Tariffs in the second Trump administration

During his second term as President of the United States, Donald Trump enacted a series of steep tariffs affecting nearly all goods imported into the country.[1] From January to April 2025, the overall average effective US tariff rate rose from 2.5% to an estimated 27%—the highest level in over a century.[2][3] After changes and negotiations, the overall average effective tariff rate was 16.8% as of November 2025.[4] US tariff revenue was approximately $300 billion in 2025 compared to approximately $100 billion in 2024.[5] This resulted in the share of tariff revenue among federal taxes going from 2.1% in 2024 to 6.1% in 2025.

Under Section 232 of the 1962 Trade Expansion Act, Trump raised steel, aluminum, and copper tariffs to 50%. He introduced a 25% tariff on imported cars from most countries and a 100% tariff on some pharmaceuticals. New tariffs on semiconductors and other sectors are under consideration.

Trump also claimed unprecedented tariff authority under the International 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 in the wake of the 2025 stock market crash, they were implemented with changes on August 7. The de minimis exemption was eliminated effective August 29, 2025 under the IEEPA. Legal challenges to tariffs imposed under the IEEPA were consolidated into the case Learning Resources v. Trump; a decision by the Supreme Court is imminent.

The Trump administration argues that its tariffs will promote domestic manufacturing, protect national security, and substitute for federal income taxes. The administration views trade deficits as inherently harmful, a stance economists criticized as a flawed understanding of trade.[6][7][8][9] Although Trump has said foreign countries pay his tariffs, US tariffs are fees paid by US importers of foreign goods.[10][11] The tariffs sparked a trade war with Canada and Mexico and escalated the China–United States trade war.

Studies have shown that the tariffs have increased expenses and reduced earnings for companies[12][13][14][15] and have increased costs for households.[16] Estimates from Goldman Sachs show that the tariff incidence is paid 40% by US consumers, 40% by US businesses, and 20% by foreign exporters.[17][18] Jobs growth slowed in 2025 and the promised growth in manufacturing jobs has not been realized.[19][20] The tariffs have led to policy uncertainty and prompted a drop in consumer confidence.[21] More than half of Americans blamed the Trump administration responsible for the rising cost of living[22] and disapproved of the Trump administration increasing tariffs.[23] Corporate bankruptcies in the United States increased to the highest level since 2010.[24][25][26] However, although many economists and economic research bodies predicted slower growth and even a possible recession due to the tariffs, U.S. GDP has continued to grow, which partially has been attributed to backtracking by Trump off of the initial high tariff rates.[27][28]

Background

Tariffs and the constitution

George Washington signed the Tariff of 1789, the first major piece of legislation signed in the United States.

The framers of the United States Constitution gave Congress the power to "lay and collect taxes, duties, imposts and excises, pay the debts and provide for the common defense and general welfare of the United States" and also "to regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes." There was a consensus among the Founding Fathers that tariffs were the most efficient way of raising revenue as well as the most politically acceptable. President George Washington signed the Tariff of 1789, which authorized the collection of duties on imported goods. The Tariff Act of 1789 was the first major piece of legislation passed in the United States after the ratification of the United States Constitution. It had three purposes: to support the government, to protect manufacturing industries developing in the nation, and to raise revenue for the federal debt.[29]

At the time the Constitution was adopted, the weak Congress of the Confederation had been unable to impose a tariff or reach reciprocal trade agreements with most European powers, creating a situation in which the country was unable to prevent a flood of European goods which were damaging domestic manufacturers even while the United Kingdom and other countries placed high duties on U.S. goods. After the 1st Congress was seated, passage of a tariff bill became one of the most pressing issues. These tariffs were consistent with mercantilist policies practice by European powers at the time. To enable the federal government to collect the import duties, Congress also passed the Collection Act of 1789, which established the United States Customs Service and designated ports of entry. The tariffs established by this and later acts would make up the vast majority of government revenue; more than 87 percent of the federal government's revenue between 1789 and 1800 came from import duties.[30]

Tariffs between states are prohibited by the U.S. Constitution, per the Import-Export Clause, and all domestically made products must be imported or exported to another state tax-free.[31] Since the 1980s, Trump has advocated for import tariffs as a tool to regulate trade and retaliate against foreign nations that he believes have taken advantage of Americans.[32]

First Trump administration

In 2018, Trump imposed tariffs on steel and aluminum imports, resulting in price increases for Americans.[33] 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.[34]

The World Trade Organization (WTO), a regulator of international trade, ruled that the implementation violated global trade rules.[35] While he and Joe Biden rolled back some of these tariffs, most remained in place by the start of Trump's second term.[36]

Trump also launched the China–United States trade war, which subjected 60% of US-China trade to 20% tariffs.[37] Most sources say that the trade war did not achieve its goals: instead, the U.S. trade deficit widened, growth slowed, manufacturing jobs did not return, and prices rose.[38]

In May 2019, Trump used tariff threats of up to 25% on Mexico to negotiate an expansion of his "Remain in Mexico" policy and the deployment of Mexican soldiers to help control illegal immigration.[39] The Mexican government, led by Andrés Manuel López Obrador, deployed nearly 15,000 troops to the Mexico–US border and 6,500 troops to the Guatemala–Mexico border.[40][41]

In 2020, the US, Mexico and Canada renegotiated the North American Free Trade Agreement (NAFTA) as the US–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.[42][43] He withdrew the tariff a month later, three hours before the 29th Canadian Ministry planned to retaliate.[44]

2024 presidential campaign

In his 2024 presidential campaign, Trump promised to use tariffs to achieve a wide range of goals, including preventing war, reducing trade deficits, improving border security, and subsidizing childcare.[11] Trump pledged even larger tariffs than those 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 on John Deere.[citation needed]

In April 2025, Trump suggested tariff revenues could eventually replace income taxes, at least for those making less than $200,000 per year,[45] although others estimated it would cover less than 25% of that cost[46] and less if import volumes fell.[47] Trump also suggested replacing income taxes with tariff revenue—an idea economists from the Tax Foundation deemed "mathematically impossible".[48]

On November 5, 2024, shortly after the 2024 United States 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".[49]

In December 2024, Trump appointed tariff hard liner Peter Navarro as his Senior Counselor for Trade and Manufacturing.[50][51][52] Stephen Miran, another tariff hard liner, was appointed chair of the Council of Economic Advisers.[53]

At the second inauguration of Donald Trump, Trump pledged to "immediately begin the overhaul of our trade system to protect American workers and families."[54]

Legality

Trade law

Although the US Constitution grants Congress the sole authority to levy taxes, including tariffs, Congress has passed laws allowing the President to impose tariffs for national security reasons unilaterally.[55] In his second term, Trump added tariffs to steel, aluminum, and auto imports under Section 232 of the Trade Expansion Act (TEA), which allows the President to modify imports if the Secretary of Commerce conducts an investigation, holds public hearings, and determines that the imports threaten national security.[56][57] Trump directed the USTR to initiate similar investigations to impose tariffs under Section 301 of the Trade Act of 1974.[58]

Trump also invoked unprecedented powers under the National Emergencies Act (NEA) and the International Emergency Economic Powers Act (IEEPA) by declaring multiple "national emergencies" related to border security, energy, and trade deficits.[59][60] Declaring these emergencies allowed Trump to enact tariffs quickly without following the complex procedures required by TEA or other trade statutes.[61] While the IEEPA had been used for sanctions, 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."[59] 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."[62]

To terminate a national emergency under the NEA, a member of Congress may file a privileged resolution requiring their chamber 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 the Republican congressional majority.[63][64][65][66][67] JD Vance cast a tie-breaking vote in the Senate to uphold the emergency underpinning the "Liberation Day" tariffs.[63]

