Duringhis second term asPresident of the United States,Donald Trump enacted a series of steeptariffs affectingnearly all goods imported into the country.[1] From January to April 2025, the average applied US tariff rate rose from 2.5% to an estimated 27%—the highest level in over a century, after most economists had determined that widespread high tariffs may have played a key role in starting theGreat Depression.[2][3] After changes and negotiations, the rate was estimated at 17.9% as of September 2025.[4] By September 2025, US tariff revenue exceeded $30 billion per month, compared to under $10 billion per month in 2024.[5]
UnderSection 232 of the 1962Trade Expansion Act, Trump raisedsteel,aluminum, andcopper tariffs to 50% and introduced a 25% tariff on imported cars from most countries. New tariffs on pharmaceuticals and semiconductors, were also implemented, with exceptions for companies manufacturing in the US.
Trump also claimed unprecedented tariff authority under theInternational Emergency Economic Powers Act (IEEPA). On April 2, 2025, he invoked the law to impose"reciprocal tariffs" on imports from all countries not subject to other sanctions. A universal 10% tariff took effect on April 5. Although plans for additional country-specific "reciprocal tariffs" were delayed due to the2025 stock market crash, they were implemented on August 7. Thede minimis exemption, scheduled to end in July 2027, was closed on August 29 under IEEPA; previously, packages valued below $800 were exempt from tariffs.[6] Sweeping use of the IEEPA sparked atrade war with Canada and Mexico and escalated theChina–US trade war.
Federal courts have ruled that the tariffs imposed under the IEEPA are illegal; however, they remained in effect at least through October 2025 while the case was appealed. On November 5, theSupreme Court heard oral arguments in the consolidated case ofLearning Resources v. Trump concerning the administration's tariffs imposed under the IEEPA.[7][8][9] The challenges do not include tariffs imposed under Section 232 orSection 301.[10]
The Trump administration argues that its tariffs will promote domestic manufacturing, protect national security, and substitute for federal income taxes. The administration viewstrade deficits as inherently harmful, a stance economists criticized as a flawed understanding of trade.[11][12][13][14] Although Trump has said foreign countries pay his tariffs, US tariffs arefees paid by US businesses and consumers that import foreign goods.[15][16] The tariffs contributed to downgradedGDP growth projections in both the US and its trading partners by theFederal Reserve,[17] theOECD,[18] and theWorld Bank.[19]
Since the 1980's, Trump has advocated forimport tariffs as a tool to regulate trade and retaliate against foreign nations that he believes have taken advantage of Americans.[20] In his campaigns for the US presidency, Trump promised to use tariffs to achieve a wide range of goals, including preventing war, reducingtrade deficits, improvingborder security, and subsidizing childcare.[16]
In 2018, Trump imposedtariffs on steel and aluminum imports, resulting in price increases for Americans.[21] In December 2021, the price of one metric ton of hot-rolled band steel was $1,855 in the US compared to $646 in China and $1,031 in Europe.[22] TheWorld Trade Organization (WTO), a regulator ofinternational trade, ruled that the implementation violated global trade rules.[23] While he andJoe Biden rolled back some of these tariffs, most remained in place by the start of Trump's second term.[24]
Trump also launched theChina–US trade war, which subjected 60% of US-China trade to 20% tariffs[25] and was widely characterized as a failure for the US.[26]
In 2020, the US, Mexico and Canada renegotiated theNorth American Free Trade Agreement (NAFTA) as theUS–Mexico–Canada Agreement (USMCA) and recommitted to 0% tariffs on most products traded between them. Five weeks after the USMCA went into effect, Trump used an exemption for national security concerns to implement a 10% tariff on Canadian aluminum after claiming it was flooding the US market.[29][30] He withdrew the tariff a month later, three hours before the29th Canadian Ministry planned to retaliate.[31]
In his2024 presidential campaign, Trumppledged even larger tariffs thanthose in his first term, including 60% on China, 100% on Mexico, and 20% on all other countries. He also proposed tariffs to penalize US companies that outsourced manufacturing, such as a 200% tariff onJohn Deere.
Trump also suggested replacingincome taxes with tariff revenue—an idea economists from theTax Foundation deemed "mathematically impossible".[32] 23Nobel Prize-winning economists signed a letter warning that Trump's policies, including high tariffs, would "lead to higher prices, larger deficits, and greater inequality".[33][34]
On November 5, 2024, shortly after the2024 US presidential election, Trump acknowledged that tariffs might cause "some pain" for Americans but said, "it will all be worth the price that must be paid".[35]
In December 2024, Trump appointedPeter Navarro as hisSenior Counselor for Trade and Manufacturing. Navarro had been recently imprisoned for defyingcongressional subpoenas related to his role inattempts to overturn the 2020 US presidential election, including his "Green Bay Sweep" strategy.[36] Navarro advocates for a permanent regime of trade barriers to balance the trade deficit and has written books criticizing corporations for prioritizing profits over American jobs. He served in high-ranking trade roles during Trump's first term but was often rebuffed byfree market-minded Trump administration officials such asGary Cohn, who resigned in protest of Trump's 2018 steel and aluminum tariffs.[37] Navarro began working closely with cabinet nomineesHoward Lutnick andJamieson Greer and faced less opposition in Trump's second term.[38]ING Group noted that plans for Trump's "reciprocal tariff" policy appeared to align with Navarro's section ofProject 2025, titled "The Case for Fair Trade".[39]
In November 2024,Stephen Miran, now chairman of theCouncil of Economic Advisers under Trump, released a white paper titled "A User's Guide to Restructuring the Global Trading System,"[40] which proposed using tariffs as a tool to drive down the value of the dollar through a negotiated 'Mar-a-Lago Accord'.[41] Miran and other key figures in the administration have suggested that the dollar is significantly overvalued because of its status as areserve currency,[42] and that tariffs can be used to weaken the dollar and revitalize American manufacturing,[43] although this view has been criticized by some economists.[44] While the administration's ultimate tariff formula did not closely resemble any of Miran's suggestions, the underlying ideas in Miran's white paper remain important in the Trump administration's conduct of trade policy.[45][41][46]
Trump was inaugurated for a second term on January 20. Inhis inaugural address, he pledged to "immediately begin the overhaul of our trade system to protect American workers and families."[47] On February 1, he declared several "national emergencies" regardingfentanyl trafficking and invoked theIEEPA to impose 25% tariffs on most goods from Mexico and Canada and 10% on goods from China.[48] Tariffs onUSMCA-compliant Mexican and Canadian goods were quickly suspended,[49] but the "fentanyl tariff" on Chinese goods was raised to 20% on March 4.[50] On February 13, Trump announced plans to impose "reciprocal tariffs" on all countries with trade barriers against the US in April, prompting a wave of diplomatic outreach.[51][52]
Analysts and foreign governments expressed confusion over the administration's tariff strategies and openness to negotiation.[53][54] Trump varyingly stated that tariffs would be lifted following trade negotiations, retained to tax foreign goods to fund government spending, or used to discourage foreign goods and protect US manufacturing.[55] Canada alleged that tariffs on its exports were intended to damage its economy and pressureannexation into the US.[56] A Japanese trade official commented, "No matter who I talk to in the US administration, none of them knows what Trump is thinking. We don't even know what Trump wants to negotiate on."[57] When Vietnam offered to eliminate all tariffs on American goods, economic advisorPeter Navarro dismissed the proposal. "This is not a negotiation," he said. "This is a national emergency based on a trade deficit that's gotten out of control."[58]
On March 12, the administration imposed 25% tariffs on imported steel and aluminum products.[59] First-quarter US GDP fell -.05%, but investors attributed the decline to a rush to import goods before tariffs took effect rather than to underlying weakness.[60]
A timeline of the US average effective tariff rate from January 2025 through June 2025, based on calculations by employees of theFederal Reserve Bank of Richmond.
