Tariffs in the second Trump administration

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Set of tariffs on imported goods to the U.S. instituted in 2025

During his second presidency, President Donald Trump enacted steep protective tariffs on nearly all imported goods, raising the average US tariff rate from 2.5% to a peak of 27% in early 2025. Utilizing the IEEPA, he imposed universal and sector-specific tariffs, including 50% on steel and aluminum and 25% on cars, despite legal challenges that were temporarily stayed. Trump’s “Liberation Day” tariffs introduced reciprocal 10% tariffs affecting all countries, intensifying the China–United States trade war with tariffs reaching 145% on Chinese goods before a trade deal reduced rates. These tariffs aimed to boost domestic manufacturing and reduce trade deficits but faced criticism for harming economic growth, contributing to lowered GDP projections by the Federal Reserve and others.

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Archived Web Articles Add Article

Appeals court halts ruling that blocked Trump's tariffs

May 29 2025

Stocks just erased all of this year’s losses as investors welcome trade progress

May 13 2025

Poll shows big problem for Trump’s trade deal: It’s Trump

May 9 2025

EU to launch dispute against U.S. tariffs as it sets out 95 billion euros in countermeasures

May 8 2025

Trump’s foreign film tariffs could ‘wipe out’ UK movie industry, ministers told

May 5 2025

The clock is ticking down to zero, and Trump needs a trade deal — badly

May 5 2025

Trump announces 100% tariffs on movies ‘produced in foreign lands’

May 4 2025

Massive car companies stop all US imports

Apr 20 2025

Tariffs-spared Kremlin says a global war trade would still hurt Russia

Apr 17 2025

View all

Background

Since the 1980s, Trump has advocated for import tariffs as a tool to regulate trade and retaliate against foreign nations that he believes have been disadvantageous to Americans.¹³ In his campaigns for the US presidency, Trump promised to use tariffs to achieve a wide range of goals, including preventing war, reducing trade deficits, improving border security, and subsidizing childcare.¹⁴ Although Trump has said foreign countries pay his tariffs, US tariffs are fees paid by US consumers and businesses either directly or in the form of increased prices.¹⁵ ¹⁶ ¹⁷ ¹⁸ He has also claimed that tariff revenues could eventually replace income taxes, however tariffs would only raise $2.4 trillion over the course of a decade, whereas the IRS collects $2 trillion per year;¹⁹ furthermore, tariff revenues would be expected to decrease over time, given a presumed reduction of imports.²⁰ Shortly after being reelected, Trump acknowledged that tariffs might cause "some pain" for Americans but insisted "it will all be worth the price that must be paid".²¹

In 2018, Trump imposed tariffs on steel and aluminum imports, resulting in price increases for Americans.²² The World Trade Organization (WTO), a regulator of international trade, ruled some of Trump's first term tariffs that the implementation violated global trade rules.²³ 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.²⁴ While he and his first successor, Joe Biden, rolled back some of these tariffs, most remained in place by the start of Trump's second term.²⁵ Trump also launched a trade war with China which subjected 60% of US-China trade to 20% tariffs²⁶ and was widely characterized as a failure for the United States.²⁷

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.²⁸ Mexico deployed nearly 15,000 troops to its border with the US and 6,500 troops to its border with Guatemala.²⁹ In 2020, the US, Mexico and Canada renegotiated NAFTA as the United States–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.³⁰ ³¹ He withdrew the tariff a month later, three hours before Canada planned to retaliate.³²

Planning

While campaigning for his second term as US president, Trump pledged even larger tariffs than 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. Trump also suggested replacing income taxes with tariff revenue—an idea economists from the Tax Foundation deemed "mathematically impossible".³³ 23 Nobel Prize-winning economists signed a letter warning that Trump's policies, including high tariffs, would "lead to higher prices, larger deficits, and greater inequality".³⁴ ³⁵

Trump appointed close economic advisor Peter Navarro as his Senior Counselor for Trade and Manufacturing. Navarro had been recently imprisoned for defying congressional subpoenas related to his role in attempts to overturn the 2020 election, including his "Green Bay Sweep" strategy.³⁶ Navarro advocates for a permanent regime of trade barriers to balance the trade deficit and wrote books criticizing corporations for prioritizing profits over American jobs. He had served in high-ranking trade roles during Trump's first term but was often rebuffed by free market-minded Trump administration officials such as Gary Cohn, who resigned in protest of Trump's 2018 steel and aluminum tariffs.³⁷ The Financial Times reported Navarro would receive more influence and less opposition in Trump's second administration. Navarro began working closely with cabinet nominees Howard Lutnick and Jamieson Greer.³⁸ ING Group noted that plans for Trump's "reciprocal tariff" policy appeared to align with Navarro's section of Project 2025, titled "The Case for Fair Trade".³⁹

Shortly after the 2024 election, Stephen Miran, now chairman of the Council 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 a global reserve 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 formula⁴⁵ 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.⁴⁶ ⁴⁷

Key events and negotiations

January-March 2025

Trump was inaugurated for a second term on January 20, 2025. In his inaugural address, he pledged to "immediately begin the overhaul of our trade system to protect American workers and families."⁴⁸ 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.⁴⁹ Tariffs on USMCA-compliant Mexican and Canadian goods were soon suspended,⁵⁰ but the "fentanyl tariff" on Chinese goods was raised to 20% on March 4.⁵¹ 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.⁵² ⁵³

Analysts and foreign governments expressed confusion over the administration's tariff strategies and openness to negotiation.⁵⁴ ⁵⁵ 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.⁵⁶ Canada alleged that tariffs on its exports were intended to damage its economy and pressure annexation into the United States.⁵⁷ Vietnam offered to eliminate all tariffs on American goods, but economic advisor Peter 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 2, the administration imposed 25% tariffs on imported steel and aluminum products. First-quarter US GDP fell -.03%. US firms and consumers stockpiled foreign goods before new tariffs took effect, causing imports to soar 41.3%.⁵⁹

April-June 2025

On April 2, a day he called "Liberation Day", Trump declared an emergency regarding the national deficit and announced "reciprocal tariffs" on all countries not subject to other sanctions. A baseline 10% tariff on nearly all US imports took effect on April 5.⁶⁰ Panic induced by the announcement led to a severe stock and bond market crash. Planned April 9 tariff increases on 56 countries were delayed 90 days, to July 8.⁶¹ ⁶² After a retaliatory spiral, US tariffs on Chinese goods rose to 145% and Chinese tariffs on US goods rose to 125%.⁶³ Steel and aluminum tariffs, a 25% tariff on automobiles imposed April 3, and other sector-specific duties also remained.⁶⁴ Politico estimated the average effective US tariff rate reached 27%, the highest level in over a century.⁶⁵

On April 21, CEOs of major US retailers warned Trump that the escalating trade war with China would lead to visible price increases and product shortages in two weeks.⁶⁶ The first cargo ships carrying Chinese goods tariffed at 145% arrived on May 6 with shipments cut in half.⁶⁷ Trump reportedly pivoted focus toward negotiation, sidelining Navarro and promoting Scott Bessent as his lead economic advisor.⁶⁸ ⁶⁹ By June, the US reached trade deals with the UK and China. The UK agreement reduced select tariffs but kept the 10% baseline.⁷⁰ ⁷¹ China lowered tariffs on US goods to 10% and resumed are earths exports; the US lowered its tariff on Chinese goods to 30% (10% baseline + 20% fentanyl) and cut de minimis tariffs to 54%.⁷² Trump stated the 10% tariff would remain for all countries even after negotiations.⁷³ Trump announced the 10% baseline tariff would remain for all countries even after negotiations.⁷⁴

On May 28, the United States Court of International Trade unanimously ruled that Trump had xceeded his authority in imposing the "fentanyl tariffs" and "reciprocal tariffs".⁷⁵ The Court of Appeals for the Federal Circuit granted a temporary stay the next day, allowing the tariffs to remain in effect while it considered the case.⁷⁶ The court set oral arguments for July 31.⁷⁷

On June 4, 2025, Trump increased tariffs on steel and aluminum imports from 25% to 50%.⁷⁸ On June 12, steel tariffs were expanded to include a range of household appliances including refrigerators and dishwashers.⁷⁹

Legality

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.⁸⁰ 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.⁸¹ ⁸² Trump directed the USTR to initiate similar investigations to impose tariffs under Section 301 of the Trade Act of 1974.⁸³

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.⁸⁴ ⁸⁵ Declaring these emergencies allowed Trump to enact tariffs quickly without following the complex procedures required by TEA or other trade statutes.⁸⁶ 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."⁸⁷ 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."⁸⁸

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.⁸⁹ ⁹⁰ ⁹¹ ⁹² ⁹³ JD Vance cast a tie-breaking vote in the Senate to uphold the emergency underpinning the "Liberation Day" tariffs.⁹⁴

Several countries initiated disputes regarding Trump's tariffs with the World Trade Organization (WTO), a regulator of international trade.⁹⁵ ⁹⁶ 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.⁹⁷ 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.⁹⁸

At least seven cases were filed in American federal courts challenging Trump's authority to impose tariffs under IEEPA.⁹⁹ ¹⁰⁰ In May 2025, the United States Court of International Trade (CIT) held hearings for V.O.S. Selections, Inc. v. Trump¹⁰¹ and Oregon v. Trump.¹⁰² On May 28, the CIT unanimously ruled that Trump had overreached his authority under the IEEPA and vacated all tariffs related to it. They concurred with the plaintiffs that IEEPA "does not authorize any of the worldwide, retaliatory, or trafficking tariff orders."¹⁰³ ¹⁰⁴ The next day, an appellate court stayed the decision, allowing the tariffs to remain in effect while it considered the case.¹⁰⁵ A Washington D.C. district court issued a similar ruling the next day, but the resulting order was stayed for fourteen days to allow for appeal.¹⁰⁶ ¹⁰⁷

Multinational tariffs

Steel and aluminum tariffs

On March 12, 2025, the US imposed 25% tariffs on all steel and aluminum imports, aiming to strengthen domestic production.¹⁰⁸ On April 2, 2025, aluminum tariffs expanded to include empty aluminum cans and canned beer.¹⁰⁹ 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".¹¹¹ 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.¹¹² Commerce Secretary Howard Lutnick said Trump would soon add a copper tariff as well.¹¹³ On May 30, 2025, Donald Trump announced double tariff on steel and aluminium imports from 25% to 50% since June 4.¹¹⁴

In 2023, the US imported 44% of its aluminum and 26% of its steel.¹¹⁵ Canada was its largest supplier of both, accounting for more than half of aluminum¹¹⁶ and two-thirds of primary aluminum imports.¹¹⁷ While the US was the world's largest producer of aluminum through 2000, it accounted for less than 2% of the global supply by 2021, largely due to high electricity costs that made it less competitive in the global market.¹¹⁸ In 2021, primary aluminum smelters 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 defense or electronics.¹¹⁹

Tariffs on steel and aluminum imports were increased to 50% on June 4, 2025.¹²⁰ The UK remained at 25% while it continued to negotiate a trade deal announced the previous month.¹²¹ On June 12, the White House announced steel tariffs would expand to include a range of major household appliances beginning on June 23, 2025.¹²²

