Executive summary

This edition of Trade Talking Points provides updates on trade policy developments, including the World Trade Organization's (WTO) 14th Ministerial Conference, the United States (US) Court of International Trade's revisions of the International Emergency Economic Powers Act (IEEPA) refund process and the European Union (EU)-Australia Free Trade Agreement.

Latest global trade policy announcements

WTO'S 14th Ministerial Conference concludes

On 30 March 2026, the WTO's 14th Ministerial Conference (MC14) concluded in Yaoundé, Cameroon.

Ministers agreed to continue to engage in negotiations on fisheries subsidies, with the aim of making recommendations to the 15th Ministerial Conference.

In addition, ministers adopted two MC14 decisions:

1. To improve the integration of small economies into the WTO
2. To enhance the implementation of special and differential treatment provisions in the Agreements on Sanitary and Phytosanitary Measures and Technical Barriers to Trade

However, the discussions at MC14 failed to finalize an agreement on the WTO's work program on e-commerce or on the continuation of existing moratoriums on customs duties on electronic transmissions and non-violation complaints under the Agreement on Trade-Related Aspects of International Property Rights.

The lack of progress from MC14 drew criticism from US Trade Representative (USTR) Jamieson Greer, who in a post-event press conference invited interested WTO members to commit to a separate, plurilateral, e-commerce moratorium agreement.

Latest US trade policy announcements

US Court of International Trade revises IEEPA refund process

On 27 March 2026, the US Court of International Trade (CIT) announced revisions to the IEEPA refund process.

The US CIT ordered a revision to the previous order released on 20 March 2026. Under the revision:

• US Customs and Border Protection (CBP) is now directed to liquidate, without IEEPA duties, all unliquidated entries that were entered subject to IEEPA duties.
• If there are liquidated entries for which liquation is not final, those entries shall be reliquidated without IEEPA duties.
• If there are liquidated entries for which liquidation is final, those entries shall be reliquidated without IEEPA duties.

US Customs and Border Protection updates court on process to refund IEEPA duties

On 31 March 2026, CBP reported progress on its system to calculate and refund IEEPA duties. Phase 1of this process covers unliquidated entries and those liquidated within 90 days, representing approximately 63% of affected entries. Phase 1 excludes entries flagged for reconciliation, drawback claims and open protests, among others; future phases will address these complex scenarios and final liquidations.

Electronic refund enrollment is mandatory for IEEPA refunds. As of 26 March 2026, 78% of affected entries were enrolled, with approximately US$120b in principal on IEEPA duty payments.

Importers should segment affected entries, verify Automated Commercial Environment (ACE) status and IEEPA codes, complete electronic refund enrollment, coordinate with brokers and monitor CBP updates to help ensure compliance and smooth refund processing.

(See also EY Global Tax Alert, US Customs and Border Protection updates court on process to refund IEEPA duties; Phase 1 scope refined and progress milestones reported, dated 2 April 2026.)

US-Japan Action Plan on Critical Minerals

On 19 March 2026, the USTR, Jamieson Greer, announced the enactment of the US-Japan Action Plan on Critical Minerals.

As a part of the Action Plan, the US and Japan agreed that:

• Both parties will discuss the feasibility and development of coordinated trade policies and mechanisms, such as border-adjusted price floors for critical mineral imports.
• Both parties will discuss ways to maintain and strengthen midstream and downstream industries' competitiveness.
• Both parties will identify specific mining, processing and manufacturing projects for critical minerals of mutual interest in the US, Japan or third countries, and will prioritize financing and other policy support for those projects.

Latest EU trade policy announcements

European Parliament adopts two proposals for lowering tariffs on US products

On 26 March 2026, Members of the European Parliament adopted two proposals implementing the tariff aspects of the EU-US Turnberry trade deal, reached in July 2025.

If approved by the EU Member States, the proposals would eliminate most tariffs on US industrial goods and provide preferential market access for US seafood and agricultural goods, in line with the commitments made in the Turnberry trade deal.

The proposals include three clauses:

• The "suspension clause" would allow the tariff preference with the US to be suspended under certain conditions. For example, the European Commission could suspend tariff preferences if additional US tariffs exceed the agreed 15%.
• The "sunrise clause" provides that the new tariffs will only become effective if the US respects its commitments.
• The "sunset clause" would allow the main regulation to expire on 31 March 2028. This could be extended through a new legislative proposal.

EU and Australia conclude negotiations on free trade agreement

On 24 March 2026, the EU and Australia concluded negotiations on a free trade agreement (FTA). The deal agrees that:

• Nearly all (99%) of tariffs on EU goods exported to Australia will be removed, providing up to €1b in annual duty savings for EU exporters.
• Tariff rate quotas will be imposed on sensitive agricultural sectors such as beef, sugar and some dairy products.
• A bilateral safeguard mechanism will allow the EU to take measures to protect sensitive European products and producers if a surge of Australian imports causes harm to the EU market.
• The EU may access Australian critical minerals, and provisions will be included to make the market more predictable and reliable for EU businesses.