Several countries initiated disputes regarding Trump's tariffs with the World Trade Organization (WTO), a regulator of international trade.[68][69] However, the United States has de facto paralyzed the WTO since 2019 by blocking new appointments to its Appellate Body. Without a functioning Appellate Body, no final rulings can be made.[70] On March 4, 2025, 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.[71]

At least seven cases were filed in American federal courts challenging Trump's authority to impose tariffs under IEEPA.[72][73] 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.[74][75][76] Several complaints invoke the nondelegation 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.[74][75][76]

Supreme Court

On May 28, 2025, the United States Court of International Trade (CIT) issued a summary judgement for V.O.S. Selections, Inc. v. United States and Oregon v. Department of Homeland Security and ruled Trump had exceeded his authority under the IEEPA.[77][78] According to Thomson 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."[79] In Learning Resources v. Trump, a Washington D.C. district court went further by holding that the IEEPA does not authorize tariffs at all.[79] The United States Court of Appeals for the Federal Circuit upheld the CIT’s decision on August 29, 2025.[80] The rulings were stayed pending appeal, allowing the tariffs to remain in effect.[81]

The Supreme Court consolidated V.O.S. Selections and Learning Resources into a single case and set arguments for the first week of November 2025.[82] A decision is expected in January 2026.[83]

Key events and negotiations

January–March 2025

Trump was inaugurated for a second term on January 20. In his inaugural address, he pledged to "immediately begin the overhaul of our trade system to protect American workers and families."[86] On February 1, he declared several "national emergencies" regarding fentanyl trafficking and invoked the IEEPA to impose 25% tariffs on most goods from Mexico and Canada and 10% on goods from China.[87] Tariffs on USMCA-compliant Mexican and Canadian goods were quickly suspended,[88] but the "fentanyl tariff" on Chinese goods was raised to 20% on March 4.[89] 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.[90][91]

On March 12, the administration imposed 25% tariffs on imported steel and aluminum products.[92] 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.[93]

April–June 2025

A timeline of the US average effective tariff rate from January 2025 through June 2025, based on calculations by employees of the Federal 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.[94]

Panic induced by the announcement led to the 2025 stock market crash and new country-specific tariffs, planned for April 9, were paused for 90 days.[95][96] However, after a retaliatory spiral, US tariffs on Chinese goods rose to 145% while Chinese tariffs on US goods rose to 125%.[97] Steel and aluminum tariffs, a 25% tariff on automobiles imposed April 3, and other sector-specific duties also remained.[98] 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.[99]

CEOs of major US retailers warned Trump that the trade war with China would lead to visible price increases and product shortages by mid-May.[100] The first cargo ships carrying Chinese goods tariffed at 145% arrived on May 6 with shipments cut in half.[101] Trump reportedly pivoted his focus toward negotiation, sidelining Navarro and promoting Scott Bessent as his lead economic advisor.[102][103]

By the end of June, the US had only signed a deal with the UK and a 90-day temporary deal with China.[104] Under terms expiring November 9, as extended, China lowered tariffs on US goods to 10% and resumed exports of rare-earth elements, while the US lowered its tariff on Chinese goods to 30% (10% baseline + 20% fentanyl) and cut de minimis tariffs to 54%.[105]

Trump walked back some of his tariffs that preceded the 2025 stock market crash, inspiring the phrase "Trump Always Chickens Out." The stock market subsequently reached new highs.[106][107]

On June 4, Trump doubled the tariffs on steel and aluminum imports from 25% to 50%,[108] and on June 12, he expanded them to include household appliances like refrigerators and dishwashers.[109]

Second-quarter US GDP rebounded to 3.8% as imports normalized.[110]

July–September 2025

Country-specific "reciprocal" tariffs were postponed and changed several times before finally taking effect on August 7.[111][112]

Trump notified foreign governments of adjustments to their "reciprocal" tariff rates in a series of letters.[113] In one letter to Brazil, he threatened a 50% tariff while denouncing charges against Jair Bolsonaro, an ally facing trial for the 2022 Brazilian coup plot.[114] 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.[115] On July 31, the US announced its first "secondary tariff," targeting India to penalize its trade with Russia.[116] Beginning August 27, Indian exports faced an extra 25% tariff or a total baseline tariff of 50%.[117]

On August 1, the Bureau of Labor Statistics released revised data showing a sharp slowdown in hiring, which some attributed to uncertainty caused by tariffs.[118] Trump dismissed the data as "rigged" and fired the BLS Commissioner.[119] Trump also called for the removal of Federal Reserve Chairman Jerome Powell, who had warned that tariffs could fuel inflation and resisted Trump's calls to cut the federal funds rate.[120]

October–December 2025

On October 1, new tariffs on large trucks, cabinets, and furniture took effect. A 100% tariff on "any branded or patented" pharmaceutical product also geban, unless the companies were building manufacturing plants in the US.[121]

On October 10, President Trump made new threats against China, including an additional 100% tariff starting November 1, in retaliation of China's broadening of export controls on rare earths.[122] China announced retaliatory measures.[123] However, after meeting with CCP General Secretary Xi Jinping in South Korea on October 30, 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.[124] The trade deal lowered tariffs on Chinese goods to levels similar to or below those on other countries.[125]

January–March 2026

On January 17, Trump threatened an additional 10% tariff on goods from 8 European countries unless they supported his purchase of Greenland.[126] He said that the tariff would begin February 1, and rise to 25% on June 1 unless a deal was reached. It was unclear how Trump could enact such a law, particularly because 6 of the countries traded as part of the European Union trade bloc alongside other countries.[127]

Section 232 tariffs

Section 232 of the Trade Expansion Act (TEA) allows the President to modify imports if the Secretary of Commerce conducts an investigation, holds public hearings, and determines that the imports threaten national security.[128][129][130]

Steel and aluminum

On March 12, the US imposed 25% tariffs on all steel and aluminum imports, aiming to strengthen domestic production.[131] On April 2, aluminum tariffs expanded to include empty aluminum drink cans and canned beer.[132] The measures expanded Trump's first-term steel and aluminum tariffs by eliminating all exemptions and raising the aluminum tariff from 10% to 25%.[133] 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.[134]

Tariffs on steel and aluminum imports were increased to 50% on June 4.[135] The UK remained at 25% while it continued to negotiate a trade deal announced the previous month.[136] On June 12, the White House announced steel tariffs would expand to include a range of major household appliances beginning on June 23.[137] The tariffs expanded to include 407 additional products on August 19.[138]

In 2023, the US imported 44% of its aluminum and 26% of its steel.[139] Canada was its largest supplier of both, accounting for more than half of aluminum[140] and two-thirds of primary aluminum imports.[139] 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 it less competitive in the global market.[141]

Copper

Trump ordered a probe into copper imports on February 25.[142] On July 9, Trump announced a 50% tariff on copper imports would take effect on August 1.[143] On July 30, 2025, Trump announced that the tariffs would not apply to cathode copper.[144][145]

The U.S. imports nearly half of the copper it uses, with 60% of imports coming from Chile.[146] Chilean state-owned miner Codelco, which sends roughly one-third of its copper exports to the US, was at first expected to lose significant revenue.[147]

Automobiles and auto parts

In January 2025, Trump announced broad tariffs on Canada and Mexico, threatening the highly integrated North American auto supply chain.[148] Due to decades of free trade agreements including USMCA, factories in the US, Canada, and Mexico are accustomed to shipping auto parts back and forth multiple times during the manufacturing process.[148] The three largest US automakers lobbied for exemptions, warning the tariffs would hurt American companies more than foreign competitors.[149][148] Trump agreed to delay tariffs on USMCA-compliant vehicles.[150] Non-USMCA compliant brands manufacturing in Canada or Mexico, such as BMW, were affected starting March 4.[149][151]