Automobile and auto part tariffs

In January 2025, President Trump announced broad tariffs on Canada and Mexico, threatening the highly integrated North American auto supply chain.¹²³ Due to decades of free trade agreements including USMCA, factories in the US, Canada, and Mexico grew accustomed to shipping auto parts back and forth multiple times during the manufacturing process.¹²⁴ The three largest US automakers—Ford, General Motors, and Stellantis—lobbied for exemptions, warning the tariffs would hurt American companies more than foreign competitors.¹²⁵ Ford CEO Jim 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."¹²⁶ Trump agreed to delay tariffs on USMCA-compliant vehicles.¹²⁷ Still, non-USMCA compliant brands manufacturing in Canada or Mexico, such as BMW, were affected starting March 4, 2025.¹²⁸ BMW chose to cover these tariffs until May 1, 2025.¹²⁹

The USMCA exemption closed on April 3, when Trump imposed a new 25% tariff on all imported cars, including those from Mexico and Canada.¹³⁰ Economist Arthur Laffer estimated car prices would increase by $4,711, compared to $2,765 if the USMCA exemption remained available.¹³¹ The White House argued the move would boost domestic manufacturing and generate $100 billion in tax revenue,¹³² noting that about 50% of the 16 million cars bought by Americans in 2024 were imported.¹³³ 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.¹³⁴

Trump announced some relief after US automakers requested more time to move their supply chains.¹³⁵ 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.¹³⁶ 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.¹³⁷ In May, US automakers criticized Trump's first trade 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.¹³⁸

De minimis exemption closure

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.¹³⁹ The de minimis exemption waives standard customs procedures on low-value packages to reduce administrative burdens. US Congress quadrupled the de minimis threshold from $200 to $800 in 2016, resulting in an over 1000% increase in shipments claiming the exemption by 2023.¹⁴⁰ ¹⁴¹ 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.¹⁴² The largest beneficiaries were Chinese e-commerce companies such as Shein and AliExpress. Some shipments were linked to drug trafficking.¹⁴³ However, by February 7, 2025, Trump reopened the de minimis exemption for all three target countries to avoid overwhelming US customs officials.¹⁴⁴ ¹⁴⁵ ¹⁴⁶

On April 2, 2025, Trump closed the exemption for China and Hong Kong again, beginning May 2.¹⁴⁷ Imports shipped via the Universal Postal Union (UPU), of which USPS is a member, would be subject to a duty of 120% of the shipment's value or $100 per package—rising to $200 after June 1. Shipments by all other carriers, such as UPS and FedEx, became subject to all applicable standard duties—a minimum of 145% for Chinese goods.¹⁴⁸ Trump directed that the de minimis exemption be closed for all countries in the future, once "adequate systems are in place" to collect duties.¹⁴⁹ Following the closure, Chinese e-commerce company Temu said it would stop selling goods from China directly to US customers.¹⁵⁰

Following trade talks between the US and China, the US cut tariffs on de minimis shipments from China to 54% beginning May 14.¹⁵¹ ¹⁵²

Additional proposals

Digital Sales Tax investigation

Secondary tariffs

"Secondary tariffs" are a new trade policy introduced by the second Trump administration that resembles secondary sanctions.¹⁵⁹ Unlike primary tariffs, which directly target a specific country, secondary tariffs penalize the third-party countries or entities that trade with the targeted nation.¹⁶⁰ 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.¹⁶¹ He subsequently threatened secondary tariffs on countries buying Russian oil, unless Russia agreed to a peace treaty with Ukraine,¹⁶² and on countries that trade with Iran.¹⁶³ In June 2025, a majority of U.S. senators supported secondary sanctions against Russia that would impose 500% tariffs on countries that buy Russian oil, natural gas, uranium and other exports. China and India are the major consumers of Russian energy.¹⁶⁴

Solar panels

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.¹⁶⁵ The Commerce Department was expected to set final determinations by April 18, 2025.¹⁶⁶ 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. The International Trade Commission will vote on the plans in June.¹⁶⁷

Films

In a social media post on May 4, Trump announced he would authorize the Department of Commerce and the USTR to begin the process of instituting a 100% tariff on all films "produced in foreign lands". Trump claimed the US film industry was dying a "very fast death" due to the incentives that other countries were offering to draw American filmmakers. He described these incentives as a "national security threat" and the films as "propaganda."¹⁶⁸

US film production has increasingly moved to lower-cost locations overseas, resulting in job losses for American industry workers.¹⁶⁹ ¹⁷⁰ Secretary of Commerce Howard Lutnick responded, "We're on it".¹⁷¹ A White House spokesperson said the administration was exploring options but no final decisions had been made.¹⁷²

Toys

US President Donald Trump initially threatened to impose 100 percent tariffs on toy-maker Mattel after the company said it would diversify its production to other countries, but not the United States. Trump later stated in the Oval Office on May 8, 2025, he also stated that the company won't sell "one toy in the United States", if they did that.¹⁷³ ¹⁷⁴ Additionally, President Donald Trump, clearly stated during an interview with Meet 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 U.S. companies "were doing with China was just unbelievable."¹⁷⁵

"Reciprocal" tariff policy

Main article: Liberation Day tariffs

"Reciprocal tariffs" by country (April 2, 2025)¹⁷⁶ ¹⁷⁷ ¹⁷⁸

Country or territory	Rate
Algeria	30%
Angola	32%
Bangladesh	37%
Bosnia and Herzegovina	35%
Botswana	37%
Brunei	24%
Cambodia	49%
Cameroon	11%
Chad	13%
China	34%
Democratic Republic of the Congo	11%
Equatorial Guinea	13%
European Union	20%
Falkland Islands (United Kingdom)	41%
Fiji	32%
Guyana	38%
India	26%
Indonesia	32%
Iraq	39%
Israel	17%
Ivory Coast	21%
Japan	24%
Jordan	20%
Kazakhstan	27%
Laos	48%
Lesotho	50%
Libya	31%
Liechtenstein	37%
Madagascar	47%
Malawi	17%
Malaysia	24%
Mauritius	40%
Moldova	31%
Mozambique	16%
Myanmar	44%
Namibia	21%
Nauru	30%
Nicaragua	18%
Nigeria	14%
North Macedonia	33%
Norway	15%
Pakistan	29%
Philippines	17%
Serbia	37%
South Africa	30%
South Korea	25%
Sri Lanka	44%
Switzerland	31%
Syria	41%
Taiwan	32%
Thailand	36%
Tunisia	28%
Vanuatu	22%
Venezuela	15%
Vietnam	46%
Zambia	17%
Zimbabwe	18%
All other non-exempt countries	10%

Announcement

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.¹⁷⁹ 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, 2025.¹⁸⁰ Trump announced that he would unveil the reciprocal tariffs on April 2, 2025, a date he referred to as "Liberation Day".¹⁸¹ ¹⁸²

On April 2, 2025, Trump declared a national emergency to address what he described as a "large and persistent US trade deficit", enabling him to invoke the IEEPA to impose a 10% tariff on all imports to the US, effective April 5, 2025.¹⁸³ He also announced higher tariffs for 57 countries and territories set to begin April 9.¹⁸⁴ The White House said these tariffs would be applied in addition to existing measures on Chinese imports, resulting in an effective tariff rate of 54% on Chinese goods after April 9, 2025.¹⁸⁵ Politico described the measures as "the most significant US protectionist trade action since the 1930s", when Congress passed the Smoot–Hawley Tariff Act.¹⁸⁶ Federal Reserve chairman Jerome Powell described the tariffs, and their likely economic impact, as "significantly larger than expected."¹⁸⁷

Excluded goods

The following goods were not impacted by additional tariffs, including the 10% baseline tariff:¹⁸⁸

All articles subject to 50 USC 1702(b), such as books and other informational materials
Steel and aluminum products, which were separately impacted by a 25% universal Section 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 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.¹⁸⁹
Smartphones, computers and various electronic parts.¹⁹⁰

Development

Reuters reported the Trump administration struggled to design reciprocal tariffs because each of the 186 members of the World Customs Organization applied different duties.¹⁹¹ The administration initially considered dividing all countries into tiers of high, medium, and low trade barriers.¹⁹² Later, Treasury Secretary Scott Bessent and National Economic Council director Kevin Hassett told Fox Business that the administration would focus on the United States' largest trading partners and assign individualized tariff rates.¹⁹³ ¹⁹⁴ Hassett stated that "more than 100 countries don't really have any tariffs on us and don't have any non-tariff barriers" and that only "10 to 15 countries" were a concern.¹⁹⁵

However, on March 30 Trump told reporters, "I don't know who told you 10 or 15", dismissing the idea as a "rumor" and saying he would impose tariffs on "all countries".¹⁹⁶ ¹⁹⁷ Although many countries attempted to negotiate deals in the weeks leading up to April 2, no exemptions were granted.¹⁹⁸ ¹⁹⁹ The lack of clarity contributed to economic volatility and the beginning of the 2025 stock market crash.²⁰⁰ ²⁰¹ ²⁰²

Bloomberg News reported Navarro urged Trump to adopt a 25% minimum import tariff or a "reciprocal" tariff formula based on trade deficits, while Bessent and Hassett proposed more nuanced and targeted tariffs. Bessent encouraged using tariffs primarily as a negotiating tool, while Navarro saw them as a means to transform trade relationships. Ultimately, Trump adopted Navarro's idea of "reciprocal" tariffs.²⁰³ ²⁰⁴

Formula calculation

Soon after the unveiling, financial journalist James Surowiecki reported that the final "reciprocal tariff" policy appeared to calculate the value of a country's trade barriers by dividing the US trade deficit with the country by the value of US imports from the country, where both the trade deficit and the imports focus only on goods, rather than both goods and services.²⁰⁵ ²⁰⁶ The "reciprocal" tariff rate Trump imposed was then calculated by dividing that value in half.²⁰⁷ For example, dividing the US's 2024 trade deficit in goods with China, $295 billion, by the amount that the US imported from China, $439 billion, results in the 67% trade barrier value the US assigned to China: $295bn ÷ $439bn = 0.67 which, as a percentage, is 67%.²⁰⁸

The Trump administration later published their trade barrier formula online, which simplified to the same formula.²⁰⁹ ²¹⁰ With variable i representing a country, mi representing imports of goods from that country, and xi representing exports of goods to that country, the formula given by the White House is as follows:

Δ τ i = x i − m i ε × ϕ × m i {\displaystyle \Delta \tau _{i}={\frac {x_{i}-m_{i}}{\varepsilon \times \phi \times m_{i}}}}

The Trump administration formula included measures of elasticity set at ε = −4 and φ = 0.25, then multiplied them for ε × φ = −1, which resulted in no change except to make the result positive when ε × φ was multiplied to other parts of the calculation as defined in the formula.²¹¹ Thus, with xi − mi being the trade deficit for goods, the formula simplifies to Surowiecki's:

Δ τ i = − 1 × x i − m i m i {\displaystyle \Delta \tau _{i}=-1\times {\frac {x_{i}-m_{i}}{m_{i}}}}