On April 2, a day he called "Liberation Day", Trump declared a national emergency regarding the national trade deficit and announced "reciprocal tariffs" on all countries not subject to other sanctions. A minimum 10% tariff on almost all US imports took effect on April 5.[61] Panic induced by the announcement led to the2025 stock market crash and new country-specific tariffs, planned for April 9, were paused for 90 days.[62][63] However, after a retaliatory spiral, US tariffs on Chinese goods rose to 145% while Chinese tariffs on US goods rose to 125%.[64] Steel and aluminum tariffs, a 25% tariff on automobiles imposed April 3, and other sector-specific duties also remained.[65]Politico estimated that despite the 90 day pause, the remaining tariffs brought the average applied US tariff rate to 27%–the highest level in over a century.[3]
On April 21, CEOs of major US retailers warned Trump that the trade war with China would lead to visible price increases and product shortages in two weeks.[66] Polls indicated 84% of business leaders were concerned about the impact of the tariffs on the US economy.[67][68] The first cargo ships carrying Chinese goods tariffed at 145% arrived on May 6 with shipments cut in half.[69] Trump reportedly pivoted his focus toward negotiation, sidelining Navarro and promotingScott Bessent as his lead economic advisor.[70][71]
On May 28, theUS Court of International Trade unanimously ruled that Trump had exceeded his authority by imposing the "fentanyl tariffs" and "reciprocal tariffs".[72] The tariffs remained in effect while the government appealed.[73]
By the end of June, the US had only signed a deal with the UK and a 90-day temporary deal with China.[74] Under terms expiring November 9, as extended, China lowered tariffs on US goods to 10% and resumed exports ofrare-earth elements, while the US lowered its tariff on Chinese goods to 30% (10% baseline + 20% fentanyl) and cutde minimis tariffs to 54%.[75] Trump said the US had also reached a deal with Vietnam, but Vietnamese officials were reportedly uncommitted and surprised by the announcement.[76]
On June 4, Trump doubled the tariffs on steel and aluminum imports from 25% to 50%,[79] and on June 12, he expanded them to include household appliances like refrigerators and dishwashers.[80]
Second-quarter US GDP rebounded to 3.8% as imports normalized.[81]
The reintroduction of country-specific "reciprocal" tariffs—expected on July 8—was postponed twice before taking effect on August 7.[82][83]
Trump notified foreign governments of adjustments to their "reciprocal" tariff rates in a series of letters.[84] In one letter to Brazil, he threatened a 50% tariff while denouncing charges againstJair Bolsonaro, an ally facing trial for the2022 Brazilian coup plot.[85] On July 30, Trump declared Brazil’s actions a US "national emergency" and imposed an additional 40% tariff on top of a 10% "reciprocal" tariff.[86]
On July 31, the US announced its first "secondary tariff," targetingIndia to penalize its trade withRussia.[87] Beginning August 27, Indian exports faced an extra 25% tariff or a total baseline tariff of 50%.[88]
On August 1, theBureau of Labor Statistics released revised data showing a sharp slowdown in hiring, which some attributed to uncertainty caused by tariffs.[89] Trump dismissed the data as "rigged" and fired the BLS Commissioner.[90]
On August 29, theUS Court of Appeals for the Federal Circuit ruled 7-4 that Trump had exceeded his authority under the IEEPA, but allowed the tariffs to remain operational until October 14 to provide time for the government to appeal.[92] The Supreme Court granted certiorari on September 9, and will hear the case during the first week of November 2025.[93]
In September 2025, Trump announced tariffs on large trucks, kitchen cabinets, bathroom vanities, and upholstered furniture, to begin on October 1.[94] Trump also announced a 100% tariff on "any branded or patented" pharmaceutical product, unless the companies were "breaking ground" or had "under construction" pharmaceutical manufacturing plants in the US.[95]
On October 10, President Trump announced an additional 100% tariff on Chinese goods, starting November 1, in retaliation of China's broadening of export controls onrare earths.[96] China controls roughly 70% of the global supply of rare earth minerals. Trump also said the US would impose export controls on "any and all critical software".[97]
In response, China's Ministry of Transport announced it would match the Trump administration's planned increased in port fees on Chinese-owned and operated ships.[98] Days later China also moved to effectively ban Chinese companies from doing business with US subsidiaries of Korean shipbuilder,Hanwha Ocean.[99]
On October 25, Trump announced an additional 10% tariff on Canada, in retaliation forPremier of OntarioDoug Ford airing advertisements during the2025 World Series opposing Trump's tariffs on Canada. The advertisements included footage ofRonald Reagan in 1987 opposing tariffs.[100][101]
On October 30, President Trump andCCP General SecretaryXi Jinping met in South Korea. Trump announced the US would cut the "fentanyl tariff" on Chinese goods entering the US from 20% to 10% in return for soybean and other farm product purchases and easier access to rare earths. The US also was expected to suspend an expansion of export controls.[102] The talks initially resulted in China retaining its hold over global supply chains. The 2025 US-China trade deal lowered tariffs on Chinese goods to levels similar to or below those on other countries, reducing the incentive for companies to move production elsewhere. Higher tariffs on nations like India and Brazil further narrowed cost advantages, leading many small firms to retain operations in China and reinforcing its dominant role in global supply chains.[103]
A significant portion of the Supreme Court seems to express doubt regarding Donald Trump’s emergency tariffs.[104] The review by the US Supreme Court in November 2025 concerning President Donald Trump’s global tariffs, along with the potential for Trump to employ alternative trade strategies following an adverse ruling, is likely to heighten the chances of disorder.[105]
On November 9, Trump "floated the idea" that he was considering sending $2,000 dividends to Americans funded using revenue collected from tariffs. Details of how the policy would work or who would be eligible to receive the dividends were unknown, though Trump suggested the "tariff dividend" would leave "high income people" as ineligible. Some budget experts discussing the proposed idea say it's not possible. John Ricco, who is an analyst at the Yale University budget lab, explains: Trump’s tariffs would bring in $200 billion to $300 billion a year in revenue, but a $2,000 dividend would cost $600 billion.[106][107][108]
Although theUS Constitution grantsCongress the sole authority to levy taxes, including tariffs, Congress has passed laws allowing the President to impose tariffs for national security reasons unilaterally.[109] In his second term, Trump added tariffs to steel, aluminum, and auto imports under Section 232 of theTrade Expansion Act (TEA), which allows the President to modify imports if theSecretary of Commerce conducts an investigation, holds public hearings, and determines that the imports threaten national security.[110][111] Trump directed theUSTR to initiate similar investigations to impose tariffs underSection 301 of theTrade Act of 1974.[112]
Trump also invoked unprecedented powers under theNational Emergencies Act (NEA) and theInternational Emergency Economic Powers Act (IEEPA) by declaringmultiple "national emergencies" related to border security, energy, and trade deficits.[113][114] Declaring these emergencies allowed Trump to enact tariffs quickly without following the complex procedures required by TEA or other trade statutes.[115] While the IEEPA had been used forsanctions, it had never before been used for tariffs. As he signed the orders, Trump stated that declaring an emergency "means you can do whatever you have to do to get out of that problem."[113]The New York Times reported that "many economists and legal experts believe that the idea of an emergency has been concocted to justify Mr. Trump's desire to impose sweeping import duties without regard to congressional approval or international trade rules."[116]
To terminate a national emergency under the NEA, a member of Congress may file a privileged resolution requiring theirchamber to vote on the topic within 15 days.Democratic representatives introduced resolutions to end several of Trump's national emergencies justifying tariffs, but these efforts were blocked by theRepublican congressional majority.[117][118][119][120][121]JD Vance cast a tie-breaking vote in the Senate to uphold the emergency underpinning the "Liberation Day" tariffs.[117]
Several countries initiated disputes regarding Trump's tariffs with theWorld Trade Organization (WTO), a regulator ofinternational trade.[122][123] However, the UShas de facto paralyzed the WTO since 2019 by blocking new appointments to itsAppellate Body. Without a functioning Appellate Body, no final rulings can be made.[124] On March 4, the US notified the WTO that it would suspend contributions to its budget indefinitely. The US was set to provide about 11% of the WTO's $232 million 2024 budget, a fee based on the country's share of global trade.[125]
At least seven cases were filed in American federal courts challenging Trump's authority to impose tariffs under IEEPA.[126][127] Central to each case is the argument that the imposition of tariffs, in the absence of clear congressional authorization, may constitute an overextension of executive power into areas that are traditionally reserved for the legislative branch.[128][129][130] Several complaints invoke thenondelegation doctrine, asserting that the IEEPA, as applied, grants the executive branch an excessively broad scope of discretion. In addition to constitutional claims, the cases highlight significant economic consequences for states, businesses, and individuals, emphasizing the potential for such executive action to set a precedent for expansive policymaking beyond the intended purpose of emergency economic legislation.[128][129][130]
On May 28, theUS Court of International Trade (CIT) issued a summary judgement forV.O.S. Selections, Inc. v. US andOregon v. Department of Homeland Security and ruled Trump had exceeded his authority under the IEEPA.[131][132] According toThomson Reuters, the CIT found the IEEPA tariffs "illegal because the triggering emergency (fentanyl trafficking and trade deficits) bore no rational connection to the trade measures imposed."[133] InLearning Resources v. Trump, a Washington D.C. district court went further by holding that the IEEPA does not authorize tariffs at all.[133] The rulings werestayed pending appeal, allowing the tariffs to remain in effect.[134] TheUS Court of Appeals for the Federal Circuit upheld the CIT’s decision on August 29, but stayed their ruling until October 14.[135][136][137] The Supreme Court consolidatedV.O.S. Selections andLearning Resources into a single case on September 9, as requested by the petitioners Learning Resources, Inc., et al. on September 4.[93][a]
In October 2025, theUS Senate voted 51–47 to nullify Trump’s global "reciprocal" tariffs on more than 100 countries. The measure followed similar votes to end tariffs on Brazil and Canada. The vote was largely symbolic as the House of Representatives would not take up the resolution due to a new rule blocking tariff-related measures from floor consideration.[139]
