Tariffs in the second Trump administration
![]() | This article documents a current political event. Information may change rapidly as the event progresses, and initial news reports may be unreliable. The latest updates to this article may not reflect the most current information. (April 2025) |

| ||
---|---|---|
Business and personal 45th and 47th President of the United States Incumbent Tenure
Impeachments Civil and criminal prosecutions ![]() |
||
Tariffs during the second presidency of Donald Trump have reflected an escalation of protectionist trade policies in the United States, with Trump announcing a series of high import "reciprocal" tariffs impacting all trading partners. While his first administration imposed tariffs on approximately $380 billion in imports, the total under his second administration is projected to exceed $1.4 trillion by April 2025.[1]
Trump resumed a trade war with China, raising tariffs on the country to an effective 54% after April 9.[2] He launched a second trade war with Canada and Mexico by imposing a 25% tariff on most Canadian and Mexican goods, but later exempted all USMCA-compliant goods indefinitely.[3] Trump framed the actions as a way to hold these countries accountable for contraband drug trafficking and illegal immigration while supporting domestic manufacturing.[4][5] On March 12, 2025, a 25% global tariff on steel and aluminum products went into effect.
On April 2, a day Trump nicknamed "Liberation Day", Trump announced a 10% universal import duty on all goods brought into the US and even higher rates for 57 trading partners. The higher rates, which were supposed to be representative of foreign countries' trade barriers against the US, were roughly calculated as half the result of dividing the US trade deficit with a given country by the value of imports from that country.[6] The 10% baseline tariff takes effect on April 5 while the additional rates begin April 9.[7] On April 3, a 25% tariff on all imported automobiles went into effect,[8] with imported auto parts expected to follow.[9] Canada, China, and the European Union have announced counter-tariffs, while other countries began proactive negotiations to prevent additional trade disputes.
Background
[edit]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 "ripping off" Americans.[10] 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.[11] 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.[10][11][12] Shortly after being reelected to a second term, Trump acknowledged that tariffs might cause "some pain" for Americans but insisted "it will all be worth the price that must be paid".[13]
During his first term, Trump imposed tariffs on steel and aluminum imports, resulting in price increases for Americans.[14] 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.[15] The World Trade Organization later ruled that the implementation violated global trade rules.[16] 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.[17] Trump also launched a trade war with China which subjected 60% of US-China trade to 20% tariffs[18] and was widely characterized as a failure for the United States.[19]
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.[20] Mexico deployed nearly 15,000 troops to its border with the US and 6,500 troops to its border with Guatemala.[21] 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.[22][23] He withdrew the tariff a month later, three hours before Canada planned to retaliate.[24]
Planning
[edit]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."[25]
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.[26] Navarro wrote books criticizing corporations for prioritizing profits over American jobs and arguing that traditional economic analysis overlooks the harm free trade can inflict on people's lives. He advocates a permanent regime of trade barriers to balance the trade deficit. Navarro 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.[27] 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.[28]
During his inaugural address on January 20, 2025, Trump pledged to "immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens."[29]
On March 4, 2025, the US notified the World Trade Organization, a watchdog for international trade, that it would suspend planned contributions 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.[30] On 26 March UPS launched a tool allowing online shoppers to view the added cost of tariffs at checkout instead of being surprised by additional costs when their parcel arrived.[31]
Legality
[edit]Although the US Constitution grants Congress the authority to levy taxes, including tariffs, Congress has passed laws allowing the President to unilaterally impose tariffs for national security reasons.[32] 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.[33][34] Trump directed the USTR to initiate similar investigations to impose tariffs under Section 301 of the Trade Act of 1974.[35]
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, illegal immigration, and energy.[36] Declaring these emergencies allowed Trump to quickly enact tariffs without following the complex procedures required by TEA or other trade statutes.[37] 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."[36] 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".[38]
To terminate a national emergency under the NEA, a member of Congress can file a privileged resolution requiring their chamber to vote on the topic within 15 days. In February 2025, Democratic Senators Tim Kaine and Mark Warner introduced a resolution to end Trump's national emergency on energy, but it was defeated by the Senate's Republican majority.[39] The Senate passed a resolution to terminate the national emergency justifying tariffs on Canada, but the bill is unlikely to pass the House.[40] A provision was added to the March 2025 budget bill to block the process by declaring that the remainder of the year "shall not constitute a calendar day for purposes of section 202 of the National Emergencies Act."[41][42][43]
Multinational tariffs
[edit]Steel and aluminum tariffs
[edit]On March 12, 2025, the US imposed 25% tariffs on all steel and aluminum imports, aiming to strengthen domestic production.[44] Commerce Secretary Howard Lutnick said Trump would soon add a copper tariff as well.[45] The EU and Canada announced counter-tariffs, while Australia, Britain, Japan, and Brazil criticized the move but withheld retaliation.[44] On April 2, 2025, aluminum tariffs expanded to include empty aluminum cans and canned beer.[46]
The measures expanded Trump's first-term steel and aluminum tariffs by eliminating all exemptions and raising the aluminum tariff from 10% to 25%.[33] The administration argued previous exemptions "inadvertently created loopholes that were exploited by China and others with excess steel and aluminum capacity".[47] 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.[48]
In 2023, the US imported 44% of its aluminum and 26% of its steel.[49] Canada was its largest supplier of both, accounting for more than half of aluminum[50] and two-thirds of primary aluminum imports.[49] While the US was the world's largest producer of aluminum through 2000, it accounted for less than 2% of global supply by 2021, largely due to high electricity costs that made it less competitive in the global market.[51] 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 the less energy-intensive secondary aluminum, but secondary aluminum is less desirable for defense or electronics.[51]
Car and auto part tariffs
[edit]In January 2025, President Trump announced broad tariffs on Canada and Mexico, threatening the highly integrated North American auto supply chain.[52] 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.[52] The three largest US automakers—Ford, General Motors, and Stellantis—lobbied for exemptions, warning the tariffs would hurt American companies more than foreign competitors.[53] 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."[52] Trump agreed to delayed tariffs on USMCA-compliant vehicles,.[3] Still, non-USMCA compliant brands manufacturing in Canada or Mexico, such as BMW, were affected starting March 4, 2025.[53] BMW chose to cover these tariffs until May 1, 2025.[54]
The USMCA exemption closed on April 3, when Trump imposed a 25% tariff on all imported cars, including those from Mexico and Canada.[55] The tariff will extend to non-US content in domestically assembled vehicles "no later than May 3".[56] The White House argued the move would boost domestic manufacturing and generate $100 billion in tax revenue,[57] noting that about 50% of the 16 million cars bought by Americans in 2024 were imported.[58] 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.[59]
"Reciprocal tariff" policy
[edit]
On February 13, 2025, Trump directed his staff to research both monetary and non-monetary trade barriers imposed by other countries and to develop corresponding "reciprocal tariffs" to counter and penalize them. 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.[60] Trump announced that he would unveil the reciprocal tariffs on April 2, 2025, a date he referred to as "Liberation Day."[61][62]