The "discounted" tariff rate is then calculated by dividing the result by 2, making the final formula:

reciprocal tariff = − 1 2 × ( exports − imports imports ) {\displaystyle {\text{reciprocal tariff}}=-{\frac {1}{2}}\times \left({\frac {{\text{exports}}-{\text{imports}}}{\text{imports}}}\right)}

The Trump administration's Office of the United States Trade Representative (USTR) explained that the tariffs "are calculated as the tariff rate necessary to balance bilateral trade deficits between the U.S. and each of our trading partners", aiming to "drive bilateral trade deficits to zero".²¹² However, even countries with which the US runs a trade surplus, such as Australia, received a tariff of 10%.²¹³

Reactions

USTR cited research papers by several economists, many of whom publicly criticized the formula and stated the White House had misinterpreted and incorrectly applied their research.²¹⁴ Anson Soderbery, whose work was cited, said his research was meant to discourage exactly the types of policies the White House was implementing.²¹⁵ Brent Neiman said the administration used the wrong variable from his research—leading to results four times too high—and that trade deficits reflect economic fundamentals, not unfair trade.²¹⁶

Some economists likened fears over trade deficits to worry about having a "deficit" with a grocery store, emphasizing that buying more than you sell in a mutually beneficial exchange is not inherently problematic.²¹⁷ ²¹⁸ Economic experts criticized the formula for being overly simplistic with little relation to trade barriers,²¹⁹ ²²⁰ ²²¹ ²²² with The Economist describing it as "almost as random as taxing you on the number of vowels in your name."²²³ Some media outlets noted that this was the same formula that was obtained by asking ChatGPT and other large language models for a global tariff formula that compensates for trade deficit.²²⁴ ²²⁵ ²²⁶

Treasury Secretary Scott Bessent told "every country" on April 3: "do not retaliate, sit back, take it in, let's see how it goes, because, if you retaliate, there will be escalation."²²⁷ After the stock market lost significant value the next day, President Trump said events were "going very well" and "markets are going to boom, the stock is going to boom, the country is going to boom."²²⁸ On April 6, while the stock markets continued to fall, Trump said that his tariffs "are already in effect, and a beautiful thing to behold."²²⁹

In April 2025, a Reuters /Ipsos poll found that 73% of Americans expect a price surge under the Trump tariffs while 57% oppose the tariffs.²³⁰ Trump also saw a drop in his overall approval rating following the announcement.²³¹ ²³²

Impacted regions

The White House's initial list of impacted areas included the Heard Island and McDonald Islands, a remote uninhabited Antarctic territory of Australia.²³³ A tariff of 29% was proposed for Norfolk Island, which has a population around 2,000 and also belongs to Australia; the rest of Australia received a tariff of 10%.²³⁴ The initial list also proposed tariffs of 10% on the British Indian Ocean Territory, whose population is solely composed of the inhabitants of the joint American-British military base of Diego Garcia, numbering some 3,000 American and British military contractors.²³⁵ The decision to impose tariffs on some of these regions appears to have been based on inaccurate trade data. An analysis of United States import records by The Guardian revealed that some shipments were erroneously recorded as originating from remote territories instead of their actual countries of origin. These misclassified imports included items such as wine, aquarium systems, and Timberland boots.²³⁶

The highest tariffs of 50% were placed on Lesotho, described by Trump as a country that "nobody had ever heard of"; a 50% tariff was also initially proposed for France's Saint Pierre and Miquelon islands, with a population of around 5,000.²³⁷ Other countries facing some of the highest tariffs are Cambodia (49%), Laos (48%), Madagascar (47%), Vietnam (46%), and Myanmar (44%).²³⁸

Exempt countries

Six countries were exempted from the reciprocal tariffs: Belarus, Canada, Cuba, Mexico, North Korea, and Russia.²³⁹

The White House said that Canada and Mexico were exempted because Trump previously imposed tariffs of 25% on the two countries for non-USMCA goods.²⁴⁰ ²⁴¹

Press Secretary Karoline Leavitt said that Russia had been spared the tariffs because American sanctions on Russia already "preclude meaningful trade" between the two countries, and Treasury Secretary Scott Bessent said it was because the USA has no trade with Russia.²⁴² This was despite the value of US-Russian trade being $3.5 billion in 2024, greater than US trade with countries such as Mauritius or Brunei,²⁴³ ²⁴⁴ who were tariffed by 40% and 24% respectively.²⁴⁵

Similarly, Leavitt cited that Belarus, Cuba, and North Korea had been exempted because American sanctions on them were already high.²⁴⁶ However, Syria, which has been under American sanctions for 20 years, did receive a heightened tariff of 41%.²⁴⁷ ²⁴⁸

Walk back

The announcement of the tariffs led to a market crash. On the morning of April 9, the head of FX at Deutsche Bank told investors, "We are witnessing a simultaneous collapse in the price of all US assets including equities, the dollar ... and the bond market."²⁴⁹

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%,²⁵⁰ while imports from all other countries were sustained at the 10% baseline tariff.²⁵¹ Other global tariffs on products like cars, steel, and aluminum remained in effect.²⁵² The administration exempted goods that were already in transit and that arrive before May 27, 2025, from the new tariffs.²⁵³

Politico reported that Bessent had flown to Florida a few days earlier to lobby Trump against the tariffs, warning him that the stock market would continue to decline unless he changed course.²⁵⁴ The Wall Street Journal reported that while Navarro was busy meeting with Hasset on the morning of April 9, Bessent and Lutnick took advantage of Navarro's absence to meet with Trump again and convince him to pause the tariffs.²⁵⁵ After the walk back, Bessent said the pause was meant to provide time for bespoke negotiations with each trading partner.²⁵⁶ 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".²⁵⁷ He said he had been watching the bond market, which had shown signs of crashing the night before.²⁵⁸

Stocks surged within minutes of the announcement, with the S&P 500 rising 9.52% for its largest one-day gain since 2008.²⁵⁹ ²⁶⁰ Citi analysts warned, "We do not see the scenario as being as encouraging as markets do," noting that the remaining tariffs still represented a substantial new burden.²⁶¹ Analysts at Bloomberg Economics estimated the US's average tariff rate would still rise to 24% from 2% the year prior. Pacific Investment Management, one of the world's biggest bond investors, kept estimates of a US recession at 50/50 "even if the 90-day reprieve turns into a longer stint".²⁶² On April 11, the administration announced it would further exempt electronics such as smartphones and computers from the reciprocal tariffs, but warned they may be subject to future Section 232 tariffs. Chinese technology imports would continue to face a 20% tariff.²⁶³

At a May 28, 2025 press conference, Trump was asked about his reaction to the term TACO, coined by Financial Times commentator Robert Armstrong,²⁶⁴ which stood for Trump Always Chickens Out in reference to his tariffs and reversals. Trump responded by saying that it was part of his tactic: "It's called negotiation."²⁶⁵

Trade conflicts by country

Canada and Mexico

Main article: 2025 United States trade war with Canada and Mexico

Three weeks after Trump won reelection, he announced a 25% tariff on all imports from Canada and Mexico unless they took 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.²⁶⁶ ²⁶⁷ While Trudeau noted that less than 1% of illegal border crossings and less than 1% of fentanyl into the US come from Canada,²⁶⁸ he unveiled a $1.3 billion security plan for the Canada–US border on December 16, 2024.²⁶⁹ ²⁷⁰ Despite these efforts, on February 1, Trump ordered the tariffs to begin February 4, with a reduced 10% rate for Canadian energy products.²⁷¹ ²⁷² Bloomberg News reported that Trump advisors Peter Navarro and Stephen Miller led the economic discussions on the tariffs.²⁷³

Trudeau and Sheinbaum condemned Trump's actions and threatened immediate economic retaliation, but on February 3, the three leaders negotiated a one-month delay on the tariffs. As part of the agreement, Mexico committed to deploying 10,000 troops to its border with the United States, while Canada pledged to appoint a "fentanyl czar" and continue implementing the border security plan announced in 2024.²⁷⁴ ²⁷⁵ In return, Trump pledged to take measures to curb weapons trafficking to Mexico and to collaborate with Canada on a joint anti-crime "strike force".²⁷⁶ ²⁷⁷

However, on February 27 Trump claimed that "drugs are still pouring into our Country from Mexico and Canada" and reaffirmed his planned tariffs,²⁷⁸ leading to their implementation on March 4, 2025.²⁷⁹ Canada retaliated with 25% tariffs on $20 billion (CA$30 billion) in US goods, with plans to expand to $85 billion (CA$125 billion),²⁸⁰ while Mexico prepared its response for March 9.²⁸¹ The Wall Street Journal warned the tariffs had "the potential to profoundly reshape relations between the US and two of its biggest trading partners, abruptly reversing America's decades-long project of expanding free trade with its allies."²⁸²

The onset of the trade war triggered stock market declines and economic concerns, particularly for retailers and car manufacturers.²⁸³ Lutnick quickly signaled tariff reductions. "The president is listening to the offers from Mexico and Canada. He's thinking about trying to do something in the middle," he said on March 5.²⁸⁴ The same day, Trump delayed tariffs on USMCA-compliant automakers.²⁸⁵ The next day, he extended the delay to all USMCA-compliant goods until April 2.²⁸⁶ While only 50% of Mexican and 38% of Canadian imports were officially compliant in 2024,²⁸⁷ many companies skipped the paperwork since their goods already qualified for low tariffs under most favored nation rules. Officials from both countries expected most exports to be compliant within weeks.²⁸⁸ ²⁸⁹ Canada retained its initial retaliatory tariffs but suspended the planned increase.²⁹⁰ Tens of thousands of Mexicans celebrated with Sheinbaum in Mexico City's central plaza.²⁹¹

Although the USMCA exemption was expected to expire on April 2, that day the White House announced it would continue indefinitely.²⁹² USMCA-compliant auto parts were also exempted from a 25% tariff.²⁹³ However, Trump signed orders imposing 25% tariffs on steel, aluminum, and automobile imports from any country, including Canada and Mexico.²⁹⁴ Canada, the US's largest supplier of steel and aluminum, was significantly impacted by US tariffs on these products, and retaliated on March 13 with 25% tariffs on an additional $20.6 billion (CA$29.8 billion) of US goods.²⁹⁵ On April 9, Canada implemented a 25% tariff on US-made vehicles that are not compliant with the USMCA.²⁹⁶

On April 11, 2025, Trump, threatened Mexico with new tariffs, arguing Mexico had not fulfilled a 1944 agreement to send 1.75 million acre-feet of water from the Rio Grande via numerous dams and reservoirs. Trump said Mexico had only fulfilled 30% of the agreed quota.²⁹⁷ ²⁹⁸ He added that "Mexico has been stealing the water from Texas Farmers".²⁹⁹ Sheinbaum said the quota had not been fulfilled due to a "three-year drought" and suggested that an alternative agreement could be reached.³⁰⁰