On November 5, the Supreme Court heard oral arguments in the consolidated case ofLearning Resources v. Trump.[7][8][9]
On March 12, the US imposed 25% tariffs on all steel and aluminum imports, aiming to strengthen domestic production.[59] On April 2, aluminum tariffs expanded to include empty aluminumdrink cans and canned beer.[140] The measures expanded Trump's first-term steel and aluminum tariffs by eliminating all exemptions and raising the aluminum tariff from 10% to 25%.[110] The administration argued previous exemptions "inadvertently created loopholes that were exploited by China and others with excess steel and aluminum capacity".[141] Trump also mandated that steel be "melted and poured" and aluminum "smelted and cast" in the US to qualify for duty-free status to prevent tariff circumvention.[142]
Tariffs on steel and aluminum imports were increased to 50% on June 4.[79] The UK remained at 25% while it continued to negotiate a trade deal announced the previous month.[143] On June 12, the White House announced steel tariffs would expand to include a range of major household appliances beginning on June 23.[80] The tariffs expanded to include 407 additional products on August 19.[144]
In 2023, the US imported 44% of its aluminum and 26% of its steel.[145] Canada was its largest supplier of both, accounting for more than half of aluminum[146] and two-thirds of primary aluminum imports.[145] The US was the world's largest producer of aluminum through 2000 but accounted for less than 2% of the global supply by 2021, largely due to high electricity costs making itless competitive in the global market.[147] In 2021, primary aluminumsmelters operated at 55% capacity in the US compared to 95% in Canada and 88% globally. The US remained a major producer of less energy-intensive secondary aluminum, but secondary aluminum is less desirable for industries like defense and electronics.[147]
Trump ordered a probe into copper imports in preparation for aSection 232 tariff on the industry on February 25.[148] In anticipation, metal and mining companies doubled their copper imports.[149][150] On July 9, Trump announced a 50% tariff on copper imports would take effect on August 1.[151]
The US consumes around 1.6 million tons of refined copper annually but produces only 1.1 million tons. As of the announcement, no plan had been unveiled to boost domestic production to compensate for the expected shortfall.[152] The tariffs are anticipated to increase the prices of US products containing copper components.[153] Copper producers with major operations in the US includeFreeport-McMoRan andRio Tinto.[153] Rio Tinto, Southwire, andTrafigura proposed restricting copper scrap exports instead of penalizing imports, but scrap exporters lobbied against the idea.[154]
Chile supplies about 60% of US copper imports, accounting for 11.1% ofChilean copper exports.[153][155] Chilean state-owned minerCodelco, which sends roughly one-third of its copper exports to the US, was at first expected to lose significant revenue.[156] In Chile, the proposed negative effects include reduced employment or fewer new job opportunities, diminished foreign investment in copper mining, and lower government revenues that could widen the fiscal deficit. A potential upside, however, is a possible increase in global copper prices due to constrained supply.[157]
Analysts suggest that China, India, and Southeast Asian countries could absorb much of the displaced copper, keeping the global supply-demand balance relatively stable through at least 2030, when new copper mines are expected to come online.[153]
On July 30, Trump announced that the tariffs would not apply tocathode copper. Considering that the sale of cathode copper to buyers in the US represent 11.1% of the value of Chilean copper exports this exception improved the outlook for Chilean mining.[158][159] This had a particularly good impact for Codelco that is a traditional supplier of cathode copper.[159]
In January 2025, President Trump announced broad tariffs on Canada and Mexico, threatening the highly integrated North American auto supply chain.[160] Due to decades of free trade agreements includingUSMCA, factories in the US, Canada, and Mexico grew accustomed to shipping auto parts back and forth multiple times during the manufacturing process.[160] The three largest US automakers—Ford,General Motors, andStellantis—lobbied for exemptions, warning the tariffs would hurt American companies more than foreign competitors.[161] Ford CEOJim Farley warned investors, "Long term, a 25% tariff across the Mexico and Canadian border will blow a hole in the US industry that we have never seen."[160] Trump agreed to delay tariffs on USMCA-compliant vehicles.[49] Still, non-USMCA compliant brands manufacturing in Canada or Mexico, such asBMW, were affected starting March 4.[161] BMW chose to cover these tariffs until May 1.[162]
The USMCA exemption closed on April 3, when Trump imposed a new 25% tariff on all imported cars, including those from Mexico and Canada.[163] EconomistArthur Laffer estimated car prices would increase by $4,711, compared to $2,765 if the USMCA exemption remained available.[164] The White House argued the move would boost domestic manufacturing and generate $100 billion in tax revenue,[165] noting that about 50% of the 16 million cars bought by Americans in 2024 were imported.[166] The same day, Stellantis announced it would temporarily close factories in Canada and Mexico and lay off 900 American employees as it assessed the impact of tariffs.[167]
Trump announced some relief after US automakers requested more time to move their supply chains.[168][169] While the 25% tariff extended to auto parts on May 3, Trump exempted parts made in Mexico or Canada that were compliant with the USMCA.[170] On April 29, he exempted carmakers who pay a 25% on imported cars from paying other tariffs, such as those on steel and aluminum. He also provided a rebate on a proportion of tariffs paid for the next two years.[171] In May, US automakers criticized Trump's trade deal with the UK for making it cheaper to buy a British car than one of their cars assembled in Mexico or Canada using US parts.[172]
On February 21, Trump issued a presidential memorandum ordering theOffice of the US Trade Representative (USTR) as well as other officials, including Peter Navarro, to investigate digital service taxes (DSTs) and determine whether to take retaliatory action. A fact sheet accompanying the memo emphasized that the European Union'sDigital Markets Act (DMA) andDigital Services Act (DSA) would face scrutiny.[173]
DSTs are taxes on revenue from digital services, such as online advertising and selling user data. These taxes allow countries to collect revenue from multinational companies that provide digital services in their jurisdiction.[173] USTR investigations initiated during Trump's first term led to tariff threats on several countries under authority granted by section 301 of theTrade Act of 1974.[112] On October 8, 2021, over 135 countries participating in theOECD negotiations agreed on a two-pillar approach to reform and withdraw DSTs called the "Global tax deal". The Pillar One deadline was December 31, 2023, but it was subsequently extended to December 31, 2024.[173] As of January 2025, Trump withdrew from Pillar Two of the agreement, and many countries' DSTs remain in effect.[174][173]
On April 1, the Commerce department initiated a Section 232 investigation intopharmaceuticals. According to theFederal Register filing, the probe targets "both finished generic and non-generic drug products, medical countermeasures, critical inputs such as active pharmaceutical ingredients and key starting materials, and derivative products of those items."[175]
On July 8, Trump threatened to impose "tariffs at very high rate, like 200%", on imported pharmaceuticals, but said he would "give people about a year, year and a half" to give drugmakers time to adjust.[176]
On April 1, the Department of Commerce initiated a Section 232 investigation into ""imports ofsemiconductors and semiconductor manufacturing equipment."[177] On August 6, Trump said he would impose tariffs of "approximately 100% on chips and semiconductors", but would exempt companies that were building or that had committed to build in the US. Trump referencedApple Inc., which had committed to invest $100 billion over four years into US manufacturing, as a possible exclusion.[178]
During his administration, President Joe Biden announced preliminary tariffs of 21.31% to 271.2% on Chinesesolar panel makers with factories in Malaysia, Cambodia, Vietnam, and Thailand to support American manufacturers complaining ofdumping. The Biden administration raised the alarm over China's high investments in factory capacity for clean energy goods.[179] The Commerce Department was expected to set final determinations by April 18.[179] In April, under the second Trump administration, the Commerce Department finalized plans with the lowest tariff at 41%. Products from Cambodia faced duties of 3,521% because its producers did not cooperate with the US investigation. TheInternational Trade Commission will vote on the plans in June.[180]
In a social media post on May 4, Trump said his administration would begin the process of instituting a 100% tariff on all films "produced in foreign lands". He claimed theUS film industry was dying a "very fast death" due to incentives that other countries offered to draw American filmmakers. He described these incentives as a "national security threat" and the films as "propaganda."[181] US film production has increasingly moved to lower-cost locations overseas, resulting in job losses for American industry workers.[182][183]
On September 29, Trump announced on Truth Social that he would be imposing a 100% tariff on films made outside of the US. It is unclear whether this would apply to films that were only partially produced outside the US (i.e. scenes shot or edited in other countries), and how this would be enforced given films are largely intellectual property, not physical products.[184] The announcement also did not state when the tariff would begin.[185]
US President Donald Trump initially threatened to impose 100% tariffs on toy-makerMattel after the company said it would diversify its production to other countries, but not the US. Trump later stated in the Oval Office on May 8, he also stated that the company won't sell "one toy in the US", if they did that.[186][187] Additionally, President Donald Trump, clearly stated during an interview withMeet the Press, that he did not "think that a 'beautiful baby girl' would possibly need to have 30 dolls" (referring to Mattel's dolls brand,Barbie). He also added that he thought they could be happy with "three dolls or four dolls" because what US companies "were doing with China was just unbelievable."[187]
On September 29, Trump announced 10% tariffs on imports of softwood timber and lumber. He also announced 25% tariffs on kitchen cabinets, bathroom vanities, and upholstered furniture. These tariffs will take effect on October 14.[188]
On February 13, Trump directed his staff to research both monetary and non-monetarytrade barriers imposed by foreign countries against US exports and to develop custom "reciprocal tariffs" to counter and penalize each one.[116] He instructed them to consider factors such as existing tariffs, exchange rates, and trade balances in their analysis. Lutnick said his team would have a plan ready by April 1.[51] Trump announced that he would unveil the reciprocal tariffs on April 2, a date he referred to as "Liberation Day".[192][193]