On April 3, 2025, when Trump imposed a new 25% tariff on all imported cars, including those from Mexico and Canada.[152] Economist Arthur Laffer estimated car prices would increase by $4,711, compared to $2,765 if the USMCA exemption remained available.[153]

While the 25% tariff extended to auto parts on May 3, 2025, Trump exempted parts made in Mexico or Canada that were compliant with the USMCA.[154][155] On April 29, 2025, he exempted carmakers that pay a 25% on imported cars from paying other tariffs, such as those on steel and aluminum, and provided a rebate on a proportion of tariffs paid for the next two years.[156] By the end of 2026, he had also reduced auto part tariffs to 10% for UK and 15% for Japan, South Korea, and EU through negotiations.[157]

Solar panels from Southeast Asian countries

During his administration, President Joe Biden announced preliminary tariffs of 21.31% to 271.2% on Chinese solar panel makers with factories in Malaysia, Cambodia, Vietnam, and Thailand to support American manufacturers complaining of dumping. The Biden administration raised the alarm over China's high investments in factory capacity for clean energy goods.[158] In April 2025, 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.[159]

Lumber and furniture

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 effective October 14.[160]

In September 2025, Trump announced tariffs on large trucks, kitchen cabinets, bathroom vanities, and upholstered furniture, to begin on October 1.[161]

Pharmaceuticals

On April 1, 2025, the United States Department of Commerce initiated a Section 232 investigation into pharmaceuticals, including "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."[162]

In September 2025, Trump 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.[163] The tariff was expected to have limited impact because most large drug manufacturers already had or were building American facilities.[164] The tariff took effect on October 1, 2025.

On December 1, 2025, the UK secured a 0% tariff on its pharmaceutical and medical technology exports in exchange for a commitment to invest more money into the US. The country also pledged to spend around 25% more in new and effective treatments, the first major increase in over two decades.[165]

Additional proposals

Semiconductors

On April 1, the Department of Commerce initiated a Section 232 investigation into ""imports of semiconductors and semiconductor manufacturing equipment."[166]

On August 6, Trump threatened to 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 referenced Apple Inc., which had committed to invest $100 billion over four years into US manufacturing, as a possible exclusion.[167]

Films

On September 29, 2025, Trump threatened to impose a 100% tariff on films made outside of the US; however, no details were provided and the tariff was never implemented.[168][169] Trump justified the tariffs by saying that US film production has increasingly moved to lower-cost locations overseas, resulting in job losses for American industry workers[170][171] and that US 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."[172]

Country-specific tariffs implemented under IEEPA

"Reciprocal" tariff rates
Region As of August
1, 2025[173] 		As of April
9, 2025[174]
Afghanistan 15% 10%
Algeria 30% 30%
Angola 15% 32%
Bangladesh 20% 37%
Bolivia 15% 10%
Bosnia and Herzegovina 30% 35%
Botswana 15% 37%
Brazil 10%[a] 10%
Brunei 25% 24%
Cambodia 19% 49%
Cameroon 15% 11%
Chad 15% 13%
China 10% 34%
DRC 15% 11%
Ecuador 15% 10%
Equatorial Guinea 15% 13%
European Union 15% 20%
Falkland Islands (UK) 10% 41%
Fiji 15% 32%
Guyana 15% 38%
Iceland 15% 10%
India 25%[b] 26%
Indonesia 19% 32%
Iraq 35% 39%
Israel 15% 17%
Ivory Coast 10% 21%
Japan 15% 24%
Jordan 15% 20%
Kazakhstan 25% 27%
Laos 40% 48%
Lesotho 15% 50%
Libya 30% 31%
Liechtenstein 15% 37%
Madagascar 15% 47%
Malawi 15% 17%
Malaysia 19% 24%
Mauritius 15% 40%
Moldova 25% 31%
Mozambique 15% 16%
Myanmar 40% 44%
Namibia 15% 21%
Nauru 15% 30%
New Zealand 15% 10%
Nicaragua 18% 18%
Nigeria 15% 14%
North Macedonia 15% 33%
Norway 15% 15%
Pakistan 19% 29%
Papua New Guinea 15% 10%
Philippines 19% 17%
Serbia 35% 37%
South Africa 30% 30%
South Korea 15% 25%
Sri Lanka 20% 44%
 Switzerland 39% 31%
Syria 41% 41%
Taiwan 20% 32%
Thailand 19% 36%
Tunisia 25% 28%
Turkey 15% 10%
Uganda 15% 10%
United Kingdom 10% 10%
Vanuatu 15% 22%
Venezuela 15% 15%
Vietnam 20% 46%
Zambia 15% 17%
Zimbabwe 15% 18%
All other non-exempt countries 10% 10%

On February 13, 2025, Trump directed his staff to research both monetary and non-monetary trade barriers imposed by foreign countries against US exports and to develop custom "reciprocal tariffs" to counter and penalize each one.[176] 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, 2025.[177] Trump announced that he would unveil the reciprocal tariffs on April 2, 2025, a date he referred to as "Liberation Day".[178][179]

On April 2, 2025, Trump declared a national emergency to address what he described as a "large and persistent US trade deficit" and invoked the IEEPA to impose a 10% minimum "reciprocal tariff" on nearly all other countries, effective April 5, 2025.[180] He also announced higher "reciprocal tariffs" for 57 countries and territories would begin April 9.[181] The Office of the United States Trade Representative (USTR) said the "reciprocal tariffs" aimed to "drive bilateral trade deficits to zero".[182] However, even countries with which the US ran a trade surplus, such as Australia, received a tariff of 10%.[183] Federal Reserve chairman Jerome Powell described the tariffs, and their likely economic impact, as "significantly larger than expected."[184] Zanny Minton Beddoes, editor-in-chief of The Economist, called the announcement "the biggest trade policy shock" in history.[185]

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.[182] Economic experts criticized this formula for being overly simplistic with little relation to trade barriers,[182][186][187] with The Economist describing it as "almost as random as taxing you on the number of vowels in your name."[188] Economists cited by the USTR said the White House had misinterpreted and incorrectly applied their research.[189] Anson Soderbery, whose work was cited, said his research was meant to discourage exactly the types of policies the White House was implementing.[189]

Excluded goods

The following goods were not impacted by additional tariffs, including the 10% baseline tariff:[190]

  • All articles subject to 50 USC 1702(b), such as books and other informational materials
  • Any products that become subject to future Section 232 tariffs as well as steel and aluminum products and automobiles and automobile parts, which were separately impacted by a 25% universal Section 232 tariff and copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, and energy and energy products, some of which were under investigation for Section 232 tariffs
  • Products from Mexico and Canada compliant with USMCA, except for goods targeted by Section 232 tariffs
  • Imports from countries subject to Column 2 of the HTSUS, which at the time were Cuba, North Korea, Russia, and Belarus.[191]
  • Smartphones, computers and various electronic parts were exempted on April 11, 2025.[192]
  • Various agricultural products, including coffee, tea, fruits and beef, were exempted on November 14, 2025.[193]

Market crash and tariff pause

The "reciprocal" tariff announcement led to a global market crash. The S&P 500 Index fell over 274 points or 4.88%, the second largest daily point loss ever,[194] and the Nasdaq Composite fell over 1,050 points or 5.97%, the largest point loss in its history.[194] Market volatility continued as the 10% base tariff took effect and China began to retaliate.[195] The bond market also began selling off in a scenario called bond vigilantism.[196]

