The Trump administration announced on March 12 the launch of trade investigations under Section 301 of the Trade Act of 1974 against 16 major trading partners. The list includes Taiwan, the European Union, Mexico, India, Japan, South Korea, Switzerland, Norway, Indonesia, Singapore, Thailand, Malaysia, Cambodia, Vietnam, and Bangladesh — Canada was not included in the first round.
13 Industries in the Crosshairs, Semiconductors Top the List
U.S. Trade Representative Jamieson Greer directly accused major trading partners of building long-term overcapacity deliberately disconnected from domestic and global demand, calling the structural imbalance a direct blow to U.S. manufacturing jobs. The investigation covers 13 industries: aluminum, automobiles, batteries, electronics, machinery, paper, plastics, robotics, satellites, semiconductors, ships, solar components, and steel. The probe file specifically highlights issues with the EU in chemicals, machinery, and vehicles, as well as "unfair trade practices" from Asian countries in semiconductors and electronics.
A New Playbook After IEEPA's Demise
The move is widely seen as the White House pivoting to Section 301 after the Supreme Court ruled that Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose global tariffs was unconstitutional. Unlike IEEPA's emergency authority, Section 301 investigations must follow statutory procedures: a public hearing has been scheduled for May 6. Greer also disclosed that another batch of 301 investigations involving forced labor will be launched as early as this Thursday, signaling follow-up waves will be continuous.
Adding to uncertainty, Greer made clear that "more investigations are expected to roll out." For the crypto space, semiconductors and solar are critical raw materials for mining hardware; hefty tariffs could drive up miner costs and electricity prices, indirectly reshaping on-chain hashrate dynamics.