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.[63] He also announced higher tariffs on approximately 60 countries and territories set to begin April 9.[64] The White House confirmed that 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.[2] Politico described the measures as "the most significant US protectionist trade action since the 1930s", when Congress passed the Smoot–Hawley Tariff Act.[63]
Reuters reported the Trump administration struggled to design reciprocal tariffs because each of the 186 members of the World Customs Organization applied different duties.[65] The administration initially considered dividing all countries into tiers of high, medium, and low trade barriers.[66] Later, officials Scott Bessent and Kevin Hassett told Fox Business that the administration would focus on the United States' largest trading partners and assign individualized tariff rates.[66][61] 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.[61] 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".[67][68] Although many countries attempted to negotiate deals in the weeks leading up to April 2, no exemptions were granted.[69][70] The lack of clarity contributed to economic volatility and stock market declines.[71] March 2025 became the worst month for the US stock market since December 2022, with the S&P 500 declining by over 5% and the NASDAQ dropping more than 10% for the quarter.[72][73]
Economists and trade experts pointed out that Trump repeatedly made false and exaggerated claims on trade and tariffs in his "Liberation Day" speech.[74][75][76] ING Group noted that plans for the policy appeared to align with Navarro's section of Project 2025, titled "The Case for Fair Trade".[77] Treasury Secretary Scott Bessent told "every country": "do not retaliate, sit back, take it in, let's see how it goes, because, if you retaliate, there will be escalation."[78]
Calculations
[edit]The New York Times, citing financial writer James Surowiecki, reported that the final "reciprocal tariff" policy seemed to calculate the value of a country's trade barriers by taking the US trade deficit with that country and dividing it by the value of the country's exports to the United States. The "reciprocal" tariff rate Trump imposed was then calculated by dividing that value in half.[79] For example, dividing the US's 2024 trade deficit in goods with China, $295 billion, by the amount the US imported from China, $439 billion, results in the 67% tariff barrier value the White House assigned to China: $295bn ÷ $439bn = 67%.[80]
The White House later published the formula they claimed to use online.[81] The Wall Street Journal reported the formula was conceptually similar.[80] The New York Times reported that the calculations utilized non-monetary trade barriers and other forms of what it calls "cheating".[38] A White House official told the New York Post that the tariffs relied "on the concept that the trade deficit that we have with any given country is the sum of all trade practices, the sum of all cheating."[82] Politico reported that many economists found "the rates on most countries bore little relation to the barriers those countries imposed on U.S. goods and services."[83]
Impacted regions
[edit]The White House's list of impacted areas included the uninhabited Heard Island and McDonald Islands, owned by Australia.[84] A tariff of 29% was implemented on Norfolk Island, which has a population around 2,000 and also belongs to Australia; the rest of Australia received a tariff of 10%.[85] Tariffs of 10% were applied on the British Indian Ocean Territory, whose population of around 3,000 comprises American and British military personnel and contractors stationed at the American/British military base of Diego Garcia.[86]
The highest tariffs of 50% were placed on Lesotho, described by Trump as a country that "nobody had ever heard of", and France's Saint Pierre and Miquelon islands, with population around 5,000.[84] Other countries facing some of the highest tariffs are Cambodia (49%), Laos (48%), Madagascar (47%), Vietnam (46%), and Myanmar (44%).[87]
Among the countries not marked for tariffs in this round were Russia, Belarus, Cuba, North Korea, Canada and Mexico.[88] Press Secretary Karoline Leavitt commented that Russia escaped tariffs because current American sanctions on Russia resulted in no "meaningful trade" between the two countries; in 2024, the value of this trade was $3.5 billion, greater than countries Mauritius or Brunei who suffered this round's American tariffs.[89] For the others, Leavitt cited that the tariffs and sanctions on Belarus, Cuba, and North Korea were already high, and that Canada and Mexico had tariffs of 25% previously imposed.[89]
Country or territory | Tariff rate[90][91] |
---|---|
![]() |
30% |
![]() |
32% |
![]() |
37% |
![]() |
35% |
![]() |
37% |
![]() |
24% |
![]() |
49% |
![]() |
11% |
![]() |
13% |
![]() |
34% |
![]() |
20% |
![]() |
11% |
![]() |
13% |
![]() |
20% |
![]() |
41% |
![]() |
32% |
![]() |
38% |
![]() |
26% |
![]() |
32% |
![]() |
39% |
![]() |
17% |
![]() |
21% |
![]() |
24% |
![]() |
20% |
![]() |
27% |
![]() |
48% |
![]() |
50% |
![]() |
31% |
![]() |
37% |
![]() |
47% |
![]() |
17% |
![]() |
24% |
![]() |
40% |
![]() |
31% |
![]() |
16% |
![]() |
44% |
![]() |
21% |
![]() |
30% |
![]() |
18% |
![]() |
14% |
![]() |
33% |
![]() |
15% |
![]() |
29% |
![]() |
17% |
![]() |
37% |
![]() |
30% |
![]() |
25% |
![]() |
44% |
![]() |
31% |
![]() |
41% |
![]() |
32% |
![]() |
36% |
![]() |
28% |
![]() |
22% |
![]() |
15% |
![]() |
46% |
![]() |
17% |
![]() |
18% |
Additional proposals
[edit]Digital Sales Tax investigation
[edit]On February 21, 2025, Trump issued a presidential memorandum ordering the Office of the United States Trade Representative (USTR) as well as other officials, including Peter Navarro, to investigate digital service taxes (DSTs) and determine whether to take retaliatory action. A fact sheet accompanying the memo emphasized the European Union's Digital Markets Act (DMA) and Digital Services Act (DSA) would face scrutiny.[92]
DSTs are taxes on revenue from digital services such as online advertising and selling user data. These taxes allow countries to collect revenue from multinational companies that provide digital services in their jurisdiction.[92] USTR investigations initiated during Trump's first term led to tariff threats on several countries under authority granted by section 301 of the Trade Act of 1974.[35] On October 8, 2021, over 135 countries participating in the OECD negotiations agreed on a two-pillar approach to reform and withdraw DSTs called the "Global tax deal". The Pillar One deadline was December 31, 2023, but was subsequently extended to December 31, 2024.[92] As of January 2025, Trump withdrew from Pillar Two of the agreement, and many countries' DSTs remain in effect.[93][92]
Secondary tariffs
[edit]"Secondary tariffs" are a new trade policy introduced by the second Trump administration that resembles secondary sanctions.[94] Unlike primary tariffs, which directly target a specific country, secondary tariffs penalize the third-party countries or entities that trade with the targeted nation.[95]
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.[96] He subsequently threatened secondary tariffs on countries buying Russian oil, unless Russia agreed to a peace treaty with Ukraine,[97] and on countries that trade with Iran.[98]
Closing the de minimis exemption
[edit]Trump's February 2025 executive orders announcing tariffs on imports from China, Mexico, and Canada initially suspended the US de minimis exemption.[99] 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.[100][101] The US exemption 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.[101] The largest beneficiaries were Chinese e-commerce companies such as Shein and AliExpress. Some shipments were linked to drug trafficking.[100] However, by February 7, 2025, Trump indefinitely restored the de minimis exemption for all three target countries to avoid overwhelming US customs officials.[102][103][104]
On April 2, 2025, Trump signed a new order to close the exemption for China and Hong Kong starting May 2, 2025. The Secretary of Commerce is expected to submit a report within 90 days to assess the impact and consider whether to close the exemption for Macau.[105]
Country-specific tariffs
[edit]China
[edit]
On February 1, 2025, Trump signed Executive Order 14195 establishing a new 10% tariff on all Chinese imports. The order, which went into effect on February 4, came at the behest of the National Security Council.[106][107] On February 10 China retaliated with tariffs of 15% on coals and liquefied natural gas and 10% on oil and agricultural machines. China also added PVH Corp. and Illumina to the Unreliable Entity List, launched an antitrust investigation into Google, and added export controls to some metals including tungsten.[108][109]
