The partial US federal government shutdown ended on 3 February when President Trump signed into law five of the remaining FY2026 appropriations bills plus a two-week extension of Homeland Security funding passed by Congress. Most of the government is now funded through 30 September. Congress currently has less than two weeks to craft reforms to Department of Homeland Security (DHS) enforcement procedures or face a limited shutdown of DHS and agencies within its jurisdiction.

The enacted legislation includes an extension of two expired trade programs, the African Growth and Opportunity Act (AGOA) and the Haiti Economic Lift Program, through 2026. The extension sets up a year-end deadline for the programs that could drive a broader bipartisan package that could include tax items.

President Trump's State of the Union Address to Congress is set for 24 February. The Administration's FY2027 budget is also expected, though the timing is uncertain.

The IRS in Announcement 2026-3 released a copy of the recently signed US-Spain competent authority arrangement (CAA). The CAA covers implementation of the arbitration process in Article 26 (Mutual Agreement Procedure) of the US-Spain tax treaty. The CAA was released on 2 February 2026.

President Trump on 2 February announced in a social media post that the US will reduce the current 25% "reciprocal" duty on products from India to 18%. The President also suggested that the additional 25% "secondary" tariff originally imposed on India to penalize that country for buying Russian crude oil may also be modified as part of the deal. No implementing documents have been released, and formal legal effect will depend on publication of relevant notices in the Federal Register.

On 4 February, approximately 50 countries attended the Trump Administration's Critical Minerals Ministerial. Vice President JD Vance said that many countries have agreed to join a US-proposed critical minerals preferential trade zone.

Also on 4 February, the US Trade Representative announced that the US, the European Union, and Japan "intend to develop Action Plans for critical minerals supply chain resilience" that will include "coordinated trade policies and mechanisms." According to a joint press statement, this "includes a commitment within the next 30 days to conclude a Memorandum of Understanding between the United States and the European Union aimed at boosting critical minerals supply chain security." A US-Mexico Action Plan on Critical Minerals was further announced this week.