On April 15, Canada announced several measures to provide relief from tariffs, including a 6-month pause on tariffs on US imports critical for manufacturing, food and beverage processing, healthcare and public safety.³⁰¹ The country also exempted automakers that continue manufacturing in Canada and introduced a loan program for large Canadian businesses struggling with financing.³⁰² On April 28, Mark Carney led the Liberal Party to victory in the Canadian federal election, with the party winning enough seats to form a minority government.³⁰³ The Liberal Party's victory was partly attributed to the anti-Trump sentiment that had been rising in the country since Trump's tariff impositions.³⁰⁴ ³⁰⁵

On June 4, US steel and aluminum tariffs doubled to 50%. Carney said Canada was in intense negotiations with the US but preparing reprisals if they failed.³⁰⁶ Canada's aspirations to reach a deal dimmed as it became apparent the US was not in a hurry. However, at the 51st G7 summit the two countries pledged to work on a deal with the next 30 days.³⁰⁷

Asia

China

Main article: China–United States trade war

During Trump's first term, the US and China traded multiple rounds of escalating tariff and non-tariff trade barriers 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 U.S. goods and services over the next two years.³⁰⁸ China failed to meet this target, ultimately importing even less than it had before the trade war.³⁰⁹ President Joe Biden largely maintained and expanded Trump's tariffs during his administration,³¹⁰ and Trump pledged to impose higher tariffs in his second term.³¹¹

In February 2025, Trump declared a national emergency over Chinese drug-trafficking which he used to justify a 10% tariff on all Chinese imports.³¹² ³¹³ In March, he increased the tariff to 20%.³¹⁴

China retaliated in February with tariffs of 15% on coals and liquefied natural gas and 10% on oil and agricultural machines and in March with 10-15% tariffs on select US agricultural products.³¹⁵ ³¹⁶ Although these measures were modest in comparison to the US tariffs, China also retaliated with a variety of non-tariff trade barriers.³¹⁷ ³¹⁸ Politico reported that from the start of 2025 China implemented "an array of bureaucratic blocks and tricky third-party sales deals" halt or curtail the direct imports of major US commodities including beef, poultry, and liquefied natural gas.³¹⁹ Retaliatory measures included blacklisting American companies, adding export controls to metals like tungsten, and revoking export licenses for US firms.³²⁰ ³²¹ ³²² China decreased imports of American oil by 90%, turning to Canadian oil instead.³²³ 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.³²⁴ ³²⁵

On April 2, the US added a 34% "reciprocal tariff" on most Chinese imports.³²⁶ China matched with a tariff of 34% on American goods, effective April 10, 2025,³²⁷ and suspended negotiations regarding the sale of TikTok.³²⁸ China also began requiring special licenses to export six heavy rare-earths, 100% of which were refined in China, and rare-earth magnets, 90% of which are produced in China.³²⁹ The rare earths, difficult to substitute, are critical to a range of high-tech goods, including batteries, weapons, and medical devices.³³⁰ China was slow to develop the export licenses and halted all exports in the meantime.³³¹

Trump raised the tariffs by an additional 50%, bringing the baseline tariff on Chinese imports to 104%.³³² China added an additional 50% as well, bringing their baseline tariff on American goods to 84%.³³³ The US then raised to 145%, and on April 11, China raised to 125%. The Chinese Finance Ministry said China would ignore any further US tariff increases, stating, "Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy."³³⁴

On April 21, CEOs of major US retailers warned Trump that the escalating trade war would lead to visible price increases and product shortages within two weeks. Trump began to soften his tone.³³⁵ On April 22, Trump stated that tariffs on Chinese imports would "come down substantially, but it won't be zero".³³⁶ Two days later, Chinese Foreign Affairs Ministry spokesman Guo Jiakun said China and the US had "not conducted consultations or negotiations on tariffs."³³⁷ When asked to respond, Trump said the US had been meeting with China as recently as that morning.³³⁸

By May 2, China had exempted approximately $40 billion worth of American goods from tariffs and the United States had exempted about $102 billion worth of Chinese imports, based on 2024 import volumes.³³⁹ Both countries had expressed a willingness to engage in negotiations aimed at reducing tariffs, but the Chinese government asked the U.S. to eliminate its tariffs first. As previously planned, the U.S. terminated the de minimis exemption for Chinese imports the same day.³⁴⁰

On May 6, officials from the US and China planned to start talks over trade conflicts in Switzerland. He Lifeng, the Chinese Vice Premier, Scott Bessent, the US Treasury Secretary, and Jamieson Greer, the US Trade Representative, attended the talks.³⁴¹

On May 12, officials from the US and China agreed to drastically reduce for 90 days the tariff rates, from 145% to 30% and 125% to 10% respectively, while further negotiations are held.³⁴² The US also cut tariffs on Chinese shipments valued below the de minimis threshold of $800 from 120% to 54%.³⁴³ On June 11, Trump declared the trade deal "done", although China downplayed the deal as a framework representing the "first meeting".³⁴⁴

India

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 2030.³⁴⁵ India's trade-weighted average tariff was 12%, compared to the United States' 2.2%, leading to Trump repeatedly calling the country "tariff king" and a "big abuser" of trade ties.³⁴⁶ ³⁴⁷ The US was India's largest export market.³⁴⁸ Analyses projected reciprocal tariff measures would have significant economic impacts to India. Citi Research estimated that India could lose $7 billion annually.³⁴⁹ An internal Indian analysis estimated that reciprocal tariffs would affect 87% of its total exports to the US, valued at $66 billion. India estimated increases of 6% to 10% in tariffs on items such as pearls, mineral fuels, and machinery and believed its $11 billion worth of pharmaceutical and automotive exports would see the highest impact.³⁵⁰

India took several steps to address trade concerns. In February, it reduced tariffs on motorcycles and whiskey, pledged to review additional tariffs, and offered to increase US energy and defense equipment imports.³⁵¹ The following month, Reuters reported that India was negotiating with the US and was open to lowering or eliminating tariffs on 55% of its imports from the US, valued at $23 billion, which were currently subject to tariffs ranging from 5% to 30%. India warned the offer was contingent on relief from reciprocal tariffs and said decisions were not final.³⁵² On April 2, the US applied a 27% "reciprocal tariff" to India.³⁵³

By April 6, 2025, India signaled that it would negotiate with the United States and would not seek retaliatory tariffs.³⁵⁴ There on, India continued with its diplomatic approach, securing a meeting with J.D Vance,³⁵⁵ and on April 17, 2025, announcing that they were "considering removing import tax on US ethane".³⁵⁶ On April 29, 2025, the US Treasury Secretary stated that "India would be one of the first trade deals we sign," reaffirming Washington's intent to accelerate a resolution and strengthen bilateral trade.³⁵⁷

On May 6, 2025, India proposed a "zero-for-zero" tariff on auto parts as a way to kickstart negotiations with the US,³⁵⁸ following Trump's claim that "trade talks" with India were a first-order priority, back at the end of April.³⁵⁹

Israel

On April 2, 2025, Donald Trump imposed a 17% import duty on Israeli goods.³⁶⁰ On April 3, 2025, Israeli Finance Minister Bezalel Smotrich would meet with another minister to decide a course of action.³⁶¹ By April 7, 2025, Israel had offered to remove tariffs on all US goods.³⁶²

On April 8, 2025, Israeli prime minister Benjamin Netanyahu visited Donald Trump to discuss multiple topics including tariffs. The US president declined to remove the 17% on Israel.³⁶³

Japan

After receiving a 25% tariff on cars and car parts and a 24% tariff on other goods exported to the United States, Japan's Nikkei 225 stock market index fell by 7.8% on April 7, which was the third-largest single-day loss in its history.³⁶⁴ Since Japan is an export-heavy economy and Japan's large automotive sector depends on the United States for 20% of its total exports, Trump's new tariffs had a sizeable effect on the Japanese economy. Analysts estimate that the tariffs could decrease Japan's GDP by 0.8%.³⁶⁵ ³⁶⁶

Prime Minister Shigeru Ishiba said tariffs were "extremely disappointing and regrettable."³⁶⁷ On April 7, Ishiba talked with Donald Trump by phone, asking the president to reconsider, but could not negotiate any concessions.³⁶⁸ Trump later wrote "He is sending a top team to negotiate!" on Truth Social.³⁶⁹

Various talks were held since then, however on May 5, 2025, the United States announced their refusal of "Japan's full exemption" from not only a 10 percent "reciprocal" tariff but also its country-specific tariff of 24%.³⁷⁰

Singapore

On April 2, 2025, Trump imposed a 10% tariff on all goods coming from Singapore.³⁷¹ At an address to the Singapore Parliament on April 8, Prime Minister of Singapore Lawrence Wong stated "what the U.S. is doing now is not reform" and "it is rejecting the very system it created." He also stated that "these measures will accelerate the fracturing of the global economy."³⁷² He also announced the creation of a national task force to support businesses and workers affected by the tariffs.³⁷³

On April 8, 2025, the Singaporean prime minister's office stated that it would not retaliate on U.S. tariffs.³⁷⁴ On the same day, a new task force on US tariffs, composed by Singapore's economic agencies, as well as the Singapore Business Federation, Singapore National Employers Federation and the National Trades Union Congress, was announced.³⁷⁵ The task force held its first meeting on April 16, 2025, and was chaired by Gan Kim Yong alongside other political figures such as Desmond Lee, Josephine Teo, Tan See Leng, Chee Hong Tat, Lim Ming Yan, Ng Chee Meng and Tan Hee Teck.³⁷⁶

South Korea

On April 2, 2025, Trump imposed reciprocal tariffs of 25% on South Korea. With this, the South Korean government announced emergency support for its auto industry.³⁷⁷ On April 8, 2025, South Korea's acting president, Han Duck-soo called for negotiation rather than retaliation.³⁷⁸ Trump said that he discussed the tariffs with Han in a phone call and South Korea's finance minister will be meeting with US Trade Representative Jamieson Greer for negotiations.³⁷⁹ On April 3, Minister of Foreign Affairs Cho Tae-yul met with Marco Rubio and expressed deep concern over the reciprocal tariff measures and asked him to take into account South Korea's investment performance in the United States.³⁸⁰

On April 16, 2025, Vietnam's foreign ministry said that South Korea and Vietnam are seeking to raise bilateral trade to $150 billion by 2030, in a "more balanced and sustainable manner", as they swear co-operation following Trump's tariffs, regardless of "Trump's walk back".³⁸¹

On May 1, 2025, South Korean Industry Ministry officials announced they had traveled to Washington on May 7 for "technical discussions" with U.S. Trade Representative,³⁸² after Trump called "trade talks" with South Korea a first-order priority.³⁸³

Taiwan

On April 2, 2025, Donald Trump announced a "reciprocal tariff" of 32% on Taiwanese goods,³⁸⁴ but excluded semiconductor products, the island's primary exports.³⁸⁵ Trump had previously criticized Taiwan for gaining an unfair dominance in the semiconductor industry and not spending enough on its own defense.³⁸⁶ Taiwan's government called the tariffs "unreasonable" but chose not to retaliate, instead offering to increase imports from the US and remove all tariffs on American goods.³⁸⁷ ³⁸⁸