Capital Economics, a UK-based macroeconomic research consultancy, estimated that while the US levied new tariffs on about $450 billion worth of Chinese goods, China's additional tariffs only targeted about $20 billion of US goods. Julian Evans-Pritchard, the firm's head of China Economics, stated "The measures are fairly modest, at least relative to US moves". Reuters said China's "limited" response "underscored an attempt by Chinese policymakers to engage Trump in talks to avert an outright trade war".[109]
On March 4, 2025, Trump raised tariffs on Chinese imports again from 10% to 20%.[110][111] In response, China announced the same day that it would impose a 15% tariff on US chicken, wheat, corn, and cotton, as well as a 10% tariff on US sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products, effective March 10, 2025.[112][113] Additionally, China launched an anti-circumvention investigation into optical fiber products imported from the United States.[114] The General Administration of Customs of China suspended US lumber imports and revoked soybean import licenses for three US firms.[115] On March 30, 2025, China, South Korea, and Japan reached an agreement at a meeting of top trade officials to strengthen their free trade ties, including supply-chain cooperation, in response to Trump tariffs.[116][117]
Retailer Walmart had asked some Chinese suppliers to lower prices due to tariffs. On March 12, 2025, China's Ministry of Commerce held talks with Walmart, according to state media reports.[118] Costco, a warehouse club chain, also took the same measures to Chinese suppliers.[119]
On March 26, 2025, Trump suggested he might reduce tariffs on China to reach a deal on a sale of TikTok.[120]
Canada and Mexico
[edit]
On November 25, 2024, after winning reelection, Trump 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 Justin Trudeau, the Canadian Prime Minister at the time sought to de-escalate tensions.[121][122] While Trudeau noted that less than 1% of illegal border crossings and less than 1% of fentanyl into the US come from Canada,[123] he unveiled a $1.3 billion security plan for the Canada–US border on December 16, 2024.[124][125] Despite these efforts, on February 1 Trump ordered the tariffs to begin February 4, with a reduced 10% rate for Canadian energy products.[123][126] Bloomberg News reported that Trump advisors Peter Navarro and Stephen Miller led the economic discussions on the tariffs.[106]
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.[127][128] 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".[129][130] However, on February 27, Trump claimed "Drugs are still pouring into our Country from Mexico and Canada" and reaffirmed his tariffs,[110] leading to their implementation on March 4, 2025.[131] Canada retaliated with 25% tariffs on $20 billion (CA$30 billion) in US goods, with plans to expand to $85 billion (CA$125 billion),[132] while Mexico prepared its response for March 9.[133] 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."[134]
The onset of the trade war triggered stock market declines and economic concerns, particularly for retailers and car manufacturers.[135] 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.[136] The same day, Trump delayed tariffs on USMCA-compliant automakers.[53] The next day, he extended the delay to all USMCA-compliant goods—covering 50% of Mexican and 38% of Canadian imports—until April 2.[137] The Mexican government expected the number of compliant goods would increase to 85–90% within weeks.[138] Canada said it would maintain its initial tariffs but pause planned increases.[139] Tens of thousands of Mexicans celebrated with Sheinbaum in Mexico City's central plaza.[140]
Although the USMCA exemption was expected to expire on April 2, that day the White House announced it would continue indefinitely. However, Trump signed new orders imposing 25% tariffs on imports of steel, aluminum, automobiles, and auto parts from any country, including Canada and Mexico.[3] 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.[141]
Europe
[edit]European Union
[edit]Before his second inauguration, Trump threatened to impose tariffs on Europe unless it reduced its trade surplus with the US by increasing imports of American cars, agricultural products, and oil and gas.[142] The US and the European Union (EU) traded a record $1.6 trillion in 2023. 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.[143] On February 2, 2025, Trump told reporters he planned to impose tariffs on the European Union "pretty soon". He also suggested tariffs on the UK "might happen" but believed "that one can be worked out".[144]
Some EU leaders threatened immediate retaliation while others expressed concerns about reigniting global inflation.[145][146][147] "We have to do everything to avoid this totally unnecessary and stupid tariff war," said Polish Prime Minister Donald Tusk.[145] On February 4, 2025, EU trade ministers met in Warsaw to discuss the US president's threats.[148] On February 7, 2025, 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.[149] On February 25, French President Emmanuel Macron met with Trump at the White House and aimed to persuade him to refrain from initiating a trade war with Europe and to concentrate on China instead.[150][151][152]
On March 12, after Trump's global steel and aluminum tariffs took effect, the European Union announced a two-phase retaliatory plan.[153] Initially scheduled to begin April 1, both phases were postponed to mid-April.[154] Phase one is reinstating tariffs imposed in 2018 and 2020 in response to Trump's first-term metal tariffs. These measures, valued at €6.3 billion in 2018 but reduced to €4.5 billion in 2025 due to Brexit and declining US-EU trade, were suspended in 2023 after negotiations with then-president Joe Biden.[155] Phase two introduces tariffs targeting €18 billion worth of US industrial and agricultural goods, including steel, aluminum, home appliances, wood products, poultry, beef, and other food imports.[153][156] Trump condemned the EU's planned 50% tariff on US whiskey and threatened to impose 200% tariffs on European alcohol in response.[157]
In the lead-up to the imposition of Trump's reciprocal tariffs, Bernd Lange, Chairman of the INTA, proposed retaliating with "tariffs on digital services on which the US has a huge surplus".[158]
United Kingdom
[edit]The United Kingdom chose not to retaliate against President Trump's metal tariffs.[44] Chancellor Rachel Reeves of the Labour Party stated that discussions were "ongoing" regarding a potential reduction of the UK's Digital Services Tax (DST) to prevent further trade disputes with the United States. Introduced in 2020, the UK's DST imposes a 2% levy on large digital companies, generating approximately £800 million annually. The proposal to reduce the tax faced criticism from the Liberal Democrats, who condemned it as a "tax handout to Elon Musk, Zuckerberg, and other US tech barons" and instead advocated for an increase to 6%.[159]
On April 3, 2025, the UK government published a 417-page list, which asked British businesses to point to products where tariffs would hurt the UK companies the least.[160]
India
[edit]Indian Prime Minister Narendra Modi visited the White House in February to negotiate tariffs and advance a deal aimed at doubling bilateral trade to $500 billion by 2030.[161] India's trade-weighted average tariff was 12%, compared to the United States' 2.2%, leading to Trump nicknaming and repeatedly calling the country "tariff king", "tariff abuser" and a "big abuser" of trade ties.[162][163][164] Analyses projected reciprocal tariff measures would have significant economic impacts to India. Citi Research estimated that India could lose $7 billion annually.[161] 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 the $11 billion worth of pharmaceutical and automotive exports would see the highest impact.[163]
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.[161] The following month, Reuters reported that India was negotiating a trade agreement 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.[163]
Other countries
[edit]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.[165] Petro called the treatment of deportees on military flights undignified and said he would accept deportation flights on civilian planes.[166] In response, Trump ordered retaliation against Colombia and its officials,[166] including 25 percent tariffs that would increase to 50 percent in one week if Petro did not reverse his position.[167] Petro responded by ordering a 25 percent tariff on the US that would also increase to 50 percent.[166] Hours later, the US said Colombia had agreed to "unrestricted acceptance" of deportees, including on military aircraft.[168] Colombia said it would "continue to receive" deported Colombians and would guarantee them "dignified conditions."[165]
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.[169] On March 24, 2025, Trump threatened to impose tariffs of 25% on imports from countries that purchase oil and gas from Venezuela.[170][171]
Trump did not announce tariffs on Russia in April 2025, due to sanctions related to the Ukraine war.[172][173] The White House said that the imposed sanctions "already rendered trade between the two countries as zero."[174]