On April 2, Trump declared a national emergency to address what he described as a "large and persistent US trade deficit" and invoked theIEEPA to impose a 10% minimum "reciprocal tariff" on nearly all other countries, effective April 5.[114] He also announced higher "reciprocal tariffs" for 57 countries and territories would begin April 9.[61] TheOffice of the US Trade Representative (USTR) said the "reciprocal tariffs" aimed to "drive bilateral trade deficits to zero".[12] However, even countries with which the US ran a trade surplus, such as Australia, received a tariff of 10%.[194]Federal Reserve chairmanJerome Powell described the tariffs, and their likely economic impact, as "significantly larger than expected."[195]Zanny Minton Beddoes, editor-in-chief ofThe Economist, called the announcement "the biggest trade policy shock" in history.[196]
The administration's formula for calculating trade barriers simplified to dividing a nation's bilateral trade deficit with the US by the value of its exports to the US. The "reciprocal" tariff rate applied by the US was half of that result.[12] Economic experts criticized this formula for being overly simplistic with little relation to trade barriers,[12][197][198] withThe Economist describing it as "almost as random as taxing you on the number of vowels in your name."[199] Economists cited by the USTR said the White House had misinterpreted and incorrectly applied their research.[13] Anson Soderbery, whose work was cited, said his research was meant to discourage exactly the types of policies the White House was implementing.[13]
The White House's initial list of impacted areas included theHeard Island and McDonald Islands, a remote uninhabitedAntarctic territory of Australia.[200] A tariff of 29% was proposed forNorfolk Island, which has a population of around 2,000 and also belongs to Australia; the rest of Australia received a tariff of 10%.[201] The initial list also proposed tariffs of 10% on theBritish Indian Ocean Territory, whose population is solely composed of the inhabitants of the joint American-British military base ofDiego Garcia, numbering some 3,000 American and British military contractors.[202]
The following goods were not impacted by additional tariffs, including the 10% baseline tariff:[203]
All articles subject to50 USC 1702(b), such as books and other informational materials
Steel and aluminum products, which were separately impacted by a 25% universalSection 232 tariff
Automobiles and automobile parts, which were separately impacted by a 25% universal Section 232 tariff
Copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, and energy and energy products, some of which were under investigation for Section 232 tariffs
Any products that become subject to future Section 232 tariffs
Products from Mexico and Canada compliant withUSMCA, except for goods targeted by Section 232 tariffs
Imports from countries subject to Column 2 of theHTSUS, which at the time were Cuba, North Korea, Russia, and Belarus.[204]
Smartphones, computers and various electronic parts were exempted on April 11.[205]
On the morning of April 9, the head ofFX atDeutsche Bank told investors, "We are witnessing a simultaneous collapse in the price of all US assets including equities, thedollar… and thebond market."[209]
That afternoon, Trump announced onTruth Social that "reciprocal" tariffs above 10%, which had gone into effect that morning, would be paused for 90 days for all countries except China. China's minimum tariff rate was increased to 145%,[210] while imports from all other countries were sustained at the 10% rate.[211] Other global tariffs on products like cars, steel, and aluminum also remained in effect.[65] Trump told reporters, "I thought that people were jumping a little bit out of line… You know, they were getting a little bit yippy, a little bit afraid".[62] He said he had been watching the volatility in the bond market.[212] Treasury SecretaryScott Bessent said the pause was meant to provide time for bespoke negotiations with each country.[213]
Stocks surged within minutes of the pause announcement, with the S&P 500 rising 9.52% for its largest one-day gain since 2008.[214][215] Markets continued to rise in after further policy rollbacks and the S&P 500 set a new all-time high on June 27.[216] Analysts suggested Trump's threats had lost credibility and thatTrump Always Chickens Out; the administration announced only three trade agreements by July. The tariffs were delayed first to August 1[82] and then to August 7, when they finally took effect.[83][217]
"Secondary tariffs" are a new trade policies introduced by the second Trump administration that resemblesecondary sanctions.[218] Unlike primary tariffs, which directly target a specific country, secondary tariffs penalize third-party countries or entities that trade with the targeted nation.[219] On March24, following actions such as theMarch 2025 Venezuelan deportations, Trump signed anexecutive order imposing a 25% tariff on nations that purchase oil fromVenezuela at the Secretary of State's discretion.[220]
On August 6, Trump ordered the first "secondary tariff" onIndia while citing authority under the IEEPA.[87] Beginning September 17, Indian exports to the US would face an additional 25% tariff in order to penalize India for buying Russian oil.[88]
Thede minimis exemption waives standard customs procedures on low-value packages to reduce administrative burdens.US Congress quadrupled thede minimis threshold from $200 to $800 in 2016, resulting in an over 1000% increase in shipments claiming the exemption by 2023.[225][226] The US threshold was among the highest globally, over five times the size of theEuropean Union's, and used by many companies to send goods to the US without close inspection or taxes.[226] The largest beneficiaries were Chinesee-commerce companies such asShein andAliExpress.[225]
Trump's February 2025 executive orders announcing tariffs on imports from China, Mexico, and Canada initially closed the USde minimis exemption for imports from all three countries.[227] The orders cited authority under the IEEPA.[228] However, Trump quickly reopened the exemption for all three countries to avoid overwhelmingUS customs officials.[229][230][231]
On May 2, the exemption closed once more forChina andHong Kong.[232] Imports shipped via theUniversal Postal Union (UPU), of whichUSPS is a member, became subject to a duty of 120% of the shipment's value or a flat fee of $200 after June 1. Shipments by all other carriers, such asUPS andFedEx, became subject to all applicable standard duties.[233] Following trade talks, the US cut tariffs on Chinesede minimis shipments to 54% beginning May 14.[234][235]
On July 4, Trump signed theOne Big Beautiful Bill Act which included a provision to eliminate thede minimis exemption for all countries beginning on July 1, 2027.[236][237] A few weeks later, Trump imposed an earlier deadline by signing Executive Order 14324. This order, which also cited the IEEPA, ended thede minimis exemption globally on August 29.[238][239] A week before the new closure, international shipping countries across Europe and Asia announced they would suspend deliveries to the US due to the ambiguity of its new processing regulations.[240]
Canadian Prime Minister Mark Carney holds talks with US President Donald Trump at the White House.
Three weeks after winning reelection, Trump announced a 25% tariff on all goods imported from Canada and Mexico absent action against illegal immigration and drug trafficking, particularlyfentanyl. Mexican PresidentClaudia Sheinbaum and then-Canadian Prime MinisterJustin Trudeau sought to de-escalate tensions.[241][242] Trudeau noted that less than 1% of illegal border crossings and less than 1% of fentanyl come into the US from Canada,[48] but unveiled a $1.3 billion security plan for theCanada–US border on December 16, 2024.[243][244] Despite this, Trump triggered tariffs on February 4, with a reduced 10% rate for Canadian energy products.[48][245][246]
Trudeau and Sheinbaum condemned Trump's actions and threatened retaliation. On February 3, the three leaders negotiated a one-month delay. Mexico committed to deploying 10,000 troops to its border with the US, while Canada pledged to appoint a "fentanyl czar" and continue implementing the border security plan announced in 2024.[247][248] In return, Trump pledged to curb weapons trafficking to Mexico and to collaborate with Canada on a joint anti-crime "strike force".[249][250]
Then, on February 27, Trump claimed that drugs were still arriving and reaffirmed the tariffs.[50] They took effect on March 4.[251] Canada retaliated with 25% tariffs on $20 billion (CA$30 billion) worth of US goods, to expand to $85 billion (CA$125 billion).[252]
The trade war triggeredstock market declines and economic concerns, particularly forretailers andcar manufacturers.[253] Lutnick quickly signaled tariff reductions.[254] Trump delayed tariffs onUSMCA-compliant automakers[161] and the next day, included all USMCA-compliant goods.[255] While only 50% of Mexican and 38% of Canadian imports were officially compliant in 2024,[255] officials from both countries expected nearly all Mexican exports to comply.[256][257] Canada retained its initial retaliatory tariffs, but suspended the planned increase.[258] Tens of thousands of Mexicans celebrated with Sheinbaum in Mexico City's central plaza.[259]
On April 2 the White House indefinitely extended the delay.[49] USMCA-compliant auto parts were exempted.[170] However, he set 25% tariffs on steel, aluminum, and automobile imports from every country.[49] Canada, the US's largest supplier of steel and aluminum, retaliated with 25% tariffs on an additional $20.6 billion (CA$29.8 billion) of US goods on March 13.[260] On April 9, Canada added a 25% tariff on non-compliant US-made USMCA vehicles.[261]
Donald Trump welcoming Mark Carney to theWhite House in May 2025
On April 11, Trump claimed that Mexico had fulfilled only 30% a1944 agreement to send 1.75 million acre-feet of water from theRio Grande via numerous dams andreservoirs.[262][263] Sheinbaum said that a three-year drought was the reason and suggested that an alternative agreement could be reached.[263]
US steel and aluminum tariffs doubled to 50% on June 4.[267] At the51st G7 summit, the two countries pledged to work on a deal within 30 days.[268] On June 27, Trump threatened to end talks unless Canada removed its newdigital services tax; Canada dropped the tax two days later.[269]
In July, Trump announced a base tariff on goods from Mexico of 30% and from Canada of 35% beginning August 1,[270] before giving Mexico a 90-day delay.[271] The USMCA exemption continued, excluding 95% of Canadian and 75% of Mexican exports from tariffs.[272] On August 22, Carney announced that Canada would drop many of their its tariffs by matching the USMCA exemption.[273]
Chinese leader Xi Jinping holds talks with US President Donald Trump in Busan, South Korea.
During Trump's first term, the US and China traded multiple rounds of tariff and non-tariff actions beginning in January 2018. In January 2020, the two countries signed a "phase one" trade deal, under which China committed to purchasing $200 billion of US goods and services over the following two years.[274] China failed to meet this target, ultimately importing less than it had before the trade war.[275] The Biden administration largely maintained and expanded those tariffs,[274] and while Trump pledged to impose higher tariffs in his second term.[276]
China, South Korea, and Japan agreed to strengthen free trade in the face of Trump tariffs on March 30.