The new tariffs exacerbated public concerns over the level of support from the United States.³⁸⁹ The Kuomintang said that the tariffs were a heavy blow to president Lai Ching-te's policy of depending on the US to counter China and castigated the government's unpreparedness and ineffective response.³⁹⁰ On April 7, Premier Cho Jung-tai convened a meeting at the Executive Yuan with legislative caucus leaders across party lines to discuss the potential impacts of the US tariff hike on Taiwan. During the meeting, Premier Cho expressed appreciation for their participation and emphasized that the government had completed assessments on both macroeconomic and sector-specific levels. He presented a NT$88 billion plan and urged collaboration between the executive and legislative branches to expedite budget review and implementation, stabilize the economy, and support industries through the challenges ahead.³⁹¹

Even after Trump's "walk back", Kao Shien-quey, deputy head of the National Development Council, stated that if the tariffs were ever to be fully re-implemented, Taiwan's manufacturing sector would be likely to see a 5 percent drop in production value.³⁹²

Vietnam

On February 10, 2025, Trump renewed a 25% tariff on all steel imports originally imposed during his first term and increased aluminum tariffs from 10% to 25%. While other countries had previously received exemptions, Vietnam had not, meaning its steel and aluminum exports were already subject to U.S. tariffs. The hike in aluminum tariffs further strained Vietnamese industries and exporters.³⁹³

Vietnam's large trade surplus in goods with the US made it a target for reciprocal tariffs.³⁹⁴ On March 13, 2025, trade minister Nguyễn Hồng Diên arranged a meeting with Lutnick and Greer to try to secure a bilateral trade agreement.³⁹⁵ ³⁹⁶ He ended up receiving Marc Knapper, a US Extraordinary and Plenipotentiary Ambassador, on March 14.³⁹⁷ Knapper reassured him that the US tariff measures were not aimed at Vietnam and were meant to promote fair trade and American workers.³⁹⁸

On April 2, 2025, Trump presented with a 46% reciprocal tariff on Vietnam, shocking Vietnamese exporters.³⁹⁹ Vietnamese leaders tried to approach Trump diplomatically to find an agreement to remove the tariffs or to delay them.⁴⁰⁰ Vietnam's top leader, General Secretary To Lam, asked Trump to delay the imposition of tariffs for at least 45 days on April 5, with little result.⁴⁰¹ Vietnam then offered to eradicate all US import tariffs, but Peter Navarro shot down the deal, saying "it's the non-tariff cheating that matters".⁴⁰² The VN Index fell by 7% after the announcement of the tariffs, practically the biggest crash ever since the establishment of the Vietnamese stock market.⁴⁰³

On April 15, 2025, General Secretary of the Chinese Communist Party Xi Jinping on a visit to Hanoi claimed that "China's mega market is always open to Vietnam" and urged Vietnam to resist "U.S unilateral bullying" and uphold free and open trade.⁴⁰⁴ Trump responded, "That's a lovely meeting. Meeting like, trying to figure out, 'How do we screw the United States of America?'".⁴⁰⁵

On April 16, 2025, Vietnam's foreign ministry said that South Korea and Vietnam are seeking to raise bilateral trade to $150 billion by 2030, in a "more balanced and sustainable manner", as they swear cooperation following Trump's tariffs, regardless of "Trump's walk back".⁴⁰⁶ Groundbreaking began on a $1.5 billion previously announced Trump Organization golf resort near Hanoi.⁴⁰⁷

The first round of negotiations occurred on May 7,⁴⁰⁸ whilst a second round of negotiation took place on May 19, led by Nguyen Hong Dien.⁴⁰⁹

Africa

Nigeria

During Trump's first term, Nigeria continued to benefit from the African Growth and Opportunity Act, a US trade initiative established in 2000 to improve economic relations with Sub-Saharan African countries by providing duty-free access to the US market for eligible nations.⁴¹⁰ However, analysts were quick to notice that Nigeria was one of 48 nations with whom the United States maintained a trade imbalance. In 2024, Nigeria exported $5.29 billion in commodities to the United States while receiving $3.88 billion, resulting in a $1.4 billion trade surplus for Nigeria, making it a likely target of Trump's renewed foreign tariff policies.⁴¹¹ ⁴¹²

On April 2, Trump announced a 14% tariff on Nigerian goods.⁴¹³ The Nigerian government avoided retaliation. Instead, Trade Minister Jumoke Oduwole said Nigeria would contact the WTO to find a mutually beneficial solution.⁴¹⁴ Despite pledging not to retaliate, the minister did highlight the risks for AGOA and the Nigerian oil industry, whilst also stating this development had the chance to boost Nigeria's non-oil exports as well as meeting global standards and improving market acceptance into more economies across the globe. She also emphasized the urgent need to enhance intra-African trade through the African Continental Free Trade Area (AfCFTA).⁴¹⁵ Since Nigeria relies on crude exports for 90% of its foreign exchange, immediate consequences were apparent with Nigeria's central bank selling nearly $200 million to support the naira currency.⁴¹⁶

On April 12, 2025, the Federal Government set up a subcommittee to assess the direct and indirect impact of the recent trade tariffs announced by the United States on Nigeria's economy.⁴¹⁷ On this regard, on April 16, Manufacturers Association of Nigeria (MAN) said the 14 percent tariff imposed on Nigerian exports to the United States of America.⁴¹⁸

South Africa

After Trump announced a 25% tariff on all imported steel and aluminum, major exporters in South Africa were palpable by the onset tariffs,⁴¹⁹ leading the Steel and Engineering Industries Federation of Southern Africa (SEIFSA) condemning the U.S. tariff hike and warning of negative impacts on local manufacturing, as well as calling on the South African government to take immediate action.⁴²⁰

Trump imposed reciprocal tariffs of 31% on South Africa on April 2, 2025.⁴²¹ This move, according to the government of South Africa, effectively nullified the benefits African countries enjoy under U.S. trade initiative the African Growth and Opportunity Act (AGOA).⁴²² On April 4, 2025, South Africa's government announced that it would not retaliate and would instead negotiate exemptions.⁴²³

After the reciprocal tariffs were announced, Trade and Industry Minister Parks Tau stated that South Africa would start planning to diversify its export markets, targeting regions in Asia, Europe, the Middle East, and within Africa.⁴²⁴ Another immediate consequence was the postponing of the sale of gems from Petra Diamonds' Cullinan Mine, due to uncertainty caused by the tariffs.⁴²⁵

Zimbabwe

On April 2, 2025, Trump imposed 18% tariffs on Zimbabwe as part of its "reciprocal tariffs" policy.⁴²⁶ On April 6, 2025, Zimbabwe became the first country to scrap tariffs on all US goods. The president of Zimbabwe, Emmerson Mnangagwa, has stated that the move was made to foster a positive relationship with Donald Trump's government.⁴²⁷

Europe

European Union

Before his second inauguration, Trump threatened to impose tariffs on the European Union (EU) unless it reduced its trade surplus with the US by increasing imports of American cars, agricultural products, and oil and gas.⁴²⁸ The European Commission pointed out that while the US ran a trade deficit with the EU in goods, it was offset by a trade surplus in services.⁴²⁹

On February 2, 2025, Trump told reporters he planned to impose tariffs on the European Union "pretty soon". Some EU leaders threatened immediate retaliation while others expressed concerns about reigniting global inflation.⁴³⁰ ⁴³¹ ⁴³² "We have to do everything to avoid this totally unnecessary and stupid tariff war," said Polish Prime Minister Donald Tusk.⁴³³ On February 4, 2025, EU trade ministers met in Warsaw to discuss Trump's threats.⁴³⁴ On February 7, the EU proposed lowering tariffs on car imports from 10% to closer to the US' 2.5% rate and to increase purchases of American liquefied natural gas and military equipment.⁴³⁵ French President Emmanuel Macron met with Trump on February 25 and encouraged him to concentrate on China instead of initiating a trade war with the EU.⁴³⁶ ⁴³⁷ ⁴³⁸

On March 12, Donald Trump claimed during his meeting with Taoiseach Micheál Martin at the White House that Ireland was taking advantage of America. He also referred to the "tremendous" trade surplus that Ireland had with the United States.⁴³⁹

After Trump's global steel and aluminum tariffs took effect on the same day, the EU announced a two-phase retaliatory plan targeting €26 billion in US imports, set to begin April 1.⁴⁴⁰ Phase one reinstated tariffs on iconic American products, such as bourbon whiskey, originally imposed during Trump's first term tariffs and suspended in 2023 after negotiations with President Joe Biden.⁴⁴¹ Phase two would impose tariffs on an additional €18 billion in U.S. industrial and agricultural goods.⁴⁴² ⁴⁴³ Trump condemned the EU's planned 50% whiskey tariff and threatened 200% tariffs on EU alcohol in response.⁴⁴⁴ The EU postponed retaliation to mid-April, and ultimately dropped all alcohol tariffs after lobbying from Ireland, Italy, and France, major exporters of wine and spirits.⁴⁴⁵ ⁴⁴⁶

On March 27, 2025, the United States imposed a 25% tariff on all car imports, significantly affecting Germany, the world's largest automobile exporter.⁴⁴⁷ On April 2, Trump announced a 20% tariff on all European Union imports, effective April 9, as part of his "reciprocal tariff" policy.⁴⁴⁸ In response, EU leaders offered the United States a "zero-for-zero" tariff agreement on industrial goods, such as automobiles, pharmaceuticals, and machinery, on April 7. A similar deal had nearly been reached during negotiations over the proposed Transatlantic Trade and Investment Partnership, which Trump halted during his first term. At the time, the EU's average tariff on non-agricultural goods stood at 1.6%.⁴⁴⁹

On April 9, the EU approved a reduced package of 25% retaliatory tariffs on €21 billion worth of US imports, set to take effect on April 15.⁴⁵⁰ The targeted goods were selected to be easily sourced from alternative suppliers, with some measures strategically aimed at US red states. The only dissenting EU member was Hungary, whose prime minister, Viktor Orbán, is one of Trump's strongest supporters.⁴⁵¹ However, Trump delayed the implementation of certain tariffs for 90 days, reducing the baseline rate on EU imports from 20% to 10%. In response, the EU suspended its retaliatory measures for the same period.⁴⁵²

European Commission President Ursula von der Leyen warned that if negotiations failed by the end of the 90-day window, the EU would initiate what she described as "EU trade bazooka measures."⁴⁵³ She indicated that further countermeasures would target the United States's substantial services surplus with the EU. Von der Leyen also stated that the EU would not tolerate the redirection of Chinese exports hit by US tariffs into the European market and suggested plans to implement regulatory measures to limit such imports.⁴⁵⁴ Italian PM Giorgia Meloni visited Trump at the White House on April 17, aiming to convince him to accept the EU's "zero-for-zero" tariff offer for industrial goods.⁴⁵⁵

On May 5, 2025, following Trump's 100% tariff on foreign-made films, Europe announced that it would not impose counter-tariffs on Hollywood films.⁴⁵⁶ On May 8, the EU proposed retaliatory tariffs on nearly €100 billion of the U.S. imports, including aircraft, passenger cars, medical devices, chemicals and plastics, etc.⁴⁵⁷

On May 12, Trump, following trade talks with China in Switzerland, described the EU as "nastier than China", adding that the union would "come down a lot." and that the U.S. had "all the cards",⁴⁵⁸ in remarks similar to what was stated during the 2025 Trump–Zelenskyy Oval Office meeting regarding Ukraine.