Impacts
[edit]Markets
[edit]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%.[175] 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%.[176]
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%.[177]
On April 3, 2025, the S&P 500 Index fell over 274 points or 4.88%, the second largest daily point loss ever. This was largely attributed to the tariff announcement on "Liberation Day," (April 2, 2025). That same day, the Nasdaq Composite fell over 1,050 points or 5.97%, the largest point loss in its history. The Dow Jones Industrial Average fell 1,679.39 points or 3.98%, the fifth-largest point loss in its history. The Russell 2000 entered bear market territory after falling 134.82 points or 6.59% [178]
United States
[edit]Although Trump's first term economic policy featured lower and more targeted tariffs with many exceptions, such as an exception for Apple products, Trump promised higher rates, broader impacts, and few exceptions in his second term.[179][180] 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.[1]
At the start of his second term, confusion over rapidly fluctuating tariff levels and other economic policies created significant uncertainty for businesses and economists.[181][182] US GDP grew by 2.8% in 2024, the year before Trump's inauguration.[183] In March 2025, the Federal Reserve lowered its 2025 growth forecast from 2.1% to 1.7%,[184] while the OECD projected a decline to 2.2% in 2025 and 1.6% in 2026.[183] The Federal Reserve also increased average inflation expectations from 2.5% to 2.7%.[184] The US Dollar value also decreased massively following the announcement compared to other currencies.[185][186][187][188]
The expected impact of the threatened 25% tariffs on Mexican and Canadian goods is high. Grocery prices were expected to rise as two-thirds of US vegetable imports came from Mexico.[179] The Peterson Institute for International Economics estimated that such a tariff retained through 2029 would reduce the gross domestic product of the United States by US$200 billion.[189] According to the Budget Lab at Yale University, American households would lose approximately US$1,200 in purchasing power.[190]
The Council on Foreign Relations notes the energy sector of the American economy is expected to be among the most impacted by tariffs.[191] A 10% tariff on Canadian energy imports is expected to increase energy prices for American consumers, in part, because Canada is the biggest supplier of energy to the United States, including 61 percent of crude oil imports in 2021.[192] American refineries, particularly in the Midwest, rely on crude oil to process into gasoline, and projections indicate that gas prices could increase up to 50 cents per gallon in the region due to tariffs.[191] On February 2, 2025, Canadian company Irving Oil released a statement, noting, "The majority of the product produced at our Saint John refinery is bound for the US market... This tariff will result in price increases for our US customers and have impacts on energy security and the broader economy."[193] During his campaign, Trump promised voters he would cut energy prices in half during his first year in office.[194]
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.[195]
Following his global tariff announcements and worldwide trade war on April 3,[196][197] 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.[38] Inflation Insights stated the weighted average tariff rate was set to rise to around 25% to 30%, up from 2% in the prior year.[198] The Cato Institute and other economists stated that the tariffs would "approach levels not seen since the Smoot-Hawley Tariff Act of 1930",[199] which The Wall Street Journal put at roughly 20% and lasted until the General Agreement on Tariffs and Trade in 1947.[200] After adjusting for inflation, the tarrifs amounted to the largest tax hike in U.S. history and triple the tax increase put in place to fight World War II.[201]
China
[edit]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".[100] 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.[100] A 2023 US House Select Committee report estimated that "nearly half" of all de minimis shipments originated from China and that 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 US de minimis exemption.[102][99]
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.[102] The exemption is expected to be closed again on May 3, 2025.[105]
Other countries
[edit]Ontario Premier Doug Ford stated that the tariffs would likely impact around half a million jobs in the province's automotive industry.[189] Peterson Institute Director of Studies Marcus Nolands believed the tariffs would cause deindustrialization in Mexico.[189] Similarly, Singapore Deputy Prime and Trade and Industry Minister Gan Kim Yong, and Senior Minister Lee Hsien Loong, both cited that the tariffs could impact the economic growth and cost-of-living; Gan also spoke on a press media that they are monitoring the situation and economic forecast, and implementing measures if necessary.[202][203] Singapore analysts however, weighted the tariffs with risks of a trade slowdown, but noted a benefit by being a more attractive source of imports for American buyers to seek alternatives to heavily taxed suppliers.[204]
Summary table
[edit]Enacted US tariffs | |||||
---|---|---|---|---|---|
Tariff | Announced | Effective | Status | Notes | Ref |
25% tariffs on steel[205] and aluminum[206] products | February 10, 2025 | March 12, 2025 | In effect | [50][44] | |
25% on canned beer and empty aluminum cans | April 2, 2025 | April 4, 2025 | Announced | A notice from the Department of Commerce expanded aluminum tariffs to include empty aluminum cans and canned beer. | [46] |
25% on all imported automobiles | March 26, 2025 | April 3, 2025 | In effect | Trump used Section 232 to impose these tariffs following a 2019 investigation. Auto parts expected to be added May 3. | [57] |
10% universal import duty on all goods brought into the US | April 2, 2025 | April 5, 2025 | Announced | [64] | |
"Reciprocal" tariffs | February 13, 2025 | April 9, 2025 | Announced | See below: Tariffs in the second Trump administration § Reciprocal tariffs by country | [60] |
25% tariff on most Canadian goods | February 1, 2025 | March 4, 2025 | Partially in effect | Tariffs on USMCA-compliant goods are delayed indefinitely.[3] 38% of Canadian goods were compliant in 2024.[137] Potash tariff lowered to 10%.[207] | [111] |
10% tariff on Canadian oil and gas | February 1, 2025 | March 4, 2025 | Delayed | Tariff suspended until April 2.[208] | [111] |
20% tariff on all Chinese goods | February 1, 2025 | February 4, 2025; Increased March 4, 2025 | In effect | Increased from 10% to 20% on March 4. | [107] |
25% tariff on all Mexican goods | February 1, 2025 | March 4, 2025 | Partially in effect | Tariffs on USMCA-compliant goods are delayed indefinitely.[3] 50% of Mexican goods were compliant in 2024, but Mexico planned to increase to 85%-90%.[138] Potash tariff lowered to 10%. | [111] |
Foreign retaliation | |||||
Country/Region | Announced | Effective | Status | Notes | Ref |
Canada | February 1, 2025 | March 4, 2025 | In effect[139] | 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 March 6.[139] | [209][210] |
Canada | March 12, 2025 | March 13, 2025 | 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. | [141] |
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. | [108] |
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.[115] | [113] |
European Union | March 12, 2025 | Mid-April | Announced | Tariffs on €4.5 bn of U.S. consumer goods (delayed from April 1[154]) and €18 bn of US steel and agricultural products mid-April. | [155] |
Proposed US tariffs | |||||
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. | [96] |
25% on auto parts | March 26, 2025 | May 3, 2025 | Announced | USMCA-compliant auto parts will remain tariff-free until the Commerce Secretary and CBP establish a process to apply tariffs to their non-U.S. content, expected by May 3.[211] | [57] |
Digital Service Taxes (DSTs) | February 21, 2025 | Trump directed USTR to initiate a Section 301 investigation into DSTs, particularly against France, Austria, Italy, Spain, Turkey, and the UK | [92] | ||
Copper | February 25, 2025 | Trump directed Commerce Secretary to initiate Section 232 investigation into copper imports.[212] | [213] | ||
Timber and lumber | March 1, 2025 | Trump directed Commerce Secretary to initiate a Section 232 investigation into timber and lumber imports.[212] | [212] |
See also
[edit]- Tariffs in the first Trump administration
- 2025 United States trade war with Canada and Mexico
- China–United States trade war
- List of the largest trading partners of the United States
- Movements for the annexation of Canada to the United States § Proposals to annex Canada by President Donald Trump
References
[edit]- ^ a b York, Erica; Durante, Alex (March 7, 2025). "Tracking the Economic Impact of the Trump Tariffs". Tax Foundation. Retrieved March 19, 2025.