In February 2025, Trump declared a national emergency because ofChinese drug-trafficking that he used to justify a 10% tariff on all Chinese imports.[277][246] In March, he increased the tariff to 20%.[50]
China retaliated in February with 15% tariffs on coals andliquefied natural gas and 10% on oil and agricultural machines. It expanded them in March with 10-15% tariffs on select US agricultural products.[278][279] Although these measures were modest in comparison to the US tariffs, China added a variety of non-tariff trade barriers.[280][281] From the start of 2025 China implemented bureaucratic blocks and third-party sales arrangements to halt or curtail the direct imports of major US commodities including beef, poultry, and liquefied natural gas.[281] Retaliatory measures includedblacklisting American companies, addingexport controls to metals liketungsten, and revoking export licenses for US firms.[278][280][282] China decreased American oil imports by 90%, turning to Canada instead.[283] On March 30, China,South Korea, and Japan's trade ministers met for the first time in five years to discuss goals for atrilateral free trade agreement and enhanced supply-chain cooperation in response to Trump tariffs.[284][285]
On April 2, the US added a 34% "reciprocal" tariff on most Chinese imports[286] that China matched on April 10,[287] while suspending negotiations regardingthe sale of TikTok.[288] China began requiring licenses to export sixrare-earth elements (REE) andrare-earth magnets, 100% and 90% of which were produced in China, respectively.[289] REEs, which are difficult to substitute and are critical to many high-tech goods, such as batteries, motors, weapons, and medical devices.[290] Licenses were delayed while China halted all exports.[289]
The US raised its tariffs by an additional 50%, bringing the baseline to 104%.[291] China matched, bringing their baseline tariff to 84%.[292] The US then raised to 145%, and on April 11, China again matched. TheChinese Finance Ministry said China would ignore further US increases, stating, "Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy."[64]
On April 21, CEOs of major US retailers warned that the escalating trade war would lead to visible price increases and product shortages within two weeks. Trump began to soften his tone.[66] On April 22, he stated that tariffs would come down substantially, but not to zero. Two days later, Chinese spokesmanGuo Jiakun said China and the US had "not conducted consultations or negotiations on tariffs."[293] When asked to respond, Trump said the US met with China as recently as that morning.[294]
By May 2, China had exempted approximately $40 billion worth of goods while the US had exempted about $102 billion (relative to 2024).[295] Both countries had expressed willingness to negotiate, but the Chinese government asked the US to eliminate its tariffs first. As previously planned, the US terminated thede minimis exemption for Chinese imports the same day.[296]
On May 12, US and China agreed to drastically reduce rates for 90 days, from 145% to 30% and 125% to 10% respectively, pending further negotiations.[298] The US also cut tariffs on Chinesede minimis shipments from 120% to 54%.[234] On June 11, Trump declared the trade deal "done", although China downplayed the status as a framework representing the "first meeting".[299]
In July Trump reportedly softened his tone to facilitate a summit withCCP General SecretaryXi Jinping, seeking a potential a trade agreement.[300]
On July 29, US and China agreed to another 90 day pause.[301]
On October 30, after Trump met Xi Jinping inBusan, South Korea, Trump announced he would cut tariffs on China. US cuts tariffs on (medicinal) fentanyl from 20% to 10%, and the overall rate from 57% to 47%.[302]
Indian Prime Minister Narendra Modi holds talks with US President Donald Trump at the White House.
The US was India's largest export market and analyses projected that any reciprocal tariff measures would cause India significant economic harm.[303]
In February 2025, Indian Prime MinisterNarendra Modi visited the White House to negotiate tariffs and advance a deal aimed at doubling bilateral trade to $500 billion by 2030.[304] India's trade-weighted average tariff was 12%, compared to the American 2.2%, leading Trump to repeatedly call the country thetariff king andabig abuser of trade ties.[305][306]
An internal Indian analysis estimated that reciprocal tariffs would affect 87% of its exports to the US, valued at $66 billion. India estimated increases of 6-10% in tariffs on items such as pearls, mineral fuels, and machinery and believed its pharmaceutical and automotive exports would feel the greatest impact.[305]
To address Trump's trade concerns, India reduced tariffs on motorcycles and whiskey, pledged to review additional tariffs, and offered to increase US energy and defense equipment imports.[304] The following month,Reuters reported that India was open to lowering or eliminating tariffs on 55% of its US imports that ranged from 5% to 30%, contingent on relief from reciprocal tariffs.[305]
The US announced a 27% "reciprocal" tariff on Indian goods beginning April 9.[303] India signaled that it would negotiate rather than establish retaliatory tariffs.[307] After the US delayed the tariff, the Secretary Bessent stated "India would be one of the first trade deals we sign" on April 29.[308]
On August 1 the US established a 25% "reciprocal tariff" and warned of an additional, unspecified penalty in response toIndia's purchases of Russian oil.[309] India continued to buy it.[310] Trump then tossed in a 25% surcharge, bringing base tariffs to 50% starting August 27.[311]
One result was that India faced higher tariffs than Pakistan, despite its ties to China. Matters were complicated by Trump’s claim to have mediated an India-Pakistan ceasefire, which New Delhi denied.[312][313][314][315][316]
On August 30 Indian Trade MinisterPiyush Goyal stated that India would focus on expanding into new markets.[317]
On 20 November, India's largest conglomerateReliance Industries announced it wont purchase oil from Russia.[318][319]
Japanese Prime Minister Shigeru Ishiba holds talks with US President Donald Trump at the White House.
After receiving a 25% tariff on cars and car parts and a 24% tariff on other goods, Japan'sNikkei 225 stock market index fell by 8% on April 7, the third-largest single-day loss in its history.[323] Japan's automotive sector depends on the US for 20% of its exports. Analysts estimate that the tariffs could decrease Japan'sGDP by 0.8%.[324][325]
Members of the Second Ishiba Cabinet convene to discuss US tariff policy.
On April 7, Ishiba talked with Trump, but won no concessions.[326]
Japanese Minister of State for Economic and Fiscal Policy Ryosei Akazawa holds talks with US President Donald Trump at the White House.
On May 5, the US rejected Japan's exemption from reciprocal and country-specific tariffs.[327]
On July 23, Trump announced a trade agreement with Japan. It included a 15% tariff on Japanese goods, notably lower than the "reciprocal" 20% rate.
In exchange, Japan agreed to increase access for American agricultural products and ease non-tariff barriers affecting US technology exports.
The Philippines was assigned a 17% tariff, the second‑lowest amongASEAN nations.
Before April 2025, tariff effects were discussed nationwide. ThePhilippine Chamber of Commerce & Industry stated that food processing, semiconductors, and energy were hit the worst.[329]
On April 10, the Philippines initiated negotiations to lower US tariffs.[332]
The US wrote toBongbong Marcos, on July 9, stating that tariffs would increase to 20%.[333]
On July 22 Trump and Philippine PresidentBongbong Marcos announced a bilateral trade agreement. Under the deal, US tariffs would be 19%. In return, the Philippines agreed to eliminate tariffs on American goods.
In 2024, the US recorded a trade deficit of nearly $4.9 billion with the Philippines.
On April 2, Trump imposed a 10% tariff on Singapore.[334] On April 8, the Prime Minister's office stated that it would not retaliate.[335] Singapore created a task force to address US tariffs.[336][337]
Singaporean diplomatic efforts following Trump's tariff delay included requests to relieve pharmaceutical exports and sought greater access to advanced semiconductor and AI technologies.[338]
South Korean President Lee Jae-myung holds talks with US President Donald Trump at the White House.
On April 2, Trump imposed reciprocal tariffs of 25% onSouth Korea. The South Korean government then announced emergency support for its auto industry.[339] On April 8, acting presidentHan Duck-soo called for negotiation rather than retaliation.[340] On April 3, Minister of Foreign AffairsCho Tae-yul met with Secretary of StateMarco Rubio and expressed concern over the tariff measures and asked him to consider South Korea's US investments.[341]
South Korean Industry Ministry officials traveled to Washington for "technical discussions" with the US Trade Representative,[342] after Trump called talks with South Korea a first-order priority.[343]
South Korea and the US continued to negotiate, but failed to reach a deal.[344][345]
On July 30, Trump announced a trade deal with South Korea, imposed 15% tariffs on South Korea goods from August 1.[346]
President Trump announced that TSMC is set to invest in the US.
On April 2, Trump announced a "reciprocal tariff" of 32%,[347] excluding semiconductors, the island's primary export.[348] Trump had criticized Taiwan for unfair dominance in the semiconductor industry and not spending enough on its own defense.[348] Taiwan chose not to retaliate, offering to increase imports and remove all tariffs.[349][350]
Representatives from the Executive Yuan and legislative caucuses across party lines convene to discuss US tariff policy.