On May 15, EU commission official Matthias Jørgensen said that it was "very possible" that the EU and the US would not "get rid of all the tariffs", in which case, he stated, that the EU "might have to rebalance on" its "side".⁴⁵⁹

On May 23, after complaining that trade negotiations have stalled, Trump proposed a "straight 50% Tariff on the European Union" starting from June 1.⁴⁶⁰ The Stoxx Europe 600 index fell 1.7 per cent.⁴⁶¹

On May 25, only two days after proposing a 50% tariff on all EU goods, Trump announced that the tariff would be delayed to July 9, after a call with Ursula von der Leyen.⁴⁶²

Russia and Belarus

United Kingdom

The United States ran a trade surplus with the United Kingdom in 2024 and assigned the UK its lowest "reciprocal tariff" rate of 10%. However, the US was the UK's largest export market for cars and second largest for steel products, and the UK was hit hard by Trump's 25% tariffs on these sectors.⁴⁷⁹ ⁴⁸⁰

In March 2025, the UK chose not to retaliate against the US metal tariffs.⁴⁸¹ Chancellor Rachel Reeves of the Labour Party said there were 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 digital firms, primarily impacting American tech companies and generating approximately £800 million annually. The Liberal Democrats criticized the proposal, describing it as a "tax handout to Elon Musk, Zuckerberg, and other US tech barons," and advocated for raising the rate to 6% instead.⁴⁸²

Prior to the reciprocal tariff announcement, the UK submitted a draft proposal offering to lower its DST in exchange for reduced US tariffs on steel, aluminum, and cars, but did not secure a deal.⁴⁸³ The government began researching retaliatory tariffs and solicited input from British businesses on the least domestically harmful options.⁴⁸⁴

On April 15, 2025, Vice President JD Vance said there was a "good chance" a US–UK trade deal could be reached.⁴⁸⁵ However, by April 29, US officials reportedly viewed talks with the UK as a secondary priority.⁴⁸⁶ On May 5, 2025, President Trump threatened to impose 100% tariffs on foreign-made films, posing a serious threat to the UK's film industry.⁴⁸⁷ Prime minister Keir Starmer faced renewed pressure to negotiate.⁴⁸⁸

On May 8, Trump announced he had reached the first trade deal of his second administration with the UK.⁴⁸⁹ 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 US ethanol and allow up to 13,000 metric tons of US beef—up from a previous cap of 1,000 tons at a 20% tariff.⁴⁹⁰ 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.⁴⁹¹

While US Trade Representative Jamieson Greer said other countries should consider the framework as a model and that it was "the exact type of deal we should be making", analysts described the deal as a "very small win" that kept the 10% minimum tariff largely in place.⁴⁹² Conservative Party leader Kemi Badenoch described it as "better than nothing but it's not much," criticizing the Labour government for settling rather than pursuing a broader free trade agreement.⁴⁹³ 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.⁴⁹⁴ The deal was finalized at the 51st G7 summit.⁴⁹⁵

Norway

On April 24, 2025, Norwegian Prime Minister Jonas Gahr Støre and Finance Minister Jens Stoltenberg convened with U.S. President Donald Trump at the White House to engage in discussions concerning trade tariffs and the ongoing conflict in Ukraine.⁴⁹⁶

North America

El Salvador

On April 2, 2025, Trump imposed reciprocal tariffs of 10% on El Salvador.⁴⁹⁷ Two days later, El Salvadoran president, Nayib Bukele, hailed the move as a great idea, stating that long-term thinking was better than short term thinking.⁴⁹⁸

Oceania

Australia

On February 4, 2025, Treasurer Jim Chalmers addressed concerns regarding potential U.S. tariffs on Australian imports, mentioning that whilst he did not rule out the possibility of imposing counter-tariffs if Trump targeted Australia, he preferred to avoid retaliatory measures.⁴⁹⁹

After the announcement of a 25% tariff on steel and aluminum, Prime Minister Anthony Albanese engaged in discussions with Trump to achieve some kind of exemption, which ended up with a statement from the White House that expressed concerns about Australia allegedly disregarding past commitments to restrain aluminum exports.⁵⁰⁰ Despite Albanese's efforts, the U.S. officially imposed a 25% tariff on Australian steel and aluminum, leading to him calling it an "unjustified" action, however confirming that Australia would not retaliate.⁵⁰¹ Despite this, Trade Minister Don Farrell continuously attempted to achieve some kind of exemption through negotiations, but to no avail.⁵⁰²

Trump imposed a 10% tariff on Australia as part of the "reciprocal tariffs" on April 2, 2025.⁵⁰³ On April 3, 2025, Albanese stated that he would negotiate with the United States to remove tariffs and would not impose reciprocal tariffs as he believed that trade wars are a race to the bottom.⁵⁰⁴ He released a five-point strategy to mitigate the damage to impacted industries. The strategy includes a $50 million assistance package to help industries like beef exports find new customers.⁵⁰⁵ On April 9, 2025, Australia declined China's ambassador to Australia Xiao Qian offer to 'join hands' on Trump's tariffs.⁵⁰⁶

After Trump announced a 100 percent tariff on films produced outside the United States, as early as May 6, 2025, the Australian government called the tariffs "unjustified", leading to considerations to re-open "trade talks" with the EU, which had collapsed in 2023 when the sides could not reach an agreement on Australian agricultural exporters' access to the European market.⁵⁰⁷

Fiji

On February 4, 2025, Fiji's Minister for Trade, Manoa Kamikamica, said that, while it was premature to determine the effects on Fiji as a result of the 25% tariffs imposed on Canada, Mexico, and China, there were concerns that this was the first step toward a global trade war that would also engulf Fiji, fearing that Fiji could become one of Trump's future targets.⁵⁰⁸ However, on February 19, 2025, Acting Prime Minister and Minister for Finance Professor Biman Prasad suggested that the tariffs on Canada, Mexico, and China will not affect Fiji, and might instead bring benefits to Fiji, saying that "countries like Fiji could see cheaper goods flowing through the Pacific as these nations look to offload excess capacity".⁵⁰⁹ Prasad added three days later that Fiji's economic fundamentals had improved during the last two years and affirmed that the administration did not see any immediate risks that may disrupt its economic prospects.⁵¹⁰ Even so, Fijian analysts continued to speculate that the increased price of imported aluminum and steel could impact the Fijian economy.⁵¹¹

On April 2, Trump announced "reciprocal tariffs" on Fiji amounting to 32%, despite the Fijian government imposing less than 2% import duties on average on all U.S. imports.⁵¹² Fijian Prime Minister Sitiveni Rabuka admitted that his government was not ready for Trump's 'reciprocal tariffs' and was caught by surprise.⁵¹³ Regarding his possible plans, he said that, "The world is bigger than the United States" and that Fiji would have to look at new sources of imports and new markets for their exports.⁵¹⁴ The immediate effects of such tariffs hit products such as Fiji Water, kava, dalo and turmeric, which are amongst the biggest exported products from Fiji towards the USA.⁵¹⁵ Fiji's Finance Minister said that the 32 percent tariff by the Trump Administration – the highest in the Pacific – is unfair, while a government spokesperson said he did not understand how the region threatens the American economy.⁵¹⁶ On April 10, 2025, following Trump's "walk back", Deputy Prime Minister and Minister for Trade Kamikamica announced that a meeting with United States Trade Representatives was set to happen the following week.⁵¹⁷

On May 11, 2025, Fiji was confirmed to be amongst the list of nations that the U.S. would engage talks regarding tariffs with.⁵¹⁸ Deputy Prime Minister and Minister for Trade, Manoa Kamikamica stated that Fiji was committed to working with the USA on the tariff negotiations and achieve a win-win outcome for both countries.⁵¹⁹

South America

Brazil

The US ran a trade surplus of $253 million with Brazil in 2024.⁵²⁰ Nonetheless, Trump criticized the country for being a "tremendous tariff maker" and pledged to impose tariffs on its exports.⁵²¹ Brazilian president Luiz Inácio Lula da Silva vowed to reciprocate.⁵²² However, following Trump's 25% tariffs on steel and aluminum, Brazilian Institutional Affairs Minister Alexandre Padilha said that Brazil would not retaliate.⁵²³

On April 2, 2025, Donald Trump imposed the base 10% tariff on Brazil.⁵²⁴ The reaction from Brazilian exporters was mixed. Coffee exporters saw an opportunity to send more robusta beans to the US due to international rivals being initially hit with heavier charges,⁵²⁵ while other companies, such as Embraer, worried over rising complexity and costs for their US customers.⁵²⁶

On April 3, 2025, Brazil's government stated that it would explore options including involving the World Trade Organization. The Brazilian National Congress passed a "Trade Reciprocity Law", enabling the government to respond to potential unilateral trade measures imposed against Brazilian goods and services.⁵²⁷ ⁵²⁸ By May 2025, according to statements released by Brazilian Finance Minister Fernando Haddad, Brazil and the United States were negotiating the terms of an understanding on tariffs.⁵²⁹

Colombia

On January 26, 2025, a dispute arose between Colombia and the US after Colombian president Gustavo Petro refused to allow the landing of two US military aircraft carrying deported Colombian nationals.⁵³⁰ Petro called the treatment of deportees on military flights undignified and said he would accept deportation flights on civilian planes.⁵³¹ In response, Trump ordered retaliation against Colombia and its officials,⁵³² including 25 percent tariffs that would increase to 50 percent in one week if Petro did not reverse his position.⁵³³ Petro responded by ordering a 25 percent tariff on the US that would also increase to 50 percent.⁵³⁴ Hours later, the US said Colombia had agreed to "unrestricted acceptance" of deportees, including on military aircraft.⁵³⁵ Colombia said it would "continue to receive" deported Colombians and would guarantee them "dignified conditions".⁵³⁶

Other countries

BRICS

In November 2024 and again in January 2025, Trump attempted to threaten BRICS countries saying they would face 100% tariffs if they attempted to replace the US dollar as a reserve currency.⁵³⁷

Eurasian Economic Union

As of April 3, 2025, according to Kommersant's source in the Eurasian Economic Commission, which regulates the import duties of the Eurasian Economic Union countries, they are unlikely to change – this is a well-established opinion. "The Union as a whole is not significantly affected by the tariff increase, most countries will be subject to a duty of 10%, which in the new realities can be considered the most favourable treatment". At the same time, Russia itself has sufficient freedom to impose unilateral restrictive measures, which often happened after 2022. If Russia finds itself hit by other countries raising duties in response to a US import tariff hike, it will still have the option to respond accordingly.⁵³⁸