- ^ a b Mangan, Dan; Breuninger, Kevin; Pound, Jesse; Wilkie, Christina; Cassella, Megan; Doherty, Erin; Ellyatt, Holly (April 2, 2025). "Trump's tariffs shock U.S. trade partners, sending Asian markets lower: Live updates". CNBC. Retrieved April 3, 2025.
- ^ a b c d e Green, Emily; Ljunggren, David (April 2, 2025). "Canada, Mexico not subject to new global rates as fentanyl tariff still in place". Reuters. Archived from the original on April 2, 2025. Retrieved April 2, 2025.
- ^ Ortiz, Erik (March 4, 2025). "Trump says tariffs were enacted to curb fentanyl, but U.S. overdose deaths are already declining". NBC New York. Retrieved March 10, 2025.
- ^ Price, Michelle L. (March 6, 2025). "How Trump justifies his tariffs — from budget balancing to protecting 'the soul' of America". AP News. Retrieved March 10, 2025.
- ^ Wingrove, Josh (April 3, 2025). "Trump's Reciprocal Tariff Formula Is All About Trade Deficits". Bloomberg News. Bloomberg L.P. Archived from the original on April 3, 2025. Retrieved April 3, 2025.
- ^ Pichee, Aimee (April 2, 2025). "Trump reveals these 2 new types of tariffs on what he calls "Liberation Day," April 2". CBS News. Retrieved April 2, 2025.
- ^ Isidore, Chris (April 3, 2025). "Auto tariffs are now in effect. What it means for America - and you | CNN Business". CNN. Retrieved April 3, 2025.
- ^ "Adjusting Imports of Automobiles and Automobile Parts into the United States". The White House. March 26, 2025. Retrieved April 1, 2025.
- ^ a b Pogue, David (December 8, 2024). "Who would pay for Trump's promised tariffs? You will!". CBS News. Retrieved February 3, 2025.
- ^ a b Wiseman, Paul (September 27, 2024). "Trump favors huge new tariffs. What are they, and how do they work?". AP News. Retrieved March 12, 2025.
- ^ Boak, Josh (February 13, 2025). "Trump signs a plan for reciprocal tariffs on US trading partners, ushering in economic uncertainty". AP News. Retrieved February 13, 2025.
- ^ Liptak, Kevin; Stracqualursi, Veronica (February 2, 2025). "With tariffs signed, Trump warns of 'pain' to come for Americans". CNN. Retrieved February 13, 2025.
- ^ Durante, Alex (September 20, 2022). "How the Section 232 Tariffs on Steel and Aluminum Harmed the Economy". Tax Foundation. Retrieved February 4, 2025.
- ^ Trump Administration Tariff Actions: Frequently Asked Questions (Report). Congressional Research Service. Retrieved February 10, 2025.
- ^ Thomson, Jill (December 13, 2022). "US imposes tariffs on aluminum from Canada". BBC News. Retrieved February 5, 2025.
- ^ Swanson, Ana (February 9, 2025). "Trump Will Impose Tariffs on Steel and Aluminum on Monday". The New York Times. Retrieved February 10, 2025.
- ^ Irwin, Neil (December 15, 2024). "What the Last Trump Tariffs Did, According to Researchers". Harvard Business Review. Harvard Business Publishing. Retrieved February 4, 2025.
- ^ Multiple sources:
- "New data show the failures of Donald Trump's China trade strategy". The Economist. February 10, 2021.
- "How China Won Trump's Trade War and Got Americans to Foot the Bill". Bloomberg. January 11, 2021.
- Hass, Ryan (August 7, 2020). "More pain than gain: How the US-China trade war hurt America". Brookings Institution.
- Zumbrun, Josh; Davis, Bob (October 25, 2020). "China Trade War Didn't Boost U.S. Manufacturing Might". The Wall Street Journal.
- Lester, Simon (January 25, 2021). "Why Did Donald Trump's Trade War on China Fail?". Cato Institute.
- Disis, Jill (October 25, 2020). "Analysis: Trump promised to win the trade war with China. He failed". CNN.
- Elegant, Naomi (February 8, 2021). "The centerpiece of Trump's trade deal with China 'failed spectacularly'". Fortune.
- White, Martha (January 20, 2021). "Trump's economic legacy: Trade wars, tariffs and tax breaks". NBC News.
- Boehm, Eric (January 19, 2021). "Trump Promised a 'Good and Easy To Win' Trade War, Then Lost It". Reason.
- Gramm, Phil (March 2, 2021). "Trump's Protectionist Failure". The Wall Street Journal.
- ^ Sprunt, Barbara (June 7, 2019). "Trump: U.S., Mexico Reach Deal To Avoid New Tariffs". NPR. National Public Radio. Retrieved February 4, 2025.
- ^ "Mexico deploys nearly 15,000 troops to the US border". CNN Wire. Fox 59. June 24, 2019. Retrieved February 4, 2025.
- ^ Nagarajan, Nithya; Kim, Turner; Greer, Camron (August 7, 2020). "U.S. Re-Imposes 10% Tariff on Specific Aluminum Imports from Canada". International Trade Insights. Husch Blackwell LLP. Retrieved February 5, 2025.
- ^ Wiseman, Paul (August 6, 2020). "After brief trade truce, U.S. slaps levy on Canadian aluminum". PBS NewsHour. Public Broadcasting Service. Retrieved February 5, 2025.
- ^ Harris, Kathleen (September 15, 2020). "U.S. calls off tariffs on Canadian aluminum — for now". CBC News. Canadian Broadcasting Corporation. Retrieved February 5, 2025.
- ^ Collinson, Stephen (October 26, 2024). "Trump floats ending the federal income tax. Here's what that would mean". CNN. Cable News Network. Retrieved February 4, 2025.
- ^ Linton, Caroline (December 4, 2024). "Trump taps Peter Navarro as top trade adviser months after prison release". CBS News. CBS News. Retrieved March 5, 2025.
- ^ Ball, Molly (August 23, 2018). "Peter Navarro Used to Be a Democrat. Now He's the Mastermind Behind Trump's Trade War". Time. Time USA, LLC. Retrieved March 7, 2025.
- ^ Williams, Aime (February 18, 2025). "Peter Navarro: a loyal general returns to wage Donald Trump's trade wars". Financial Times. The Financial Times Ltd. Archived from the original on February 18, 2025. Retrieved March 4, 2025.
- ^ "The Inaugural Address". The White House. Executive Office of the President. January 20, 2025. Retrieved February 4, 2025.
- ^ Farge, Emma (March 27, 2025). "Exclusive: US pauses financial contributions to WTO, trade sources say". Reuters. Thomson Reuters. Archived from the original on March 27, 2025. Retrieved March 27, 2025.
- ^ LaPara, Cailley (March 26, 2025). "UPS Rolls Out Tariff Math Tool for International E-Commerce". Bloomberg News. Bloomberg L.P. Archived from the original on March 27, 2025. Retrieved March 27, 2025.
- ^ Looney, Adam; Patel, Elena. "Why does the executive branch have so much power over tariffs?". Brookings. Retrieved April 3, 2025.
- ^ a b Christopher T. Zirpoli (February 27, 2025). Congressional and Presidential Authority to Impose Import Tariffs (Report). Congressional Research Service. Archived from the original on March 1, 2025. Retrieved March 11, 2025.
