important component of broader efforts to secure mineral supply chains. This includes working with allies and partners, particularly in resource-rich countries to advance access to feedstock for domestic processing.
关于关键矿产，关键矿产232条款行政命令明确要求美国商务部在根据232条款提出建议时，应考虑一系列补救和应对措施。这些措施包括传统的进口关税及限制，以及其他安全和产业政策手段，如防止规避或削弱232条款的保障措施；鼓励国内生产、加工与回收的政策；以及任何被认为是应对国家安全风险所必需的额外行动，包括《国际经济权力法案》授权的措施。如我们此前所述，2025年3月20日，特朗普政府发布了一项行政命令，动用紧急权力以推动美国关键矿产的生产发展（包括加工环节），向生产商、买家及投资者释放信号：强化美国本土生产是实现矿产供应链安全的重要组成部分。这一策略也包括与盟友和伙伴合作（特别是与资源丰富的国家合作），以保障美国获取国内加工所需原材料的供应。
These wide-ranging options (in addition to import adjustments) signal that the Trump administration may, at least in the case of certain minerals, consider broader actions to support mineral supply chain security. Notably, in the first Trump administration, following prior Section 232 investigations into minerals and materials, the Administration recommended measures to support further analysis through working groups, which recommended policies to support domestic production and work with allies and partners to advance supply chain resiliency.
这些广泛的政策工具（除进口调整外）表明，至少在某些关键矿产领域，特朗普政府可能会采取更全面的措施来维持矿产供应链的安全。值得注意的是，在特朗普政府第一任期内，在对矿产和材料开展早期的232条款调查之后，特朗普政府建议通过设立工作组进一步开展分析。这些工作组随后提出了一系列政策建议，旨在支持本土生产，并与盟友及合作伙伴携手推进供应链韧性建设。
III. “美国优先”贸易政策的新篇章
Foreign exporters and domestic companies relying on imports of pharmaceuticals, semiconductors, critical minerals, trucks and the wide range of affected downstream products now face a new chapter of volatility in trade costs and compliance obligations. The new Section 232 investigations signal the Trump administration’s continued resolve in considering restrictions on imports viewed as critical for defense, innovation and economic stability. The ongoing engagement with and responses of U.S. trading partners, either through deal-making or the imposition of retaliatory tariffs and other countermeasures, will continue to shape market forces and global trade.
依赖药品、半导体、关键矿产、卡车及一系列相关下游产品进口的外国出口商和美国本土企业，如今正面临贸易成本和合规义务波动的新局面。新一轮的232条款调查表明，特朗普政府将考虑继续针对被视为对国防、创新和经济稳定至关重要的进口产品实施限制。美国贸易伙伴的持续接触和回应，无论是通过谈判达成协议还是通过征收报复性关税和其他反制措施，都将继续影响市场格局与全球贸易的发展方向。