Impacts

Markets

Main article: 2025 stock market crash

Immediately after Trump's announcement on April 2, markets sunk sharply lower. In Japanese markets, the Nikkei 225 dropped 2.8% while the TOPIX dropped 3.1%.⁵³⁹ In Europe, the FTSE 100 was down 1.6%, while the CAC 40 in Paris fell 3.3%. The German DAX also fell 3.1%.⁵⁴⁰ In the United States, stock futures tied to the S&P 500 fell 3.9%. Dow Jones Industrial Average futures fell 2.7%, and Nasdaq 100 futures fell 4.7%.⁵⁴¹

The S&P 500 Index fell over 274 points or 4.88%, the second largest daily point loss ever,⁵⁴² and the Nasdaq Composite fell over 1,050 points or 5.97%, the largest point loss in its history.⁵⁴³ The Dow Jones Industrial Average fell 1,679.39 points, or 3.98%, then the fifth-largest point loss in its history.⁵⁴⁴ On April 3, the Russell 2000 entered the bear market territory, falling over 20% from a recent high, after falling 134.82 points or 6.59%.⁵⁴⁵ The Nasdaq Composite did the same on April 4.⁵⁴⁶ On April 7, early trading in Japan triggered the circuit breaker on futures trading after an 8.03% fall.⁵⁴⁷

Market turbulence continued until April 9, when Trump announced the first of several reductions in tariffs. Following further walk backs and tone shifts, the S&P 500 erased all losses by May 2, 2025,⁵⁴⁸ and turned positive for the year by May 13, 2025.⁵⁴⁹

United States

Economic impacts

Although Trump's first-term economic policy featured lower and more targeted tariffs with many exceptions, Trump promised higher rates, broader impacts, and few exceptions in his second term.⁵⁵⁰ ⁵⁵¹ According to the Tax Foundation, the first Trump administration imposed new tariffs on approximately $380 billion worth of imports. Comparatively, the second Trump administration was expected to impact more than $1.4 trillion of imports by April 2025.⁵⁵²

At the start of his second term, confusion over rapidly fluctuating tariff levels and other economic policies created significant uncertainty for businesses and economists,⁵⁵³ ⁵⁵⁴ creating a chaotic environment for investment, business planning, and pricing, and posing serious concerns for consumers as well.⁵⁵⁵ US GDP grew by 2.8% in 2024, the year before Trump's inauguration.⁵⁵⁶ In March 2025, the Federal Reserve lowered its 2025 growth forecast from 2.1% to 1.7%,⁵⁵⁷ while the OECD projected a decline to 2.2% in 2025 and 1.6% in 2026.⁵⁵⁸ The Federal Reserve also increased average inflation expectations from 2.5% to 2.7%.⁵⁵⁹ The US dollar value also decreased massively following the announcement compared to other currencies.⁵⁶⁰ ⁵⁶¹ ⁵⁶² ⁵⁶³ Goldman Sachs estimated that tariffs imposed by Trump would remove up to 500,000 jobs in the US; thousands of layoffs had already taken place as of April 2025.⁵⁶⁴ By April 4, JPMorgan Chase forecasted a recession within the year.⁵⁶⁵

As noted in April 2025 by the editor of The Economist, Trump's imposition of sudden and extreme tariffs fails to account for the fact that US-produced goods "[have] long supply chains, where companies get supplies from many different countries, and where the US has specialized in services and higher value-add manufacturers."⁵⁶⁶ Furthermore, if the end goal is to rebuild domestic manufacturing by implementing permanently high tariffs, not only would parts and materials likely become difficult or impossible to acquire, but, seeing as the United States only accounts for 15% of global trade, the international system is capable of carrying on with a reduced US role—a scenario which may well prove detrimental to the U.S. economy.⁵⁶⁷

Early April 2025 saw a 64% drop in ocean container bookings from China to the US, a collapse of trade with the potential to cause retail shortages within a month or two.⁵⁶⁸ Supply chain problems also loom for medicines such as the blood thinner heparin.⁵⁶⁹ Medical device makers have also raised alarm over potential disruptions to their integrated global supply chains. Surgical tools, MRIs, ventilators, pumps and other equipment are likely to rise in price.⁵⁷⁰ Large consumer goods groups expressed pessimism about future earnings, with Pepsico and Procter & Gamble lowering their financial outlooks for the year while Unilever and Nestlé said their consumers would face higher prices.⁵⁷¹ Walmart and Target executives warned Trump of the impact tariffs would have on their business in an April 21 White House meeting. Norfolk Southern and Boeing warned that tariffs would impact their supply chains, and AT&T and Verizon said they would lead to inflation in communications technology goods such as routers and handsets.⁵⁷² Thrift retailers reported an improved economic outlook as a result of tariff pressures on other retailers.⁵⁷³ According to U.S. Senate Minority Leader Chuck Schumer, American households will spend about $4,000 more annually because of the tariffs imposed by Trump. Schumer's figure is roughly in line with four independent estimates identified by PolitiFact.⁵⁷⁴

Following Trump's global tariff announcements and worldwide trade war on April 3,⁵⁷⁵ ⁵⁷⁶ the Yale Budget Lab calculated the average effective US tariff to be 22%, up from 11% before the announcement and at the highest level since 1909.⁵⁷⁷ Inflation Insights stated the weighted average tariff rate was set to rise to around 25% to 30%, up from 2% in the prior year.⁵⁷⁸ The Cato Institute and other economists stated that the tariffs would "approach levels not seen since the Smoot-Hawley Tariff Act of 1930",⁵⁷⁹ which The Wall Street Journal put at roughly 20% and lasted until the General Agreement on Tariffs and Trade in 1947.⁵⁸⁰ After adjusting for inflation, the tariffs amounted to the largest tax hike in U.S. history and triple the tax increase to fight World War II.⁵⁸¹

Economist Michael Hudson has argued that the tariffs have the potential to disrupt the global economy by disrupting the balance of payments between the United States and its foreign debtors. By reducing the export trade between the United States and countries targeted by the tariffs and raising the cost of dollar-denominated goods, the US makes it more difficult for those countries to pay their dollar debts. Hudson believes this could cause a debt crisis, and compares it to the historical examples of the Latin American debt crisis and the inter-allied repayment of loans during the world wars.⁵⁸²

Political and legal challenges

Senators Chuck Grassley and Maria Cantwell introduced the bipartisan Trade Review Act of 2025, proposing amendments to the law aimed at separation of powers and closing legal loopholes.⁵⁸³ However, the law has not yet reached a consensus. Senate Majority Leader John Thune referred dismissively, "I don't think that has a future."⁵⁸⁴ Senator Elizabeth Warren, calling it "a moment of truth for Republicans" to overturn the emergency declaration that President Trump used to justify tariffs impacting the families, businesses, and farmers they represent.⁵⁸⁵ A similar bill was introduced in the House of Representatives by Rep. Don Bacon, who stated, "The Constitution clearly gives the authority for taxes and tariffs to Congress. Our Founders created checks and balances for a reason," urging Congress to reclaim its responsibility.⁵⁸⁶

Lawmakers were also frustrated with how the world learned of Trump's decisions—through a social media platform operated by Trump's company, instead of through federal administration officials.⁵⁸⁷ Democratic Senator Adam Schiff called on Congress to investigate whether Trump had engaged in suspicious insider trading or market manipulation when he abruptly announced and paused the tariffs.⁵⁸⁸ The media described the US economy, the government's handling of the jobs and retirement savings of millions of Americans, and the US's standing in global security, as having encountered an unprecedented crisis of trust because of the Trump administration's unrestrained behavior.⁵⁸⁹ ⁵⁹⁰

Companies, business groups, trade associations, lawyers at home and abroad, and foreign governments filed formal complaints challenging the legality of the White House tariff measures.⁵⁹¹ ⁵⁹² ⁵⁹³ ⁵⁹⁴ ⁵⁹⁵ On April 16, 2025, California Governor Gavin Newsom sued Trump over tariffs in an aggressive move to end the president's stranglehold on global commerce (3:25-cv-03372).⁵⁹⁶ ⁵⁹⁷ ⁵⁹⁸ Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York, Oregon and Vermont also sued Trump Administration over tariffs on April 23 (1:25-cv-00077).⁵⁹⁹ ⁶⁰⁰

On April 14, 2025, a public interest law firm, Liberty Justice Center, filed suit against the Trump administration over Executive Order 14257 on behalf of a group of five small businesses in the case V.O.S. Selections, Inc. v. Trump (1:25-cv-00066).⁶⁰¹ ⁶⁰² The firm requested a Temporary Restraining Order (TRO),⁶⁰³ which was denied by the United States Court of International Trade.⁶⁰⁴ The Court set a briefing schedule and hearing to rule on plaintiff's motion for a preliminary injunction to enjoin the implementation of the "Liberation Day" tariffs. The government's response brief was filed on April 29 and the plaintiff's reply is due on May 6, 2025. The hearing is scheduled for May 13, 2025.⁶⁰⁵ James Fanelli reported with The Wall Street Journal that, "Other challenges have been filed in the court and in federal district courts around the country, but the V.O.S. case is front and center so far."⁶⁰⁶

On May 28, the United States Court of International Trade ruled that the tariffs Trump imposed globally overstepped presidential powers, and gave the administration a deadline of 10 days to end them. The decision does not affect tariffs imposed by other American authorities such as those on steel, aluminum and cars, and does not block potential tariffs on pharmaceuticals, semiconductors and other products, either.⁶⁰⁷

A closely related area of legal scrutiny arises from the broader constitutional and statutory questions surrounding the use of the International Emergency Economic Powers Act (IEEPA) as a basis for imposing tariffs. While the specific circumstances and plaintiffs differ across Webber v. Trump, Princess Awesome & Stonemaier Games v. Customs, Learning Resources v. Trump, Oregon v. Trump, and Emily Ley Paper Inc. v. Trump, these cases collectively raise common concerns about the scope of presidential authority under IEEPA and its alignment with constitutional principles. 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, particularly in the regulation of commerce and the imposition of tariffs.⁶⁰⁸ ⁶⁰⁹ ⁶¹⁰

A recurring issue in these challenges is the conflict between statutory interpretation and constitutional framework. Plaintiffs consistently argue that IEEPA was not intended to authorize broad-based trade measures without a defined national emergency and that its application in this context raises concerns regarding the separation of powers. Several complaints also invoke the nondelegation doctrine, asserting that the statute, as applied, grants the executive branch an excessively broad scope of discretion without adequate guiding principles. In addition to constitutional claims, the cases highlight the significant economic consequences for states, businesses, and individuals, emphasizing the potential for such executive actions to set a precedent for expansive policymaking beyond the original purpose of emergency economic legislation.⁶¹¹ ⁶¹² ⁶¹³

China

Nomura Holdings estimated that eliminating the US de minimis exemption for Chinese goods "would slow Chinese export growth by 1.3 percentage points and GDP growth by 0.2 point".⁶¹⁴ When the US Congress raised the de minimis limit from $200 to $800 in 2016, they sparked a surge in US imports of cheap Chinese goods.⁶¹⁵ A 2023 US House Select Committee report estimated that "nearly half" of all de minimis shipments originated from China. Chinese e-commerce companies Temu and Shein, estimated to comprise more than 30% of daily de minimis exemptions to the US, onboarded more sellers with a physical presence in the US and expanded their distribution facilities beyond China, to mitigate the impact of losing the exemption.⁶¹⁶ ⁶¹⁷ In response to the threat of tariffs, Chinese e-commerce groups have bought up significant amounts of storage space at warehouses within the US, accounting for a fifth of new leases in the third quarter of 2024. This change in business strategy has in turn boosted the fortunes of Chinese logistics management firms.⁶¹⁸