- ^ Spangler, Todd. "Trump bases auto tariffs on national security. Can he do that?". Detroit Free Press. Retrieved April 3, 2025.
- ^ a b Fíonta (June 2, 2020). "U.S. Launches Trade Probe into Digital Taxes". Tax Foundation. Retrieved March 18, 2025.
- ^ a b Domonoske, Camila (January 20, 2025). "Trump's Energy Emergency Plan: Oil, Electric Vehicles and More". NPR. NPR. Archived from the original on February 14, 2025. Retrieved February 14, 2025.
- ^ President Trump Raises Steel and Aluminum Tariffs (PDF) (Report). Sullivan & Cromwell LLP. February 13, 2025. Archived from the original (PDF) on March 11, 2025. Retrieved March 11, 2025.
- ^ a b c Rappeport, Alan (April 3, 2025). "Trump Trade 'Emergency' Follows Decades of Anger That America Has Been Ripped Off". The New York Times. Retrieved April 3, 2025.
- ^ Martin, Michel; Manuel, Obed (March 5, 2025). "Senate to Vote on Trump's Proposed Tariffs on Canada, China, and Mexico". NPR. NPR. Retrieved March 11, 2025.
- ^ Hubbard, Kaia (April 2, 2025). "4 Republicans join Senate Democrats to rebuke Trump tariffs on Canada". CBS News. Retrieved April 3, 2025.
- ^ Brooks, Emily (March 11, 2025). "House GOP, Democrats Clash Over Repealing Trump Tariffs". The Hill. Retrieved March 11, 2025.
- ^ Erickson, Bo (March 11, 2025). "House Republicans Block Congress' Ability to Challenge Trump Tariffs". Reuters. Reuters. Retrieved March 11, 2025.
- ^ Desrochers, Daniel; Lee Hill, Meredith; Palmer, Doug (March 11, 2025). "House Republicans Move to Block Vote on Trump's Tariffs". Politico. Politico. Archived from the original on March 11, 2025. Retrieved March 11, 2025.
- ^ a b c d Lawder, David; Shalal, Andrea; Renshaw, Jarrett (March 12, 2025). "Trump's Steel and Aluminum Tariffs Take Effect as U.S.-Canada Trade War Intensifies". Reuters. Reuters. Retrieved March 12, 2025.
- ^ Lawder, David; Heavey, Susan (March 12, 2025). "US Commerce Chief Says Nothing Will Stop Metals Tariffs, Will Add Copper Protections". Reuters. Reuters. Retrieved March 12, 2025.
- ^ a b Lucas, Amelia (April 2, 2025). "Trump administration puts 25% tariff on all canned beer imports, empty aluminum cans". CNBC. Retrieved April 2, 2025.
- ^ "Fact Sheet: President Donald J. Trump Restores Section 232 Tariffs". The White House. February 11, 2025. Retrieved March 13, 2025.
- ^ Holland, Steve; Blenkinsop, Philip (February 11, 2025). "EU readies response to Trump hikes in steel, aluminium tariffs". Reuters. Thomson Reuters. Archived from the original on February 11, 2025. Retrieved February 11, 2025.
- ^ a b O'Neil, Shannon K.; Huesa, Julia (February 14, 2025). "What Trump's Aluminum and Steel Tariffs Will Mean, in Six Charts". Greenberg Center for Geoeconomic Studies. Council on Foreign Relations. Retrieved March 13, 2025.
- ^ a b Sherman, Natalie (February 11, 2025). "Canada's new border measures after U.S. tariff threats". BBC News. British Broadcasting Corporation. Retrieved February 11, 2025.
- ^ a b U.S. Aluminum Manufacturing: Industry Trends and Sustainability (Report). Congressional Research Service. October 26, 2022. Retrieved March 13, 2025.
- ^ a b c Domonoske, Camilla (March 4, 2025). "New tariffs drive fears of rising car prices in the U.S." NPR. Retrieved March 27, 2025.
- ^ a b c Colias, Mike; Felton, Ryan; Otts, Christopher (March 6, 2025). "How Tariffs on Canada and Mexico Could Affect Car Prices". The Wall Street Journal. Archived from the original on March 6, 2025. Retrieved March 6, 2025.
- ^ "BMW Will Cover the Tariff Costs for Cars Built in Mexico Through May 1". Car and Driver. March 13, 2025. Retrieved April 1, 2025.
- ^ Green, Emily; Ljunggren, Daniel (April 2, 2025). "Canada, Mexico not subject to new global rates as fentanyl tariff still in place". Reuters. Retrieved April 3, 2025.
- ^ Yurkevich, Elisabeth Buchwald, Chris Isidore, Vanessa (March 26, 2025). "Trump announces new auto tariffs in a major trade war escalation". CNN Business. Retrieved March 27, 2025.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ a b c Boak, Josh (March 26, 2025). "Trump places 25% tariff on imported autos, expecting to raise $100 billion in tax revenues". AP News. Retrieved March 27, 2025.
- ^ Zahn, Max; Youn, Soo; Moore, Jack (March 26, 2025). "Trump announces 25% tariffs on imported cars, ratcheting up global trade war". ABC News. Retrieved March 26, 2025.
- ^ "Stellantis pauses Windsor and Mexico auto production, lays off U.S. workers". The Globe and Mail. April 3, 2025. Retrieved April 4, 2025.
- ^ a b Sherman, Natalie (February 13, 2025). "Trump launches plan to target countries with new tariffs". BBC News. BBC. Retrieved February 13, 2025.
- ^ a b c "What to Expect in Washington: March 24". EY Tax News. Ernst & Young. March 24, 2025. Retrieved March 30, 2025.
- ^ Grantham-Philips, Wyatte (March 31, 2025). "Trump has dubbed April 2 'Liberation Day' for his tariffs. Here's what to expect". AP News. Retrieved April 1, 2025.
- ^ a b Palmer, Doug; Desrochers, Daniel (April 2, 2025). "Trump imposes 10 percent universal tariff, higher for top trade partners". Politico. Retrieved April 3, 2025.
- ^ a b Pichee, Aimee (April 2, 2025). "Trump reveals these 2 new types of tariffs on what he calls "Liberation Day," April 2 - CBS News". www.cbsnews.com. Retrieved April 2, 2025.
- ^ Shalal, Andrea; Lawder, David (March 18, 2025). "Trump still intends for reciprocal tariffs to kick in on April 2, White House says". Reuters. Archived from the original on March 20, 2025. Retrieved March 24, 2025.
- ^ a b "Trump Set to Unveil Narrower April Tariffs Package Than Threatened". Bloomberg.com. March 22, 2025. Retrieved March 24, 2025.
- ^ Woodhouse, Skylar (March 31, 2025). "Trump Says Reciprocal Tariffs Set to Start With All Countries". Bloomberg News. Bloomberg L.P. Archived from the original on March 31, 2025. Retrieved March 31, 2025.
- ^ Trump Takes Multiple Questions From Reporters On The Flight Back To D.C. YouTube. Forbes. March 30, 2025. Retrieved March 30, 2025.
- ^ Murray, Brendan (March 24, 2025). "Trade Talks Ramp Up in Race to Avoid Trump's April 2 Tariffs". Bloomberg News. Archived from the original on March 24, 2025. Retrieved March 25, 2025.
- ^ Egan, Matt (April 1, 2025). "Trump's 'Liberation Day' tariffs will go into effect immediately, White House says". CNN Business. Retrieved April 1, 2025.