Kuomintang said that the tariffs were a blow to presidentLai Ching-te's policy relying on the US to counter China.[351]
On August 1, Trump announced a preliminary trade agreement, under which a 20% reciprocal tariff would be imposed.[353] The measure was set to take effect on August 7. Taiwan must pay existing Most-Favored-Nation (MFN) tariffs for each industry, making the effective rate 20% + N.[354]
On February 10, Trump renewed his first term 25% tariff on all steel imports and increased aluminum tariffs from 10% to 25%. While other countries had received exemptions, Vietnam had not, meaning its steel and aluminum exports were already tariffed. The hike in aluminum tariffs strained Vietnamese exporters.[355]
Vietnam's trade surplus made it a target.[355] On March 13, trade ministerNguyễn Hồng Diên arranged a meeting with Lutnick and Greer to negotiate a bilateral trade agreement.[356][357] He ended up receivingMarc Knapper on March 14.[358] Knapper reassured him that the US tariff measures were not aimed at Vietnam.[359]
On April 2, Trump presented a 46% reciprocal tariff, shocking exporters.[360] Vietnamese leaders tried to approach Trump diplomatically.[361] Vietnam's top leaderGeneral SecretaryTo Lam asked Trump to delay the tariffs without result.[362] Vietnam then offered to eradicate all US tariffs, but Navarro shot down the deal, referenceing non-tariff issues.[363] TheVN Index fell by 7% after the announcement.[364]
In June, the Trump administration stated that the US was interested in Vietnam factories to reduce dependence on China.[368]
The Trump administration sent Vietnam a list of requests on June 3.[369] Negotiations continued until July 2. Vietnam and the US then agreed on tariff rates.[370][371] This ended the 46% tariff on Vietnam. In return, Vietnam promised to let a wider range of US goods into its market that it had previously blocked and to cut down on the flow of Chinese goods that went through Vietnam to the US.[371]
Vietnam Foreign Ministry spokespersonPham Thu Hang later stated that ongoing talks were woking to define aspects that were not initially clear. Lutnick called Vietnam "just a pathway of China", instilling fear that Vietnamese goods could face harsher rates than Chinese‑made items, then at a rate of 27.9%.[372]
During Trump's first term,Nigeria continued to benefit from theAfrican Growth and Opportunity Act, a 2000 US trade initiative to improve economic relations withSub-Saharan African countries by providing duty-free access to the US market.[373] However, analysts noticed that Nigeria was one of 48 nations with whom the US maintained a trade imbalance. In 2024, Nigeria exported $5.3 billion in commodities to the US while importing $3.9 billion, resulting in a $1.4 billion trade surplus for Nigeria.[373][374]
On April 2, Trump announced a 14% tariff on Nigerian goods.[375] Instead of retaliating, Trade MinisterJumoke Oduwole said Nigeria would contact the WTO to find a mutually beneficial solution.[376] She highlighted the risks for AGOA and the Nigerian oil industry, whilst highlighting the opportunity to boost Nigeria's non-oil exports, meet global standards and improve market acceptance in other countries. She also emphasized the urgent need to enhance intra-African trade through theAfrican Continental Free Trade Area (AfCFTA). Nigeria relies on crude exports for 90% of its foreign exchange, the tariff led theCentral Bank of Nigeria to sell nearly $200 million to support thenaira currency.[377]
Aliko Dangote saw some benefits from the tariffs given that some of Nigeria's economic rivals were facing even higher tariffs.[380]
In July, the USBureau of Economic Analysis estimated that Nigeria's US exports plummet by $527m from the year prior, mostly caused by tariffs. The decline grew after Trump's threat of an additional 10 per cent tariff on countries aligned with theBRICS economic bloc.[381]
South Africa President Cyril Ramaphosa holds talks with US President Donald Trump at the White House.
The 25% March tariff on all imported steel and aluminum affected major exporters,[382] leading the Steel and Engineering Industries Federation of Southern Africa (SEIFSA) to condemn the hike.[383][384][385]
Trump imposed reciprocal tariffs of 31% on South Africa on April 2.[386] According to South Africa, this effectively nullified the benefits African countries enjoyed under AGOA.[387] South Africa did not retaliate in favor of negotiations.[388]
On May 21, Trump met PresidentCyril Ramaphosa who proposed to buyliquified natural gas for 10 years, in exchange for a quota of duty-free exports for a few subsidized foreign-owned multinationals. After the meeting,Khumbudzo Ntshavheni told the press that South Africa would be allowed to annually export 40,000 vehicles, 385 million kg of steel, and 132 million kg of aluminum to the US free of tariffs. The deal was criticized as infeasible and financially unsound, noting that roughly 90% of AGOA exports were generated by 5% of subsidized foreign‐owned multinationals and it would jeopardize South Africa's energy security and industrial development.[391][392]
The deal was still in discussion in early July and South Africa's request for an extension[393][394] led to a new deadline of August 1, when Trump confirmed the 30% tariff.[395]
This meeting was interpreted as a policy shift, that the administration's strategy included geopolitical and supply chain factors. The US sought to enhance cooperation to balance China and the European Union.[citation needed]
On April 2, Trump imposed 18% reciprocal tariffs.[399] On April 6, Zimbabwe became the first to scrap all tariffs on US goods. PresidentEmmerson Mnangagwa stated that the move was made to foster a positive relationship with the US.[400]
Russian president Vladimir Putin holds talks with US President Donald Trump in Anchorage, Alaska.
Following theRussian invasion of Ukraine in 2022, theG7 countries and their allies moved to revokemost favored nation status from Russia and block Belarus from joining the WTO.[401][402] After the US Congress voted to sever trade relations with the countries, they became subject to "Column 2" rates in theHarmonized Tariff Schedule.[403][404] Column 2 rates are significantly higher, at about 20%.[404] President Biden increased rates on a variety of Russian goods in February 2023.[405] Russia added the US to their "unfriendly countries list" in 2021 and imposed countersanctions.[406]
Trump did not include them in his reciprocal tariff policy,[407][408] as the existing sanctions had already blocked all trade.[407][408] 2024 trade with Russia was estimated at $3.5 billion, a tenth of the $35 billion from 2021 before the invasion.[409]
Trump threatened secondary sanctions on countries that continued to buyRussian oil.[410]
On July 14, Trump threatened 100% tariffs within 50 days, absent peace.[411] On July 29, this deadline was reduced to 10–12 days.[412]
Ursula Von der Leyen holds talks with US President Donald Trump.
Before his second inauguration, Trump threatened tariffs on theEuropean Union (EU) unless it reduced its trade surplus by increasing imports of American cars, agricultural products, and oil and gas.[414] TheEuropean Commission pointed out that while the US ran a trade deficit with the EU in goods, this was offset by a trade surplus in services.[415]
French President Emmanuel Macron holds talks with US President Donald Trump at the White House.
As Trump's tariff policy became evident, Europe sought solutions. "We have to do everything to avoid this totally unnecessary and stupid tariff war," said Polish Prime MinisterDonald Tusk.[416] On February 4, EU trade ministers met inWarsaw to discuss Trump's threats.[417] On February 7, the EU proposed lowering automotive tariffs from 10% and to increase LNG purchases and military equipment.[418] French PresidentEmmanuel Macron met with Trump on February 25 and encouraged him to concentrate on China.[419][420][421]
US President Donald Trump and Irish Prime Minister Micheál Martin had lunch together following their meeting at the White House.
After steel and aluminum tariffs took effect on March 12, the EU announced a two-phase retaliatory plan targeting €26 billion in US imports to begin April 1.[422] Trump condemned a proposed tariff on American whiskey and threatened to respond with 200% tariffs on European alcohol.[423] The EU ultimately dropped plans to tariff alcohol after lobbying from Ireland, Italy, and France.[424][425]
After the US imposed a 25% tariff on imported cars and threatened a 20% reciprocal tariff on all European goods on April 9, EU members approved a retaliatory package of 25% tariffs on €21 billion worth of US imports beginning April 15,[426] although Hungary dissented.[426] After Trump suspended his reciprocal tariff, the EU delayed retaliation.[427] On May 8 the EU increased its proposed retaliation to nearly €100 billion worth of US goods.[428]
On May 12, Trump described the EU as "nastier than China".[429] On May 23, after complaining that trade negotiations have stalled, Trump proposed a 50% tariff.[430] TheStoxx Europe 600 index fell 1.7 per cent.[431] Two days later Trump delayed the tariff to July 9.[432] The EU offered concessions, including a 10% blanket tariff, but Trump rejected it and, on July 12, sent the EU a letter threatening a 30% goods tariff beginning August 1.[433][434] The EU with Japanese and Chinese officials to improve other relationships.[435][434]
On July 27, the US and the EU announced a 15% deal—more than triple the average 4.8% that European goods had earlier faced.[434] Trump issued an executive order stating that 15% would be the minimum and goods with tariffs would retain the higher rate. However, the EU demanded additional executive orders to reduce the tariff for all goods to a maximum of 15%.[436] Trump claimed that the EU would buy $750 billion worth of US energy and invest an additional $600 billion into the US.[437] The EU stressed that the agreement was not legally binding[438] and that the $600 billion commitment was not guaranteed because the money would have to come from private companies.[439]
British Prime Minister Keir Starmer holds talks with US President Donald Trump at the White House.
The US ran a trade surplus with the United Kingdom in 2024 and assigned the UK its lowest reciprocal tariff rate of 10%. The US was the UK's largest market for cars and second largest for steel products. The UK was hit hard by the tariffs.[440][441]
In March, the UK chose not to retaliate.[59] ChancellorRachel Reeves noted ongoing discussions to reduce the UK's Digital Services Tax (DST) to avoid further trade friction. Introduced in 2020, the UK DST levies a 2% tax on large mostly American tech companies, generating approximately £800 million annually. TheLiberal Democrats criticized the proposal, describing it as a "tax handout to...US tech barons," and advocated raising the rate to 6%.[442]
As of April 29, US officials reportedly viewed talks with the UK as a secondary priority.[343] On May 5, President Trump threatened 100% tariffs on foreign-made films, posing a serious threat to the UK's film industry.[443] Prime ministerKeir Starmer faced renewed pressure to negotiate.[444]
Trump announced he had reached the first trade deal with the United Kingdom.
