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AI Summary: This regulation is an executive order that modifies the existing approach to reciprocal tariffs and establishes procedures for implementing trade and security agreements. The order updates the scope of tariff duties globally, introduces a framework for negotiating trade agreements with foreign partners, and provides guidelines for implementing both framework and final trade agreements. The regulation allows for potential tariff reductions to zero percent for specific imports from aligned trading partners, including products that cannot be sufficiently produced in the United States, certain agricultural products, aircraft and aircraft parts, and non-patented pharmaceutical articles. The order is tied to a previously declared national emergency regarding trade deficits and is designed to provide flexibility in addressing trade relationships while maintaining national security interests. The Secretary of Commerce and the United States Trade Representative are given significant authority to monitor trade conditions, negotiate agreements, and implement tariff modifications in consultation with various government agencies.