On the morning of April 9, the prices of U.S. assets including equities, the US dollar, and bonds declined significantly.[197]

That afternoon, Trump announced on Truth 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%,[198] while imports from all other countries were sustained at the 10% rate.[199] Other global tariffs on products like cars, steel, and aluminum also remained in effect.[200] 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".[200] He said he had been watching the volatility in the bond market.[201] Treasury Secretary Scott Bessent said the pause was meant to provide time for bespoke negotiations with each country.[202]

Stocks surged within minutes of the pause announcement, with the S&P 500 rising 9.52% for its largest one-day gain since 2008.[203][204] Markets continued to rise in after further policy rollbacks and the S&P 500 set a new all-time high on June 27, 2025.[205] Analysts suggested Trump's threats had lost credibility and that Trump Always Chickens Out; the administration announced only three trade agreements by July. The tariffs were delayed first to August 1[206] and then to August 7, when they finally took effect.[207][208]

Closure of the de minimis exemption

Background

The de minimis exemption waived standard customs procedures on low-value packages to reduce administrative burdens. The US threshold was among the highest globally, over five times the size of the European Union's, and used by many companies to send goods to the US without close inspection or taxes.[209] A 2023 US House Select Committee report estimated that "nearly half" of all de minimis shipments originated from China. The largest beneficiaries of the exemption were Chinese e-commerce companies such as Temu, Shein and AliExpress, which comprised more than 30% of daily de minimis exemptions to the US. After the closing of the exemption, these firms onboarded more sellers with a US presence and expanded their distribution beyond China.[210][211][212]

The United States Congress quadrupled the de minimis threshold from $200 to $800 in 2016, resulting in an over 1000% increase in shipments claiming the exemption by 2023.[212][209]

Closure of exemption for goods from China, Mexico, and Canada

Trump's February 2025 executive orders announcing tariffs on imports from China, Mexico, and Canada initially closed the US de minimis exemption for imports from all three countries, under the IEEPA.[211][213] However, Trump quickly reopened the exemption for all three countries to avoid overwhelming U.S. Customs and Border Protection officials.[210][214][215][216][needs update]

On May 2, 2025, Trump once again ended the exemption for imports from China and Hong Kong.[217]

Imports shipped via the Universal Postal Union (UPU), of which USPS is a member, became subject to a duty of 120% of the shipment's value or a flat fee of $200 after June 1, 2025. Shipments by all other carriers, such as UPS and FedEx, became subject to all applicable standard duties.[218]

Following trade talks, the US cut tariffs on Chinese de minimis shipments to 54% beginning May 14, 2025.[219][220]

Closure of exemption for goods from all countries

On July 4, 2025, Trump signed the One Big Beautiful Bill Act which included a provision to eliminate the de minimis exemption for all countries beginning on July 1, 2027.[221][222]

A few weeks later, Trump imposed an earlier deadline by signing Executive Order 14324. This order, which also cited the IEEPA, ended the de minimis exemption globally on August 29, 2025.[223][224]

In August 2025, shipping companies and postal services in Germany, Denmark, Sweden, Italy, France, Austria, and the United Kingdom temporarily suspended deliveries to the US due to the ambiguity of its new processing regulations.[225] Services were resumed in September.[226]

Secondary tariffs

"Secondary tariffs" are a new trade policy introduced by the second Trump administration that resemble secondary sanctions.[227] Unlike primary tariffs, which directly target a specific country, secondary tariffs penalize third-party countries or entities that trade with the targeted nation.[228]

On March 24, following actions such as the March 2025 Venezuelan deportations, Trump signed an executive order imposing a 25% tariff on nations that purchase oil from Venezuela at the Secretary of State's discretion.[229] He subsequently threatened secondary tariffs on countries purchasing Russian oil[230][231] and on countries that trade with Iran.[232]

On August 6, Trump ordered the first "secondary tariff" on India while citing authority under the IEEPA.[233] Beginning September 17, 2025, Indian exports to the US faced an additional 25% tariff to penalize India for buying Russian oil.[234]

Trade conflicts by country

Canada and Mexico

Canadian Prime Minister Mark Carney holds talks with Trump at the White House.

On February 1, 2025, Trump declared several "national emergencies" regarding fentanyl trafficking and invoked the IEEPA to impose 25% tariffs on most goods from Mexico and Canada and 10% on goods from China.[235]

Tariffs on USMCA-compliant Mexican and Canadian goods were quickly suspended.[150]

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, particularly fentanyl. Mexican President Claudia Sheinbaum and then-Canadian Prime Minister Justin Trudeau sought to de-escalate tensions.[236][237] Trudeau noted that less than 1% of illegal border crossings and less than 1% of fentanyl come into the US from Canada,[235] but unveiled a $1.3 billion security plan for the Canada–US border on December 16, 2024.[238][239] Despite this, Trump triggered tariffs on February 4, 2025, with a reduced 10% rate for Canadian energy products.[235][240][241]

Trudeau and Sheinbaum condemned Trump's actions and threatened retaliation. On February 3, 2025, 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.[242][243] In return, Trump pledged to curb weapons trafficking to Mexico and to collaborate with Canada on a joint anti-crime "strike force".[244][245]

On February 27, 2025, Trump claimed that drugs were still arriving and reaffirmed the tariffs.[246] They took effect on March 4.[247] Canada retaliated with 25% tariffs on $20 billion (CA$30 billion) worth of US goods, to expand to $85 billion (CA$125 billion).[248]

In early March 2025, Mexico increased measures to reduce narcotraffic and immigration following Trump's linkage of tariffs and drugs. Mexico handed over 29 major cartel prisoners to US authorities in February.[249]

On March 4, 2025, Canada alleged that tariffs on its exports were intended to damage its economy and pressure annexation into the US.[250]

On March 6, 2025, the stock market declined, as worries for retailers and car manufacturers were exacerbated by the tariffs on Canada and Mexico.[251] Lutnick quickly signaled tariff reductions.[252] Trump delayed tariffs on USMCA-compliant automakers[149] and the next day, included all USMCA-compliant goods.[253] While only 50% of Mexican and 38% of Canadian imports were officially compliant in 2024,[253] officials from both countries expected nearly all Mexican exports to comply.[254][255] Canada retained its initial retaliatory tariffs, but suspended the planned increase.[256] Tens of thousands of Mexicans celebrated with Sheinbaum in Mexico City's central plaza.[257]

On April 2, 2025, the White House indefinitely extended the delay.[150] USMCA-compliant auto parts were exempted.[155] However, he set 25% tariffs on steel, aluminum, and automobile imports from every country.[150] 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, 2025.[258] On April 9, 2025, Canada added a 25% tariff on non-compliant US-made USMCA vehicles.[259]

Trump welcoming Mark Carney to the White House in May 2025

On April 11, 2025, Trump claimed that Mexico had fulfilled only 30% a 1944 agreement to send 1.75 million acre-feet of water from the Rio Grande via numerous dams and reservoirs.[260][261] Sheinbaum said that a three-year drought was the reason and suggested that an alternative agreement could be reached.[261]

In the 2025 Canadian federal election held on April 28, 2025, economic fear of tariffs increased support for incumbent governments: opposition leaders lots their seats.[262]

On April 28, 2025, Mark Carney led the Liberal Party to victory in the Canadian federal election, winning enough seats to form a minority government.[263] The victory was partly attributed to anti-Trump sentiment that had been rising in the country.[264][265]

US steel and aluminum tariffs were doubled to 50% on June 4, 2025.[266] At the 51st G7 summit, the two countries pledged to work on a deal within 30 days.[267] On June 27, 2025, Trump threatened to end talks unless Canada removed its new digital services tax; Canada dropped the tax two days later.[268]