- ^ Timiraos, Nick; Leary, Alex; Cutter, Chip (March 25, 2025). "Corporate America's Euphoria Over Trump's 'Golden Age' Is Giving Way to Distress". The Wall Street Journal. Dow Jones & Company. Archived from the original on March 27, 2025. Retrieved March 27, 2025.
- ^ Kaye, Danielle; Rennison, Joe (March 30, 2025). "Stocks Mark Worst Month in Years as Trump's Tariffs Loom". The New York Times. Retrieved March 31, 2025.
- ^ French, David (March 31, 2025). "S&P, Nasdaq post big quarterly percentage drops on Trump tariff turmoil". Reuters. Retrieved March 31, 2025.
- ^ Dale, Daniel (April 2, 2025). "Fact check: Trump's false claims about tariffs and trade". CNN Politics. Retrieved April 3, 2025.
- ^ Doan, Laura (April 2, 2025). "Trump says his tariffs could bring in trillions in revenue. Economists disagree". CBS News. Retrieved April 3, 2025.
- ^ Swanson, Ana (April 2, 2025). "Trump Says His Tariffs Will Address Unfair Global Trade. Is He Right?". The New York Times. ISSN 0362-4331. Retrieved April 3, 2025.
- ^ Fechner, Inga. "What Project 2025 tells us about what will happen with tariffs on 2 April". ING Think. Retrieved April 3, 2025.
- ^ Timotija, Filip (April 3, 2025). "Treasury secretary: 'My advice to every country right now is do not retaliate'". The Hill. Retrieved April 3, 2025.
- ^ Romm, Tony; Swanson, Ana; Gamio, Lazaro (April 3, 2025). "How Are Trump's Tariff Rates Calculated?". The New York Times. ISSN 0362-4331. Retrieved April 3, 2025.
- ^ a b DeBarros, Anthony. "What's the Math Behind Trump's New Tariffs?". WSJ. Retrieved April 3, 2025.
- ^ "Reciprocal Tariff Calculations". Office of the United States Trade Representative. April 2025. Retrieved April 3, 2025.
- ^ Lawford, Melissa (April 3, 2025). "White House casts doubt on Starmer lobbying claim on Trump tariffs". The Daily Telegraph. Archived from the original on April 3, 2025. Retrieved April 3, 2025.
- ^ Messerly, Megan; Desrochers, Daniel; Lefebvre, Ben; Detsch, Jack (April 3, 2025). "'I hope he's right': Markets tumble on tariffs — but Trump isn't flinching". Politico. Retrieved April 3, 2025.
{{cite news}}
: CS1 maint: url-status (link) - ^ a b Bianco, Ali (April 2, 2025). "Sweeping US tariffs hit some tiny targets around the world". POLITICO. Retrieved April 3, 2025.
- ^ Pearson, Nick (April 3, 2025). "No explanation from White House why tiny Aussie island's tariffs are nearly triple the rest of Australia's". 9news. Retrieved April 3, 2025.
- ^ Lendon, Brad (April 3, 2025). "An uninhabited island, a military base and a 'desolate' former whaling station. Trump's tariffs include unlikely targets". CNN. Retrieved April 3, 2025.
- ^ "Donald Trump's reciprocal tariffs: Which countries take the hardest hit and which escape?". The Times of India. April 3, 2025. ISSN 0971-8257. Retrieved April 3, 2025.
- ^ Faulconbridge, Guy (April 3, 2025). "Russia, Cuba and North Korea escape worst of Trump's tariff wrath". Reuters. Retrieved April 3, 2025.
- ^ a b Lawler, Dave; Ravid, Barak (April 2, 2025). "Trump's tariffs list is missing one big country: Russia". Axios. Retrieved April 3, 2025.
- ^ "Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits". The White House. April 2, 2025. Retrieved April 3, 2025.
- ^ "ANNEX I" (PDF). The White House. April 2, 2025. Retrieved April 3, 2025.
- ^ a b c d e Allen, Brooks; Leiter, Michael; Werry, Susanne; Bell, Jacob (February 28, 2025). "Trump Revives and Expands the Battle Over Digital Services Taxes". Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates. Retrieved March 17, 2025.
- ^ Shaw, Tim (January 23, 2025). "OECD to 'Keep Working' With US Despite Trump's Rejection of Tax Deal". Thomson Reuters Tax & Accounting News. Retrieved March 17, 2025.
- ^ Flatley, Daniel (March 25, 2025). "Trump's Threat of Secondary Tariffs Invents New Trade Weapon". Bloomberg News. Bloomberg L.P. Archived from the original on March 25, 2025. Retrieved March 25, 2025.
- ^ Kutz, Anna (March 25, 2025). "What are 'secondary tariffs'? Trump says they'll soon hit Venezuela". The Hill. Archived from the original on March 27, 2025. Retrieved April 1, 2025.
- ^ a b Boak, Josh (March 24, 2025). "Trump says he'll put a 25% tariff on countries that buy Venezuelan oil, though the US does so itself". AP News. Retrieved March 27, 2025.
- ^ Suter, Tara (March 30, 2025). "Trump 'very angry' at Putin's remarks on Zelensky". The Hill. Retrieved March 31, 2025.
- ^ Khatinoglu, Dalga (March 31, 2025). "Secondary tariffs: US wields a powerful tool against Iran". iranintl.com. Retrieved April 1, 2025.
- ^ a b Smith, Allison (February 4, 2025). "How Trump's suspension of de minimis will impact e-commerce companies". Modern Retail. Digiday Media. Retrieved February 8, 2025.
- ^ a b c d Hall, Casey (January 23, 2025). "What is De Minimis and why did Trump end it as part of China tariffs?". Reuters. Thomson Reuters. Archived from the original on January 23, 2025. Retrieved February 8, 2025.
- ^ a b Kaye, Danielle (February 5, 2025). "Trump's Tariffs Target De Minimis Trade Loophole". The New York Times. Archived from the original on February 5, 2025. Retrieved March 3, 2025.
- ^ a b c "Trump delays ending of de minimis trade exemption targeting China". CNBC. NBCUniversal Media, LLC. February 7, 2025. Retrieved February 8, 2025.
- ^ Singh, Karan Deep (February 7, 2025). "Trump's Tariffs Target De Minimis Trade Loophole". The Washington Post. Nash Holdings. Retrieved February 8, 2025.
- ^ Garland, Max (March 3, 2025). "Trump delays de minimis' end for Canada, Mexico products". Supply Chain Dive. Industry Dive. Retrieved March 3, 2025.
- ^ a b "Fact Sheet: President Donald J. Trump Closes De Minimis Exemptions to Combat China's Role in America's Synthetic Opioid Crisis". The White House. April 2, 2025. Retrieved April 2, 2025.
- ^ a b Donnan, Shawn (February 3, 2025). "How Trump's Tariffs Aim a Wrecking Ball at the Economy of the Americas". Bloomberg News. Retrieved February 3, 2025.
- ^ a b McCarthy, Simone (February 4, 2025). "China announces trade retaliation against US". CNN. CNN.
- ^ a b Xiao, Josh (February 3, 2025). "China Hits Back at Trump With Tariffs on US Goods, Google Probe". Bloomberg News. Archived from the original on February 9, 2025. Retrieved April 3, 2025.
- ^ a b Mason, Jeff; Hunnicutt, Trevor; Krolicki, Kevin (February 4, 2025). "Trump in no hurry to talk to Xi amid new tariff war". Reuters. Thomson Reuters. Retrieved February 4, 2025.
- ^ a b Breuninger, Kevin (February 27, 2025). "Trump says Mexico, Canada tariffs will start March 4, plus additional 10% on China". CNBC. CNBC.