On May 8, Trump announced he had reached the first trade deal of his second administration with the UK.[445] Under the framework, the US would eliminate tariffs on British airplane parts and metals up to a quota and reduce tariffs on 100,000 cars from 25% to 10%. In return, the UK would eliminate tariffs on USethanol and allow up to 13,000 metric tons of US beef—up from a previous cap of 1,000 tons at a 20% tariff.[446] The deal did not alter the UK's food safety standards, leavinghormone-treated US beef ineligible for import, and it did not modify the UK's DST or 10% tariff on American cars.[446]
US President Donald Trump and British Prime Minister Keir Starmer held bilateral talks during the G7 Summit.
While US Trade Representative Jamieson Greer said other countries should consider the framework as a model, analysts described the deal as a "very small win" that kept the 10% minimum tariff largely in place.[447]Conservative Party leaderKemi Badenoch described it as "better than nothing but it's not much," criticizing the Labour government for settling rather than pursuing a broader agreement.[448] US automakers criticized the deal for making it cheaper to import a car from the UK than one of their cars assembled in Mexico or Canada using US parts.[172] The deal was finalized at theG7 summit.[449]
In July, President Trump said Switzerland would face a 39% tariff rate after trade talks broke down. At the time, it was one of Trump's highest proposed tariff rates.
On November 14, the US and Switzerland reached a trade deal to set duties at 15%.[450][451]
Australian Prime Minister Anthony Albanese holds talks with US President Donald Trump at the White House.
Prime Minister Anthony Albanese engaged in discussions with Trump searching for an exemption, which produced a statement about concerns about Australia allegedly disregarding past commitments to restrain aluminum exports.[452] The US officially imposed a 25% tariff on Australian steel and aluminum. Australia declined to retaliate.[453]
Trump imposed a 10% tariff on Australia as part of the reciprocal tariffs on April 2.[454] On April 3, Albanese stated that he would continue to negotiate and not retaliate as he believed trade wars to be a race to the bottom.[455] He released a five-point strategy to mitigate the damage to impacted industries. The strategy included a $50 million assistance package to help industries like beef exports find new customers.[456] On April 9, Australia declined an offer to 'join hands' by China ambassadorXiao Qian.[457]
On February 19, Acting Prime Minister and Minister for Finance, ProfessorBiman Prasad suggested that tariffs on Canada, Mexico, and China might bring benefits toFiji, stating that "countries like Fiji could see cheaper goods flowing through the Pacific as these nations look to offload excess capacity".[458] Prasad added that the administration did not see immediate threats.[459]
On April 2, Trump announced reciprocal tariffs on Fiji of 32%, although the Fijian government levied less than 2% import duties on average on US imports.[460]Fijian Prime Minister Sitiveni Rabuka admitted that his government was not ready for the tariffs.[461] He said that, "The world is bigger than the US" and that Fiji would look at alternative sources of imports and export markets.[461] First hit were products such asFiji Water,kava,dalo andturmeric.[462] Prasad said that the 32% tariff – the highest in the Pacific – was unfair.[463] On April 10, following Trump's "walk back", Deputy Prime Minister and Minister for Trade Kamikamica announced that a meeting with US Trade Representative would happen the following week.[464]
On May 11, Fiji was confirmed to be amongst the list of nations that the US would engage in talks.[465] Deputy Prime Minister and Minister for Trade, Manoa Kamikamica stated that Fiji was committed to working on tariffs.[466]
In August the 32% tariff on Fiji was lowered to 15%.[467]
Brazilian president Luiz Inácio Lula da Silva holds talks with US President Donald Trump in Kuala Lumpur, Malaysia.
The US has run trade surpluses with Brazil since 2007,[468] reaching $253 million in 2024.[469] Nonetheless, Trump criticized the country for as a "tremendous tariff maker" and pledged tariffs on its exports.[470] Brazilian presidentLuiz Inácio Lula da Silva vowed to reciprocate.[471] However, following Trump's 25% tariffs on steel and aluminum, Brazilian Institutional Affairs MinisterAlexandre Padilha stated that Brazil would not retaliate.[472]
On April 2, Trump imposed the base 10% tariff on Brazil.[473] The reaction from Brazilian exporters was mixed. Coffee exporters saw an opportunity to send morerobusta beans to the US because their international rivals had been hit with heavier charges,[474] while other companies, such asEmbraer, worried over rising complexity and costs.[475]
On April 3, Brazil stated that it would explore options including involving WTO. TheBrazilian National Congress passed a "Trade Reciprocity Law", enabling the government to respond to unilateral trade measures.[455][476] By May, according toFinance MinisterFernando Haddad, Brazil and the US were negotiating the terms of an understanding on tariffs.[477]
On July 9, Trump announced a 50% tariff on Brazilian goods. He criticized the criminal prosecution of former Brazilian presidentJair Bolsonaro, accused Brazil of being an unfair trading partner, and claimed the tariff was below what the US needed for a "level playing field".[478]
Paul Krugman (left) criticized Donald Trump's tariff on Brazilian goods, arguing it was meant to help "another wannabe dictator", while the stance ofLuiz Inácio Lula da Silva (center) was praised byJoseph Stiglitz (right), who stated the Brazilian president stood up to Trump and "has defended his country's sovereignty".
On July 30, Trump exempted several Brazilian exports, notably airplanes, aeronautical components, iron ore, aluminum, natural gas, orange juice, fertilizers, petroleum and lumber. Other main Brazilian exports were not exempted.[481] He extended the implementation date to August 6.[481] After signing off on the tariffs, (exceptions covered nearly 700 products), Brazilians adopted the phraseTrump Always Chickens Out (TACO) to mock the American president; the acronym became one of the seven most-used terms onX that week.[482][483]
In August 2025, China authorized 183 Brazilian companies to export coffee under a five-year agreement, aiming to boost imports amid rising domestic demand. The move followed the US imposition of a 50% coffee tariff covering about 30% of US imports. Prices rose sharply for American roasters. The China market was not expected to fully replace US demand.[484][485]
Faced with the tariffs, Lula attempted to diversify Brazil’s international partnerships and strengtheningBRICS.[486]
On September 14, following the sentencing of former Brazilian presidentBolsonaro to 27 years and 3 months in prison, Brazil risked 200% tariffs from the US.[487]
On November 24, 2025, the newspaperThe New York Times published an article stating that "Brazil defied Trump and won", and that, five months after Trump's "furious letter", the American president "had pretty much admitted defeat" when he merely called the arrest of Jair Bolsonaro "a pity". The piece also argued that Luiz Inácio Lula da Silva came out of the episode "politically stronger" than when he entered.[488][489]
On January 26,a dispute arose between Colombia and the US after Colombian presidentGustavo Petro refused to allow two US military aircraft to land carryingdeported Colombians.[490] Petro said he would accept deportees on civilian planes.[491] In response, Trump ordered retaliation against Colombia,[491] including 25% tariffs that would increase to 50% in one week if Petro did not reverse his position.[492] Petro responded by ordering a 25% tariff that would also increase to 50%.[491] Hours later, the US said Colombia had agreed to "unrestricted acceptance" of deportees, including on military aircraft.[493] Colombia said it would "continue to receive" deportees and would guarantee them "dignified conditions".[490]
El Salvadoran president Nayib Bukele holds talks with US President Donald Trump at the White House.