In July 2025, Trump announced a base tariff on goods from Mexico of 30% and from Canada of 35% beginning August 1,[269] before giving Mexico a 90-day delay.[270] The USMCA exemption continued, excluding 95% of Canadian and 75% of Mexican exports from tariffs.[271] On August 22, Carney announced that Canada would drop many of their its tariffs by matching the USMCA exemption.[272]

On October 25, 2025, Trump threatened an additional 10% tariff on Canada, in retaliation for Premier of Ontario Doug Ford airing advertisements during the 2025 World Series opposing Trump's tariffs on Canada. The advertisements included footage of Ronald Reagan in 1987 opposing tariffs.[273][274] By November, no such tariff had been formalized. A US official said Trump would hold off on additional duties, and instead maintain the threat while the two countries negotiated.[275]

China

China, South Korea, and Japan agreed to strengthen free trade in the face of Trump tariffs on March 30.
Chinese leader Xi Jinping holds talks with 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.[276] China failed to meet this target, ultimately importing less than it had before the trade war.[277] The Biden administration largely maintained and expanded those tariffs.[276]

On February 1, 2025, Trump declared several "national emergencies" regarding fentanyl trafficking and invoked the IEEPA to impose 25% tariffs on most goods from Mexico and Canada and 10% on goods from China.[235] Trump used the Illegal drug trade in China to justify the tariffs.[278][241] In March 2025, he increased the tariff to 20%.[246]

China retaliated in February 2025 with 15% tariffs on coals and liquefied natural gas and 10% on oil and agricultural machines. It expanded them in March 2025 with 10-15% tariffs on select US agricultural products.[279][280]

China added a variety of non-tariff trade barriers.[281][282]

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.[282] Retaliatory measures included blacklisting American companies, adding export controls to metals like tungsten, and revoking export licenses for US firms.[279][281][283] China decreased American oil imports by 90%, turning to Canada instead.[284]

The "fentanyl tariff" on Chinese goods was raised to 20% on March 4, 2025.[246]

On March 30, 2025, China, South Korea, and Japan's trade ministers met for the first time in five years to discuss goals for a trilateral free trade agreement and enhanced supply-chain cooperation in response to Trump tariffs.[285][286]

On April 2, 2025, the US added a 34% "reciprocal" tariff on most Chinese imports[287] that China matched on April 10,[288] while suspending negotiations regarding the sale of TikTok.[289] China began requiring licenses to export six rare-earth elements (REE) and rare-earth magnets, 100% and 90% of which were produced in China, respectively.[290] REEs, which are difficult to substitute and are critical to many high-tech goods, such as batteries, motors, weapons, and medical devices.[291] Licenses were delayed while China halted all exports.[290]

On April 8, 2025, the US raised its tariffs by an additional 50%, bringing the baseline to 104%.[292] China matched, bringing their baseline tariff to 84%.[293] The US then raised to 145%, and on April 11, China again matched. The Chinese 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."[294]

By April 12, 2025, after a retaliatory spiral, US tariffs on Chinese goods rose to 145% while Chinese tariffs on US goods rose to 125%.[294]

On April 22, 2025, he stated that tariffs with China would come down substantially, but not to zero. Two days later, Chinese spokesman Guo Jiakun said China and the US had "not conducted consultations or negotiations on tariffs."[295] When asked to respond, Trump said the US met with China as recently as that morning.[296]

By May 2, 2025, China had exempted approximately $40 billion worth of goods while the US had exempted about $102 billion (relative to 2024).[297] 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 the de minimis exemption for Chinese imports the same day.[298]

On May 6, 2025, He Lifeng, the Chinese Vice Premier, Scott Bessent, the US Treasury Secretary, and Jamieson Greer, the US Trade Representative, met for talks in Switzerland.[299]

On May 12, 2025, US and China agreed to drastically reduce rates for 90 days, from 145% to 30% and 125% to 10% respectively, pending further negotiations.[300] The US also cut tariffs on Chinese de minimis shipments from 120% to 54%.[219] On June 11, Trump declared the trade deal "done", although China downplayed the status as a framework representing the "first meeting".[301] Under terms expiring November 9, as extended, China lowered tariffs on US goods to 10% and resumed exports of rare-earth elements, while the US lowered its tariff on Chinese goods to 30% (10% baseline + 20% fentanyl) and cut de minimis tariffs to 54%.[302]

In July 2025, Trump reportedly softened his tone to facilitate a summit with CCP General Secretary Xi Jinping, seeking a potential a trade agreement.[303]

On July 29, 2025, US and China agreed to another 90 day pause.[304]

On October 10, 2025, President Trump threatened an additional 100% tariff on Chinese goods, starting November 1, in retaliation of China's broadening of export controls on rare earths.[122] 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".[305] China's Ministry of Transport announced it would match the Trump administration's planned increased in port fees on Chinese-owned and operated ships.[306] Days later China also moved to effectively ban Chinese companies from doing business with US subsidiaries of Korean shipbuilder, Hanwha Ocean.[123]

On October 30, 2025, President Trump and CCP General Secretary Xi 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.[124] The 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.[125]

India

Indian Prime Minister Narendra Modi holds talks with 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.[307]

In February 2025, Indian Prime Minister Narendra Modi visited the White House to negotiate tariffs and advance a deal aimed at doubling bilateral trade to $500 billion by 2030.[308] India's trade-weighted average tariff was 12%, compared to 2.2% from the US, leading Trump to repeatedly call the country the tariff king and a big abuser of trade ties.[309][310]

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.[308]

The US announced a 27% tariff on Indian goods beginning April 9.[307] On August 1, 2025, the US reduced the tariff rate to 25% and warned of an additional, unspecified penalty in response to India's purchases of Russian oil.[311] India continued to buy it.[312] Trump then tossed in a 25% surcharge, bringing base tariffs to 50% starting August 27, 2025.[313]

One result was that India faced higher tariffs than Pakistan, despite its ties to China.[314][315][316][317][318]

On November 20, 2025, Reliance Industries announced it will cease purchases of oil from Russia.[319][320]

Israel

Israeli prime minister Benjamin Netanyahu holds talks with Trump at the White House.

On April 2, 2025, the US imposed a 17% import duty on Israeli goods.[321] On April 7, 2025, Israel offered to remove tariffs on all US goods.[322] In August 2025, after discussions with Israeli prime minister Benjamin Netanyahu, the tariff rate for Israel was reduced to 15%.[323]

Japan

Japanese Prime Minister Shigeru Ishiba holds talks with Trump at the White House.
Members of the Second Ishiba Cabinet convene to discuss US tariff policy.
Japanese Minister of State for Economic and Fiscal Policy Ryosei Akazawa holds talks with Trump at the White House.

On April 7, after the announcement of a 25% tariff on cars and car parts and a 24% tariff on other goods, the Nikkei 225 stock market index fell 8%, the third-largest single-day loss in its history.[324] Japan's automotive sector depends on the US for 20% of its exports and analysts estimated that the tariffs could decrease Japan's GDP by 0.8%.[325][326]

On July 23, 2025, Trump announced a trade agreement with Japan. It included a 15% tariff on Japanese goods, notably lower than the 20% rate set in April. In exchange, Japan agreed to increase access for American agricultural products and ease non-tariff barriers affecting US technology exports.[327][328]

Pakistan

In July 2025, Pakistan and the US reached a trade deal that reduced reciprocal tariffs and provides US assistance with oil development.[329]

Philippines

Filipino President Bongbong Marcos holds talks with Trump at the White House.