On February 7, 2025, Trump suspended closing the exemption for China until the Secretary of Commerce notified him that adequate systems to process and collect tariff revenue were in place.⁶¹⁹ The exemption is expected to be closed again on May 3, 2025.⁶²⁰

Other countries

In Singapore, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, along with Senior Minister Lee Hsien Loong, expressed concerns that the tariffs could affect economic growth and the cost of living. Gan stated in a press briefing that authorities were monitoring the situation and would implement measures if necessary.⁶²¹ ⁶²² Analysts in Singapore noted that while the tariffs posed a risk of trade slowdown, they could also make Singapore a more attractive source of imports for American buyers seeking alternatives to higher-taxed suppliers.⁶²³

In response to Trump's vehicle tariffs, some automobile companies suspended exports to the U.S., including Audi, Jaguar, and Land Rover.⁶²⁴

On April 5, 2025, Japanese video game manufacturer Nintendo announced it would delay pre-orders for its upcoming Switch 2 console from their initial date of April 9 in the United States, citing economic uncertainty due to the tariffs. However, the console's planned U.S. release date of June 5 remained unchanged.⁶²⁵

In January 2025, Trump said that the tariffs on Mexico are intended to reduce the U.S. trade deficit with Mexico and force the country to secure its border with the United States against illegal immigration and fentanyl smuggling.⁶²⁶ The opioid crisis in the United States is largely fueled by drugs smuggled from Mexico; approximately 98% of fentanyl entering the U.S. comes from Mexico.⁶²⁷ During the first months of 2025, Mexico stepped up its fight against narcotraffic and immigration following Trump's statements on the subject. In particular, Mexico handed over 29 major cartel prisoners to US authorities in February 2025.⁶²⁸

In Canada, Australia and Singapore where they held their own elections within a week, economic fear by the tariffs caused increase support for their respective incumbent governments among the voters with Canada's and Australia's Opposition Leaders losing their seats and one of two opposition parties in Singapore losing all their seats.⁶²⁹ ⁶³⁰ ⁶³¹

Summary table

Enacted US tariffs
Tariff	Announced	Effective	Status	Notes	Ref
50% tariff on steel⁶³² and aluminum⁶³³ products	February 10, 2025	March 12, 2025; Increased June 4, 2025	In effect	On 4/4/25, the aluminum tariff expanded to include canned beer and empty aluminum cans.⁶³⁴ ⁶³⁵ On 6/2/25, Trump signed an order to increase the tariffs to 50% beginning on 6/4/25.⁶³⁶ On 6/23/25, steel tariffs will expand to include a range of household appliances such as washing machines and refrigerators.⁶³⁷	⁶³⁸ ⁶³⁹
25% tariff on automobiles	March 26, 2025	April 3, 2025	In effect	Imposed via Section 232 following a 2019 investigation.	⁶⁴⁰
25% tariff on auto parts	March 26, 2025	May 3, 2025	In effect	Not applicable to auto parts made in Mexico or Canada compliant with the USMCA.	⁶⁴¹ ⁶⁴²
10% universal tariff on all imported goods	April 2, 2025	April 5, 2025	In effect	Not applicable to § Excluded goods. Vacated by the CIT on 5/28, but reinstated by appeals court on 5/29.⁶⁴³	⁶⁴⁴
Elevated "reciprocal" tariffs of 11%-50%	April 2, 2025	April 9, 2025	Paused for 90 days⁶⁴⁵	See § "Reciprocal" tariff policy. Delayed until July 8.⁶⁴⁶	⁶⁴⁷
145% tariff on all Chinese goods	February 1, 2025	February 4, 2025; Increased March 4, 2025; Increased April 9; Paused May 14	Paused for 90 days⁶⁴⁸	Total tariff of 145% includes: 20% "fentanyl tariff" (10% on 2/4/25 + 10% on 3/4/25) 125% "reciprocal tariff" (34% initial tariff + 50% retaliation⁶⁴⁹ + 41% retaliation).⁶⁵⁰ Not applicable to § Excluded goods. On 5/14, tariff was reduced to 30% for 90 days pending trade talks.⁶⁵¹	⁶⁵² ⁶⁵³ ⁶⁵⁴
30% tariff on all Chinese goods	May 12, 2025	May 14, 2025	In effect	Total tariff of 30% includes: 20% "fentanyl tariff" (10% on 2/4/25 + 10% on 3/4/25) 10% universal tariff, not applicable to § Excluded goods.
De minimis exemption closure for China and Hong Kong	February 1, 2025	May 3, 2025; Decreased May 12, 2025	In effect	See § De minimis exemption closure. Tariff cut to 54% from 120% on May 14, 2025.⁶⁵⁵ ⁶⁵⁶	⁶⁵⁷
25% tariff on most Canadian goods	February 1, 2025	March 4, 2025	Partially in effect	Tariffs on USMCA-compliant goods are delayed indefinitely.⁶⁵⁸ 38% of Canadian goods were compliant in 2024,⁶⁵⁹ but Canada expected the "vast majority" of goods to be quickly made compliant.⁶⁶⁰ Vacated by the CIT on 5/28, but reinstated by appeals court on 5/29.⁶⁶¹	⁶⁶²
10% tariff on Canadian oil and gas	February 1, 2025	March 4, 2025	Paused	Paused indefinitely.⁶⁶³	⁶⁶⁴
25% tariff on all Mexican goods	February 1, 2025	March 4, 2025	Partially in effect	Tariffs on USMCA-compliant goods are delayed indefinitely.⁶⁶⁵ 50% of Mexican goods were compliant in 2024, but Mexico planned to increase to 85–90%.⁶⁶⁶ Vacated by the CIT on 5/28, but reinstated by appeals court on 5/29.⁶⁶⁷	⁶⁶⁸
Foreign retaliation
Country/Region	Announced	Effective	Status	Notes	Ref
Canada	February 1, 2025	March 4, 2025	Partially in effect	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 3/6/25.⁶⁶⁹ 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.⁶⁷⁰	⁶⁷¹ ⁶⁷²
Canada	March 12, 2025	March 13, 2025	Partially in effect	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.⁶⁷³	⁶⁷⁴
Canada	April 4, 2025	April 9, 2025	In effect⁶⁷⁵	25% tariff on non-USMCA compliant vehicles imported into Canada from the US. Auto parts will not be impacted.⁶⁷⁶ On 4/15/25, Canada exempted a quota of cars from automakers that manufacture in Canada.⁶⁷⁷	⁶⁷⁸ ⁶⁷⁹
China	February 1, 2025	February 4, 2025	In effect	15% tariff on coals and liquefied natural gas, 10% on oil and agricultural machines, and investigations on U.S. companies.	⁶⁸⁰
China	March 4, 2025	March 10, 2025	In effect	10–15% tariffs on U.S. meat and agricultural products, suspension of U.S. lumber imports, revocation of soybean import licenses for 3 U.S. firms.⁶⁸¹	⁶⁸²
China	April 4, 2025	April 10, 2025	In effect	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.	⁶⁸³ ⁶⁸⁴ ⁶⁸⁵
China	April 11, 2025	April 11, 2025	In effect	China suspends exports of a range of minerals and magnets critical to auto, defense, aerospace, and semiconductor industries; the Chinese government plans to introduce a new regulatory system to prevent access to American companies.	⁶⁸⁶
European Union	March 12, 2025	April 15, 2025	Delayed for 90 days	25% tariffs on $23.8 bn (€21 bn) of US goods, targeting farm produce and $13.5 bn products from Republican states (reduced from an initial threat of €26bn to begin April 1).	⁶⁸⁷
Proposed US tariffs
50% tariff on all goods from the European Union	May 23, 2025	June 1, 2025	Delayed for 90 days	Originally expected to begin June 1, Trump announced the tariff would be delayed until July 9, 2025, while trade negotiations continued.⁶⁸⁸	⁶⁸⁹
25% on countries importing Venezuelan oil	March 24, 2025	April 2, 2025	Announced	Secretary of State may impose a 25% tariff on goods from any country that imports Venezuelan oil, directly or indirectly, after April 2, 2025. In 2024, China imported 68% of Venezuelan oil.	⁶⁹⁰
Digital Service Taxes (DSTs)	February 21, 2025		Announced	Trump directed USTR to initiate a Section 301 investigation into DSTs, particularly against France, Austria, Italy, Spain, Turkey, and the UK	⁶⁹¹
Copper	February 25, 2025		Announced	Trump directed the Commerce Secretary to initiate a Section 232 investigation into copper imports.	⁶⁹²
Timber and lumber	March 1, 2025		Announced	Trump directed the Commerce Secretary to initiate a Section 232 investigation into timber and lumber imports.	⁶⁹³
Pharmaceuticals	April 1, 2025		Announced	Trump directed the Commerce Secretary to initiate a Section 232 investigation into "pharmaceuticals and pharmaceutical ingredients, including finished drug products".	⁶⁹⁴
Semiconductors	April 1, 2025		Announced	Trump directed the Commerce Secretary to initiate a Section 232 investigation into "imports of semiconductors and semiconductor manufacturing equipment".	⁶⁹⁵
Processed critical minerals and derivative products	April 22, 2025		Announced	Trump directed the Commerce Secretary to initiate a Section 232 investigation into "imports of processed critical minerals, as well as their derivative products".	⁶⁹⁶
Trucks and truck parts	April 22, 2025		Announced	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".	⁶⁹⁷
Commercial aircraft and jet engines and parts	May 1, 2025		Announced	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".	⁶⁹⁸
100% tariffs on Mattel's toys	May 8, 2025			Trump stated that he would apply 100% tariffs on toy-maker Mattel after the company said it would diversify its production to other countries, but not the United States.	⁶⁹⁹

External links

"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.

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Background

Planning

Key events and negotiations

January-March 2025

April-June 2025

Legality

Multinational tariffs

Steel and aluminum tariffs

Automobile and auto part tariffs

De minimis exemption closure

Additional proposals

Digital Sales Tax investigation

Secondary tariffs

Solar panels

Films

Toys

"Reciprocal" tariff policy

Announcement

Excluded goods

Development

Formula calculation

Reactions

Impacted regions

Exempt countries

Walk back

Trade conflicts by country

Canada and Mexico

Asia

China

India

Israel

Japan

Singapore

South Korea

Taiwan

Vietnam

Africa

Nigeria

South Africa

Zimbabwe

Europe

European Union

Russia and Belarus

United Kingdom

Norway

North America

El Salvador

Oceania

Australia

Fiji

South America

Brazil

Colombia

Other countries

BRICS

Eurasian Economic Union

Impacts

Markets

United States

Economic impacts

Political and legal challenges

China

Other countries

Summary table

See also

External links

References