On April 2, Trump announced a 10% reciprocal tariff forEl Salvador.[399] Two days later, PresidentNayib Bukele, publicly welcomed the measure, describing it as a "great idea" and emphasizing the importance of long-term over short-term economic considerations.[494]
In November 2024 and again in January 2025, Trump threatenedBRICS countries saying they would face 100% tariffs if they attempted to replace the US dollar as areserve currency.[495]
As of April 3, according toKommersant's source in theEurasian Economic Commission, which regulates the import duties of theEurasian Economic Union countries, they were unlikely to change. Russia itself had sufficient freedom to impose unilateral measures. If Russia is affected, it maintained have the option to respond accordingly.[496]
A graph of average effective tariff rate by industry in the US, as calculated by analysts at theFederal Reserve Bank of Richmond, as of April 9
Trump's second-term economic policy emphasized higher tariffs with fewer exceptions than his first term.[497][498] TheTax Foundation reported that the first administration imposed tariffs on $380 billion. By May at least 10% tariffs were set on $2.3 trillion, or 71% of goods imports.[499] One study estimated that US importers paid $19.3 billion in duties in April, 3.5 times the monthly average of the 2018-19 trade war peak.[371] Fluctuating tariff levels and policies created uncertainty.[500][501] Importers rushed shipments to avoid tariffs.[371] US GDP grew 2.8% in 2024.[502] In March, the Federal Reserve cut its 2025 US GDP forecast from 2.1% to 1.7%,[503] and again to 1.4% in June. It projectedPCE inflation at 3.1% for 2025, up from 2.8% in March.[504] ChairmanJerome Powell noted that Trump eased concerns by moderating some tariffs.[505]
An OctoberS&P Global study projected companies would spend $1.2 trillion more in 2025 than earlier forecasts. Researchers estimated that two-thirds of the $900 billion "expense shock" would fall to consumers. The Yale Budget Lab (YBL) calculated tariffs would cost households $2,400 annually.[506]Goldman Sachs analysts reported in October that consumers would bear up to 55% of tariff costs. Global companies reported over $35 billion in tariff-related costs.[507]
The OECD projected 2.2% US growth in 2025 and 1.6% in 2026.[508] It projectedPCE inflation at 3.1% for 2025, up from 2.8% in March.[509] Automakers, airlines, and consumer goods importers suffered from tariff threats in first-quarter earnings. Tariffs raised costs for aluminum and electronics, including semiconductors. The HBS Pricing Lab reported seasonal price declines for US-made and imported goods through early March, signaling reduced imports.[510]
An October S&P Global study projected companies would spend $1.2 trillion more in 2025 than earlier forecasts. Researchers estimated two-thirds of the $900 billion "expense shock" would burden Americans. YBL calculated tariffs would cost households $2,400 annually.[511]Goldman Sachs analysts reported in October that consumers would bear up to 55% of tariff costs. Global companies reported over $35 billion in tariff-related costs.[512][513]
Powell noted that Trump eased concerns by moderating some tariffs. The committee noted tariff-related price increases and anticipated more.[514]
Trump's second term tariffs led to a record amount of revenue from customs andexcise taxes.[515]Goldman Sachs reported that tariffincidence in May had fallen about 40% on US consumers, 40% on US businesses, and 20% on foreign exporters.[516] As of November 12, Customs & Excise Taxes had raised $313 billion in gross revenue, year to date, and represented 7.2% of federal revenue.[517]
In April 2025, Trump suggested tariff revenues could eventually replace income taxes, at least for those making less than $200,000 per year,[518][519] although others estimated it would cover less than 25% of that cost[520] and less if import volumes fell.[196]
Michael Strain forecast that the tariffs could push the unemployment rate up.[521] Since importing companies must absorb a significant part of tariffs, one response is to cut jobs. TheBureau of Labor Statistics reported that the manufacturing sector lost a net total of 14,000 jobs in May and June combined. Hiring in manufacturing plants in May slowed to its weakest pace since 2016, dropping below the rate seen during thepandemic. Manufacturing job openings—a key indicator of future employment—decreased by June to about 100,000 since the start of the Trump presidency. In a related development, automakerStellantis announced on April 3 that it would lay off 900 employees, citing the tariffs as a contributing factor.[522][523]
In September, China halted purchases of US soybeans in retaliation. Previously the largest buyer, with $12.6 billion in 2024 purchases, China imposed retaliatory tariffs in May and turned to suppliers such as Argentina and Brazil. As a result, US soybean exports fell by 23% year-over-year, and sales to China dropped to zero at the start of the peak marketing season. The disruption led to lower prices, storage shortages due to oversupply, and financial strain on American farmers, prompting political pressure for a resolution and efforts to diversify export markets.[524][525] With lower exports, unsold crops had to be stored, leading to shortages of grain bins and forcing some farmers to sell other crops early or pay additional fees for commercial storage. Financial strain deepened as farm bankruptcies, which had risen 55% the previous year, continued to increase. The president of theAmerican Soybean Association said the situation meant some farmers were “so far at the end of their rope” that they were unable to meet their financial obligations.[526] On October 30, Trump and Xi Jinping and agreed that soybean imports would resume in exchange for reduced US tariffs.[527]
Various lawmakers introduced bills to try to limit Trump's ability to use tariffs, althouugh were not taken up.[528][529] According to a July survey conducted by Morning Consult, six in 10 Americans held the Trump administration responsible for the rising cost of living.[530]
Nomura Holdings estimated that eliminating the USde minimis exemption for Chinese goods "would slow Chinese export growth by 1.3 %age points and GDP growth by 0.2 point".[225] The Congress raised thede minimis limit from $200 to $800 in 2016, which sparked a surge in imports of inexpensive Chinese goods.[225] A 2023 USHouse Select Committee report estimated that "nearly half" of allde minimis shipments originated from China. Chinese firmsTemu andShein, estimated to comprise more than 30% of dailyde minimis exemptions to the US, onboarded more sellers with a US presence and expanded their distribution beyond China.[229][227] This change in business strategy has in turn boosted the fortunes of Chinese logistics management firms.[531]
On February 7, Trump suspended closing the exemption for China until adequate systems to process and collect tariff revenue were in place.[229][532][needs update]
On April 5, Japanese video game manufacturerNintendo announced it would delay pre-orders for its upcomingSwitch 2 console, citing economic uncertainty due to tariffs.[535]
During the first months of 2025, Mexico stepped up its fight against narcotraffic and immigration following Trump's linkage of tariffs and drugs. Mexico handed over 29 major cartel prisoners to US authorities in February.[536]
InCanada,Australia andSingapore where they held elections within a week, economic fear of tariffs increased support for incumbent governments: Canada and Australia opposition leaders lots their seats while one of two opposition parties in Singapore lost all their seats.[537][538][539]
35% tariff on most imports from Canada + 10% on Canadian oil and gas
February 1
March 4;
Increased August 1
Partially in effect
Tariffs on USMCA-compliant goods are delayed indefinitely.[49] 38% of Canadian goods were compliant in 2024,[255] but Canada expected the "vast majority" of goods to be quickly made compliant.[257]
Tariffs on USMCA-compliant goods are delayed indefinitely.[49] 50% of Mexican goods were compliant in 2024, but Mexico planned to increase to 85–90%.[256]
25% tariff on imports from countries importing Venezuelan oil
March 24
April 2
Announced
Secretary of State may impose a 25% tariff on goods from any country that imports Venezuelan oil, directly or indirectly, after April 2. In 2024, China imported 68% of Venezuelan oil.
25% on $20.8 bn (CA$30 bn) of US goods in effect. A planned expansion to an additional $86 bn (CA$125 bn) worth of US goods was suspended on 3/6/25.[258]
On 4/15/25, Canada added a 6-month suspension on tariffs for imports critical to manufacturing, food and beverage processing, healthcare, national security and other objectives.[556]
25% tariffs on $20.6 bn (CA$29.8 bn) of US goods: $8.7 bn (CA$12.6 bn) steel products, $2 bn (CA$3 bn) aluminum products, and $9.9 bn (CA$14.2 bn) misc. goods.
On 4/15/25, Canada added a 6-month suspension on tariffs for imports critical to manufacturing, food and beverage processing, healthcare, national security and other objectives.[556]
On 6/20/25, Carney said Canada would increase its counter-tariffs on steel and aluminium products on July 21 if talks with the US stalled.[559]
25% tariff on non-USMCA compliant vehicles imported into Canada from the US.[261] On 4/15/25, Canada exempted a quota of cars from automakers that manufacture in Canada.[556]
Originally 34% on all US goods effective April 10, China raised the baseline to 84% on April 9, 125% on April 12, and reduced to 10% from May 14 for 90 days.
China globally suspended exports of a range of rare earth minerals and magnets critical to auto, defense, aerospace, and semiconductor industries.
Following an initial trade deal with the US on 5/12/25, China agreed to resume exports. The US alleged China failed to follow through and reiterated the agreement in a trade deal announced 6/11/25.[565]
25% tariffs on $23.8 billion (€21 billion) of US goods, targeting farm produce and $13.5 billion products from Republican states (reduced from an initial threat of €26 billion to begin April 1).
EU proposed increasing tariffs to target $100bn of US goods.[567]
On 8/4/25, a delay until 8/7/25 was extended for another 6 months.[437]
Trump directed the Commerce Secretary to initiate a Section 232 investigation into "imports of semiconductors and semiconductor manufacturing equipment".
Processed critical minerals and derivative products
April 22
In development
Trump directed the Commerce Secretary to initiate a Section 232 investigation into "imports of processed critical minerals, as well as their derivative products".
Trump directed the Commerce Secretary to initiate a Section 232 investigation into "imports of medium-duty trucks, heavy-duty, trucks, and medium- and heavy-duty truck parts, and their derivative products".
Trump directed the Commerce Secretary to initiate a Section 232 investigation into "imports of commercial aircraft and jet engines, and parts for commercial aircraft and jet engines".
Trump directed the Commerce Secretary to initiate a Section 232 investigation into "Imports of personal protective equipment, medical consumables, and medical equipment, including devices".
^SCOTUS noted that the consolidated case will retain one of the cases' full title (Learning Resources, Inc., et al., v. Trump, President of U.S.) and the docket number No. 24-1287 on September 9, 2025. To differentiate materials from the individual cases, "VIDED" is added to the documents filed for the consolidated case.[138]
^Although the "reciprocal" tariff rate for Brazil remained at 10%, in a separate executive order Trump declared a "national emergency" regarding the "actions of the Government of Brazil" and imposed an additional 40% tariff on some Brazilian exports beginning August 6.
^Although the "reciprocal" tariff rate for India remained at 25%, in a separate executive order Trump imposed an additional 25% tariff effective August 27 as a penalty for India's purchases of Russian oil.[191]
^Williams, Aime (August 6, 2025)."Donald Trump's new tariff regime deepens global trade war".Financial Times. RetrievedAugust 8, 2025.Donald Trump's global tariffs took effect at 12.01am in Washington on Thursday, pushing American import duties to their highest level in a century as the US president launched a new era of trade rivalry.
^abSupreme Court of the United States.Oral Argument Transcript: Learning Resources, Inc. et al. v. Donald J. Trump, President of the United States, et al. No. 24-1287 (and consolidated No. 25-250). Washington, D.C.: Heritage Reporting Corporation (Official Reporters), November 5, 2025. Retrieved fromhttps://www.supremecourt.gov/oral_arguments/argument_transcripts/2025/24-1287_b07d.pdf.
^BBC中文記者, 呂嘉鴻 - (August 1, 2025)."特朗普宣布對台徵收20%關稅 台灣業者為何表達憂慮".Yahoo News (in Chinese).Archived from the original on August 2, 2025. RetrievedAugust 1, 2025.
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