On July 9, 2025, US tariffs on imports from the Philippines were set at 20%.[330] On July 22, 2025, Trump and Philippine President Bongbong Marcos announced a bilateral trade agreement under which US tariffs were set at 19%. In return, the Philippines agreed to eliminate tariffs on American goods.[331]

Singapore

On April 2, 2025, Trump imposed a 10% tariff on goods from Singapore.[332] On April 8, the Prime Minister's office stated that it would not retaliate.[333]

In the 2025 Singaporean general election held on May 3, 2025, economic fear of tariffs increased support for incumbent governments: one of two opposition parties in Singapore lost all their seats.[334]

Singaporean diplomatic efforts following Trump's tariff delay included requests to relieve pharmaceutical exports and sought greater access to advanced semiconductor and AI technologies.[335]

South Korea

South Korean President Lee Jae-myung holds talks with US President Donald Trump at the White House.

On April 2, 2025, Trump imposed reciprocal tariffs of 25% on goods from South Korea. The South Korean government then announced emergency support for its auto industry.[336]

On July 30, 2025, Trump announced a trade deal with South Korea, imposed 15% tariffs on South Korea goods effective August 1, 2025.[337]

Taiwan

Trump announced that TSMC is set to invest in the US.
Representatives from the Executive Yuan and legislative caucuses across party lines convene to discuss US tariff policy.

On April 2, 2025, Trump announced a "reciprocal tariff" of 32%,[338] excluding semiconductors, the island's primary export.[339] Trump had criticized Taiwan for unfair dominance in the semiconductor industry and not spending enough on its own defense.[339]

On August 1, 2025, Trump reduced the tariff rate on Taiwan rate to 20%, effective August 7, 2025.[340]

Vietnam

On February 10, 2025, 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.[341]

Vietnam's trade surplus made it a target.[341] On April 2, 2025, Trump instated a 46% tariff on imports from Vietnam, shocking exporters.[342]

On April 7, 2025, the VN Index of stocks listed on the Ho Chi Minh City Stock Exchange fell by 7% after initial negotiations were not successful.[343]

The Trump administration sent Vietnam a list of requests on June 3, 2025, including a request to reduce relations with China.[344][345] Negotiations continued until July 2, when Vietnam and the US agreed on tariff rates; the tariff rate on imports from Vietnam was reduced to 20%. 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.[346][27]

Nigeria

On April 2, 2025, Trump announced a 14% tariff on imports from Nigerian.[347] Trade Minister Jumoke Oduwole deferred to the WTO.[348]

South Africa

South Africa President Cyril Ramaphosa holds talks with US President Donald Trump at the White House.

The 25% tariff on all imported steel and aluminum affected major exporters in South Africa.[349]

Trump imposed a tariff rate of 31% on imports from South Africa on April 2, 2025.[350] According to South Africa, this effectively nullified the benefits African countries enjoyed under AGOA.[351]

On May 21, 2025, at a meeting with Trump, President Cyril Ramaphosa proposed to buy liquefied natural gas for 10 years in exchange for a quota of duty-free exports for a few subsidized foreign-owned multinationals. Under a trade deal, South Africa gained permission 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.[352][353]

On August 1, 2025, Trump reduced the tariff rate on imports from South Africa to 30%.[354]

Trump with the presidents of Gabon (top-left), Mauritania (top-right), Guinea-Bissau (bottom-left) and Liberia (bottom-right)

Zimbabwe

On April 2, 2025, Trump imposed a tariff rate of 18% on imports from Zimbabwe.[355] On April 6, Zimbabwe became the first to scrap all tariffs on US goods, which President Emmerson Mnangagwa stated was to foster a positive relationship with the US.[356]

Belarus and Russia

Russian president Vladimir Putin holds talks with US President Donald Trump in Anchorage, Alaska.

Following the Russian invasion of Ukraine in 2022, the G7 countries and their allies moved to revoke most favored nation status from Russia and block Belarus from joining the WTO.[357][358]

After the US Congress voted to sever trade relations with the countries, they became subject to "Column 2" rates in the Harmonized Tariff Schedule, which includes about 20% tariffs.[359][360]

President Biden increased rates on a variety of Russian goods in February 2023 using the IEEPA and Congressional acts designed to sanction Russia.[361]

Russia added the US to its "unfriendly countries list" in 2021 and imposed countersanctions.[362]

Trump did not include them in his "Liberation Day" tariffs,[363][364] as trade with Russia was minimal; it had fallen from $35 billion in 2021 to $3.5 billion in 2024.[365][363][364]

Trump instead implemented secondary sanctions of as much as 100% on countries that continued to buy Russian oil and pressured other countries and the European Union to do the same.[366][367]

European Union

Ursula Von der Leyen holds talks with US President Donald Trump.
French President Emmanuel Macron holds talks with US President Donald Trump at the White House.
US President Donald Trump and Irish Taoiseach Micheál Martin had lunch together following their meeting at the White House.

Before his second inauguration, Trump threatened tariffs on the European Union (EU) unless it reduced its trade surplus by increasing imports of American cars, agricultural products, and oil and gas.[368] The European 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.[369]

On February 7, the EU proposed lowering automotive tariffs from 10% and to increase LNG purchases and military equipment.[370]

After steel and aluminum tariffs took effect on March 12, 2025, the EU announced a two-phase retaliatory plan targeting €26 billion in US imports to begin in April 2025.[371][372] although Hungary dissented.[372]

Trump condemned a proposed tariff on American whiskey and threatened to respond with 200% tariffs on European alcohol.[373] The EU ultimately dropped plans to tariff alcohol after lobbying from Ireland, Italy, and France.[374][375]

After Trump suspended his reciprocal tariff, the EU delayed retaliation.[376]

On May 8, 2025, the EU increased its proposed retaliation to nearly €100 billion worth of US goods.[377]

On May 23, 2025, after complaining that trade negotiations have stalled, Trump proposed a 50% tariff.[378]

On May 25, 2025, Trump delayed the tariff to July 9, 2025.[379]

Trump rejected EU concessions and, on July 12, 2025, he sent the EU a letter threatening a 30% goods tariff beginning August 1, 2025.[380][381]

On July 27, 2025, the US and the EU announced a 15% deal—more than triple the average 4.8% that European goods had earlier faced.[381] 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%.[382] Trump claimed that the EU would buy $750 billion worth of US energy and invest an additional $600 billion into the US.[383] The EU stressed that the agreement was not legally binding[384] and that the $600 billion commitment was not guaranteed because the money would have to come from private companies.[385]

United Kingdom

British Prime Minister Keir Starmer holds talks with US President Donald Trump at the White House.
U.S. President Donald Trump and UK Prime Minister Keir Starmer present their signed trade deal at the 51st G7 summit. While the agreement cut section 232 tariffs such as those on automobiles, the 10% Liberation Day tariffs remained in place.
Trump announced he had reached the first trade deal with the United Kingdom.
US President Donald Trump and British Prime Minister Keir Starmer held bilateral talks during the G7 Summit.

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.[386][387]

On May 8, 2025, Trump announced he had reached the first trade deal of his second administration with the UK.[388] The US eliminated 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 eliminated tariffs on US ethanol fuel and allow up to 13,000 metric tons of US beef—up from a previous cap of 1,000 tons at a 20% tariff.[389] The deal did not alter the UK's food safety standards, leaving hormone-treated US beef ineligible for import, and it did not modify the UK's DST or 10% tariff on American cars.[389]

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.[390] The deal was finalized at the G7 summit.[391]

In January 2026, Trump threatened the UK with 10% tariffs from February 1, 2026, to increase to 25% from June 2026 over the Greenland crisis.[392]

Switzerland

In July 2025, Trump said that 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, 2025, the US and Switzerland reached a trade deal to set duties at 15%.[393][394]

Australia

Australian Prime Minister Anthony Albanese holds talks with US President Donald Trump at the White House.

The US imposed a 25% tariff on Australian steel and aluminum.[395]

Trump imposed a 10% tariff on imports from Australia on April 2, 2025.[396]

Australian Prime Minister Anthony Albanese released a five-point strategy to mitigate the damage to impacted industries. The strategy included a $50 million assistance package to help industries such as beef exports find new customers.[397] On April 9, Australia declined an offer to 'join hands' by China ambassador Xiao Qian.[398]

In the 2025 Australian federal election held on May 3, 2025, economic fear of tariffs increased support for incumbent governments: opposition leaders lost their seats.[399]

Fiji

On April 2, 2025, Trump announced tariffs on imports from Fiji of 32%, although the Fijian government levied less than 2% import duties on average on US imports.[400]

Affected were products such as Fiji Water, kava, dalo and turmeric.[401]

In August 2025, the tariff rate on goods imported from Fiji was lowered to 15%.[402]

Brazil

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,[403] reaching $253 million in 2024.[404] Nonetheless, Trump criticized the country for as a "tremendous tariff maker" and pledged tariffs on its exports.[405] Brazilian president Luiz Inácio Lula da Silva vowed to reciprocate.[406] However, following Trump's 25% tariffs on steel and aluminum, Brazilian Institutional Affairs Minister Alexandre Padilha stated that Brazil would not retaliate.[407]

On April 2, 2025, Trump imposed the base 10% tariff on Brazil.[408] The reaction from Brazilian exporters was mixed. Coffee exporters saw an opportunity to send more robusta beans to the US because their international rivals had been hit with heavier charges.[409]

In April 2025, the Brazilian National Congress passed a "Trade Reciprocity Law", enabling the government to respond to unilateral trade measures.[410][411]

In a letter to Brazil on July 9, 2025, Trump threatened a 50% tariff while denouncing charges against Jair Bolsonaro, an ally facing trial for the 2022 Brazilian coup plot.[412] 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.[413]

On July 9, 2025, Trump announced a 50% tariff on Brazilian goods. He criticized the criminal prosecution of former Brazilian president Jair Bolsonaro, accused Brazil of being an unfair trading partner, and claimed the tariff was below what the US needed for a "level playing field".[414]

Paul Krugman (left) criticized Donald Trump's tariff on Brazilian goods, arguing it was meant to help "another wannabe dictator", while the stance of Luiz Inácio Lula da Silva (center) was praised by Joseph Stiglitz (right), who stated the Brazilian president stood up to Trump and "has defended his country's sovereignty".

Nobelist Paul Krugman criticized the tariff, stating that the tariff was reason enough to impeach the president.[415] Fellow Nobelist Joseph Stiglitz stated that Brazilian president Luiz Inácio Lula da Silva, by refusing to submit to US intimidation, had "defended his country's sovereignty" in trade and in the regulation of American-controlled tech platforms.[416]

On July 30, 2025, 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.[417] He extended the implementation date to August 6, 2025.[417] After signing off on the tariffs, (exceptions covered nearly 700 products), Brazilians adopted the phrase Trump Always Chickens Out (TACO) to mock the American president; the acronym became one of the seven most-used terms on X that week.[418][419]

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.[420][421]

Faced with the tariffs, Lula attempted to diversify Brazil’s international partnerships and strengthening BRICS.[422]

On September 14, 2025, following the sentencing of former Brazilian president Jair Bolsonaro to 27 years and 3 months in prison, Brazil risked 200% tariffs from the US.[423]

On November 24, 2025, The 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.[424][425]

In November 2025, Trump signed Executive Order 14361, "Modifying the Scope of Tariffs on the Government of Brazil", which exempts coffee and certain other agricultural imports from the 40% tariff on imports from Brazil.[426]

Colombia

On January 26, 2025, a dispute arose between Colombia and the US after Colombian president Gustavo Petro refused to allow two US military aircraft to land carrying deported Colombians.[427] Petro said he would accept deportees on civilian planes.[428] In response, Trump ordered retaliation against Colombia,[428] including 25% tariffs that would increase to 50% in one week if Petro did not reverse his position.[429] Petro responded by ordering a 25% tariff that would also increase to 50%.[428] Hours later, the US said Colombia had agreed to "unrestricted acceptance" of deportees, including on military aircraft.[430] Colombia said it would "continue to receive" deportees and would guarantee them "dignified conditions".[427]

El Salvador

El Salvadoran president Nayib Bukele holds talks with US President Donald Trump at the White House.

On April 2, 2025, Trump announced a 10% tariff rates on imports from El Salvador.[355] Two days later, President Nayib Bukele, publicly welcomed the measure, describing it as a "great idea" and emphasizing the importance of long-term over short-term economic considerations.[431]

Norway

Trump announced a 15% tariff on goods from Norway starting August 7, 2025.[432] He announced another 10% tariff, starting February 1, 2026, on goods from Norway and seven other NATO countries which have sent military reinforcements to Greenland. This tariff will increase to 25% from June 1, and will be in force until a deal has been made to purchase Greenland.

Summary table

Enacted US tariffs
Section 232 tariffs
Tariff Effective Status Notes Ref.
50% tariff on steel[433] and aluminum[434] products March 12, 2025;

Increased June 4, 2025

In effect
  • On April 4, 2025, the aluminum tariff expanded to include canned beer and empty aluminum cans.[435][436]
  • On June 4, 2025, tariffs doubled from 25% to 50%.[437]
  • On June 23, 2025, steel tariffs expanded to include household appliances like washing machines and refrigerators.[438]
  • On August 19, 2025, tariffs expanded to include 407 additional products including construction materials and furniture.[439]
 [440]
50% tariff on copper August 1, 2025 In effect
  • Applies to semi-finished and copper intensive items such as pipes and electrical components.
  • Excludes raw input material copper cathode, copper ores, concentrates and scraps.
 [441][442]
25% tariff on automobiles and auto parts April 3, 2025 In effect
  • Reduced to 10% for UK; 15% for Japan, South Korea and EU.[157]
  • Auto parts were added on May 3, 2025. Parts compliant with the USMCA were excluded.[155]
 [443]
100% tariff on brand name pharmaceuticals October 1, 2025 Partially in effect
  • Excludes products from companies owning or building manufacturing plants inside the US.
  • On December 1, 2025, the UK reached a deal for 0% tariffs on their medical exports.[165]
 [444]
10% tariff on timber and lumber October 14, 2025 In effect [445]
30% tariff on upholstered wooden products and 50% on cabinets and vanities October 14, 2025; Increased January 1, 2026 In effect
  • Duties rose from 25% on January 1, 2026.
 [445]
25% tariff on trucks and 10% tariff on busses November 1, 2025 In effect [446]
IEEPA tariffs
Global de minimis exemption closure August 29, 2025 In effect See § De minimis exemption closure [447]
10% universal "reciprocal tariff" on all imported goods April 5, 2025 In effect
  • See § "Reciprocal" tariff policy.
  • Not applicable to § Excluded goods.
 [448]
Country-specific "reciprocal tariffs" August 7, 2025 In effect
  • See § "Reciprocal" tariff policy.
  • Not applicable to § Excluded goods.
  • Implementation was delayed from April 9, 2025 to July 8, 2025,[449] and then again to August 7, 2025.[450]
 [451]
30% tariff on all Chinese goods May 14, 2025 In effect Total tariff of 30% includes:
  • 20% "fentanyl tariff" (10% on February 4, 2025 + 10% on March 4, 2025)
  • 10% universal tariff, not applicable to § Excluded goods.
 [452]
De minimis exemption closure for China and Hong Kong May 3, 2025; Decreased May 12, 2025 In effect See § De minimis exemption closure. Tariff cut to 54% from 120% on May 14.[219][220] [217]
145% tariff on all imports from China February 4, 2025; Increased March 4, 2025; Increased April 9, 2025; Paused May 14, 2025 Paused[219] Total tariff of 145% includes:
  • 20% "fentanyl tariff" (10% on February 4, 2025 + 10% on March 4, 2025)
  • 125% "reciprocal tariff" (34% initial tariff + 50% retaliation[453] + 41% retaliation).[454] Not applicable to § Excluded goods.

On May 14, 2025, tariff was reduced to 30% for 90 days pending trade talks. The reduction expired November 9, 2025, as extended but an agreement was reached on November 1, 2025.[452]

[455][456][457]
40% tariff on imports from Brazil August 6, 2025 In effect Imposed by Executive Order 14323. [458]
25% secondary tariff on imports from India August 27, 2025 In effect Imposed by Executive Order 14329 as a penalty for India's purchases of Russian oil. [313]
35% tariff on most imports from Canada + 10% on Canadian oil and gas March 4, 2025;

Increased August 1, 2025

Partially in effect
  • Tariffs on USMCA-compliant goods are delayed indefinitely.[150] 38% of Canadian goods were compliant in 2024,[253] but Canada expected the "vast majority" of goods to be quickly made compliant.[255]
  • Tariff increased from 25% to 35% on August 1, 2025
 [459]
25% tariff on all imports from Mexico March 4, 2025 Partially in effect
  • Tariffs on USMCA-compliant goods are delayed indefinitely.[150] 50% of Mexican goods were compliant in 2024, but Mexico planned to increase to 85–90%.[254]
 [459]
25% tariff on imports from countries importing Venezuelan oil April 2, 2025 Announced The Secretary of State may impose a 25% tariff on goods from any country that imports Venezuelan oil, directly or indirectly, after April 2, 2025. [460]
Foreign retaliation
Country/Region Effective Status Notes Ref.
Canada March 4, 2025 Partially in effect
  • 25% on $20.8 billion (CA$30 billion) of US goods in effect. A planned expansion to an additional $86 billion (CA$125 billion) worth of US goods was suspended on March 6, 2025.[256]
  • On April 15, 2025, Canada added a 6-month suspension on tariffs for imports critical to manufacturing, food and beverage processing, healthcare, national security and other objectives.[461]
 [462][463]
Canada March 13, 2025 Partially in effect
  • 25% tariffs on $20.6 billion (CA$29.8 billion) of US goods: $8.7 billion (CA$12.6 billion) steel products, $2 billion (CA$3 billion) aluminum products, and $9.9 billion (CA$14.2 billion) misc. goods.
  • On April 15, 2025, Canada added a 6-month suspension on tariffs for imports critical to manufacturing, food and beverage processing, healthcare, national security and other objectives.[461]
  • On June 20, 2025, Carney said Canada would increase its counter-tariffs on steel and aluminium products on July 21, 2025 if talks with the US stalled.[464]
 [258]
Canada April 9, 2025 In effect[465] 25% tariff on non-USMCA compliant vehicles imported into Canada from the US.[259] On April 15, 2025, Canada exempted a quota of cars from automakers that manufacture in Canada.[461] [466][259]
China February 4, 2025 In effect 15% tariff on coals and liquefied natural gas, 10% on oil and agricultural machines, and investigations on US companies. [279]
China March 10, 2025 In effect 10–15% tariffs on US meat and agricultural products, suspension of US lumber imports, revocation of soybean import licenses for 3 US firms.[283] [280]
China April 10, 2025 In effect
  • Originally 34% on all US goods effective April 10, 2025, China raised the baseline to 84% on April 9, 2025, 125% on April 12, 2025, and reduced to 10% from May 14, 2025 for 90 days, then extended to November 9, 2025.[449]
 [467][468][469] A new trade deal was announced on November 1.[470]
China April 4, 2025 Paused
  • 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 May 12, 2025, China agreed to resume exports. The US alleged China failed to follow through and reiterated the agreement in a trade deal announced June 11, 2025.[471]
 [472]
European Union April 15, 2025 Paused
  • 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, 2025).
  • EU proposed increasing tariffs to target $100 billion of US goods.[473]
  • On August 4, 2025, a delay until August 7, 2025 was extended for another 6 months.[383]
 [372]
Proposed US tariffs
Digital Service Taxes (DSTs) In development Trump directed USTR to initiate a Section 301 investigation into DSTs, particularly against France, Austria, Italy, Spain, Turkey, and the UK [474]
Semiconductors In development Trump directed the Commerce Secretary to initiate a Section 232 investigation into "imports of semiconductors and semiconductor manufacturing equipment". [166]
Processed critical minerals and derivative products 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". [475]
Trucks and truck parts In development 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". [476]
Commercial aircraft and jet engines and parts In development 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". [477]
Personal protective equipment In development Trump directed the Commerce Secretary to initiate a Section 232 investigation into "Imports of personal protective equipment, medical consumables, and medical equipment, including devices". [478]

See also

Notes

  1. ^ 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.
  2. ^ 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.[175]

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  469. ^ Cooper, Amanda; Shen, Samuel; Krauskopf, Lewis (May 13, 2025). "Investors cheer US-China tariff truce, but cautious over a final deal". Reuters. Retrieved May 19, 2025.
  470. ^ Lawder, David; Shalal, Andrea (November 2, 2025). "What did Trump, Xi agree to on tariffs, export controls and fentanyl". Reuters.
  471. ^ "US President Donald Trump says rare earths deal 'done' with China". www.bbc.com. June 12, 2025. Retrieved June 20, 2025.
  472. ^ Bradsher, Keith (June 3, 2025). "What to Know About China's Halt of Rare Earth Exports". The New York Times. ISSN 0362-4331. Retrieved June 20, 2025.
  473. ^ "EU takes aim at US planes, autos in €100B counterstrike against Trump tariffs". POLITICO. May 8, 2025. Retrieved August 4, 2025.
  474. ^ Allen, Brooks; Leiter, Michael; Werry, Susanne; Bell, Jacob (February 28, 2025). "Trump Revives and Expands the Battle Over Digital Services Taxes". Skadden, Arps, Slate, Meagher & Flom.
  475. ^ "Notice of Request for Public Comments on Section 232 National Security Investigation of Imports of Processed Critical Minerals and Derivative Products". Federal Register. April 25, 2025. Retrieved May 5, 2025.
  476. ^ "Notice of Request for Public Comments on Section 232 National Security Investigation of Imports of Trucks". Federal Register. April 25, 2025. Retrieved May 5, 2025.
  477. ^ "Notice of Request for Public Comments on Section 232 National Security Investigation of Imports of Commercial Aircraft and Jet Engines and Parts for Commercial Aircraft and Jet Engines". Federal Register. May 13, 2025. Retrieved May 23, 2025.
  478. ^ Bao, Anniek (September 25, 2025). "U.S. expands tariff dragnet to masks, syringes and robotics in sweeping import probe". CNBC. Retrieved September 25, 2025.
  • "Fact Sheet: President Donald J. Trump imposes tariffs on imports from Canada, Mexico and China". The White House. February 1, 2025.
  • "Executive Order: Imposing duties to address the flow of illicit drugs across our northern border". The White House. February 1, 2025.
  • "Reciprocal Tariff Calculations". Office of the United States Trade Representative. April 2025. Retrieved April 3, 2025.
  • Tariff flow chart as of January 2026 from the Cato Institute.
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