- ^ a b c d Shalal, Andrea; Lawder, David (March 4, 2025). "Trade wars erupt as Trump hits Canada, Mexico, China with steep tariffs". Reuters. Retrieved March 4, 2025.
- ^ "China hits back at U.S. imports as Trump's fresh tariffs take effect". Reuters. March 4, 2025. Retrieved March 4, 2025.
- ^ a b "China slaps extra tariffs of up to 15% on imports of major U.S. farm exports". NPR. The Associated Press. March 4, 2025. Retrieved March 4, 2025.
- ^ "1st LD: China launches anti-circumvention probe into imported optical fiber products from U.S." China.org.cn. Xinhua. Retrieved March 4, 2025.
- ^ a b "China hits US soybean firms, halts lumber imports as it steps up retaliation against Trump tariffs". Reuters. Retrieved March 4, 2025.
- ^ "China, South Korea and Japan agree to strengthen trade ties in response to Trump tariffs". France 24. March 30, 2025.
- ^ "China, Japan, South Korea will jointly respond to US tariffs, Chinese state media says". Reuters. Beijing. April 1, 2025. Archived from the original on March 31, 2025. Retrieved April 1, 2025.
Japan and South Korea are seeking to import semiconductor raw materials from China, and China is also interested in purchasing chip products from Japan and South Korea, the account, Yuyuan Tantian, said in a post on Weibo.
- ^ Bao, Anniek (March 12, 2025). "China's Commerce Ministry held talks with Walmart after report on price cut demand, state media says". CNBC.
- ^ Hale, Thomas; Meyer, Gregory; Ho-him, Chan (March 18, 2025). "Costco leans on mainland China suppliers as US tariffs bite". Financial Times.
- ^ Vanian, Jonathan (March 26, 2025). "Trump says he may reduce China tariffs to help close a TikTok deal". CNBC. Retrieved March 27, 2025.
- ^ Phillips, Tom (November 28, 2024). "Sheinbaum responds to Trump's tariff threats against Mexico". The Guardian. Guardian News & Media Ltd. Retrieved February 4, 2025.
- ^ Murphy, Jessica (December 4, 2024). "Trump praises 'very productive' Mar-a-Lago meeting with Trudeau". Retrieved February 4, 2025.
- ^ a b Horsley, Scott (February 1, 2025). "Trump imposes new tariffs on imports from Mexico, Canada and China in new phase of trade war". NPR. Retrieved February 2, 2025.
- ^ "Canada announces new border funding after Trump tariff threat". Reuters. December 16, 2024. Retrieved February 4, 2025.
- ^ Hendrich, Holly (January 4, 2025). "Canada announces new border rules after Trump tariff threat". BBC News. British Broadcasting Corporation. Retrieved February 4, 2025.
- ^ Zahn, Max; Walsh, Kelsey. "Mexico, Canada respond to Trump's tariffs: 'Difficult times' are ahead". ABC News. Retrieved February 2, 2025.
- ^ Psaledakis, Daphne; Lawder, David; Meijer, Bart (February 3, 2025). "U.S. tariffs on Mexico to be paused for a month, Trump says". Reuters. Retrieved February 3, 2025.
- ^ "Trump agrees to pause tariffs on Canada and Mexico after they pledge to boost border enforcement". AP News. February 3, 2025. Retrieved February 3, 2025.
- ^ Caruso-Moro, Luca; Nersessian, Mary; Marfo, Darcas; Lee, Michael; Aiello, Rachel; Hahn, Phil; Chaya, Lynn; Buckley, Charlie; White, Ryan; Otis, Daniel (February 2, 2025). "Tariffs on Canada delayed for 30 days after talk between Trudeau and Trump". CTV News. Retrieved February 3, 2025.
- ^ Phillips, Tom (February 3, 2025). "Donald Trump and Mexican president announce one-month pause in US tariffs". The Guardian. ISSN 0261-3077. Retrieved February 3, 2025.
- ^ "US tariffs take effect and Mexico, Canada and China retaliate with their own tariffs on the US". AP News. March 4, 2025. Retrieved March 4, 2025.
- ^ Sanchez, Fabiola; Gillies, Rob (February 2, 2025). "Trump's trade war among allies triggers retaliation from Canada and Mexico". AP News. Retrieved March 13, 2025.
- ^ Sanchez, Fabiola (March 9, 2025). "Tens of thousands of Mexicans rally with president to celebrate US decision to delay tariffs". AP News. Retrieved March 13, 2025.
- ^ Putzier, Konrad; Lahart, Justin (March 3, 2025). "Trump Tariffs Usher in New Era of Protectionism". The Wall Street Journal. Dow Jones & Company. Archived from the original on March 4, 2025. Retrieved March 4, 2025.
- ^ Khan, Sunny (March 6, 2025). "US Stock Markets Fall Amid Trade War Fears After Trump Tariffs". BBC News. BBC. Retrieved March 6, 2025.
- ^ Irwin, Lauren (March 6, 2025). "Trump and Lutnick Reach Tariff Compromise". The Hill. Retrieved March 6, 2025.
- ^ a b Zahn, Max (March 6, 2025). "Trump pauses tariffs for some Canadian and Mexican goods". ABC News. Retrieved March 6, 2025.
- ^ a b Martinez, Ana Isabel; Torres, Noe (March 11, 2025). "Tariff Chaos Could Push Mexico Into Technical Recession". Reuters. Reuters. Archived from the original on March 11, 2025. Retrieved March 12, 2025.
- ^ a b c Gillies, Rob (March 6, 2025). "Canada's Tariffs to Remain Despite Trump Postponing Tariffs on Many Imports from Canada for a Month". Associated Press. Associated Press. Retrieved March 6, 2025.
- ^ Butler, Eleanor (March 10, 2025). "Mexicans celebrate with President Sheinbaum after US tariff delay". euronews. Retrieved April 1, 2025.
- ^ a b Cook, Lorne; Gilles, Rob; McHugh, David (March 12, 2025). "Canada and the EU swiftly retaliate against Trump's steel and aluminum tariffs". AP News. Retrieved March 13, 2025.
- ^ Isidore, Chris (December 20, 2024). "Trump to Europe: Buy more of our oil and gas or face tariffs". CNN Business. Cable News Network. Retrieved February 4, 2025.
- ^ Rankin, Jennifer (January 16, 2025). "Tariffs: EU's 'carrot and stick' policy under Trump presidency". The Guardian. Guardian News & Media. Retrieved February 4, 2025.
- ^ Bekiempis, Victoria (February 2, 2025). "Trump says EU tariffs will 'definitely happen' as Mexico, Canada and China retaliate". The Guardian. Guardian News & Media. Retrieved February 4, 2025.
- ^ a b Armstrong, Rory Elliott (February 3, 2025). "EU leaders vow to fight back if Trump imposes tariffs". Euronews. Retrieved February 5, 2025.
- ^ "Transatlantic trade war would hurt both sides, European leaders warn". Reuters. February 3, 2025.
- ^ "As Trump's trade war looms, EU leaders prepare to retaliate". Euractiv. Archived from the original on February 15, 2025. Retrieved March 5, 2025.
- ^ "EU prepares to hit Big Tech in retaliation for Donald Trump's tariffs". Financial Times. The Financial Times Ltd. February 4, 2025. Retrieved February 8, 2025.
- ^ "EU to offer lower tariffs on US cars". Financial Times. The Financial Times Ltd. February 6, 2025. Retrieved February 8, 2025.
- ^ Leali, Giorgio (February 25, 2025). "Macron to Trump: Make trade war with China, not with us". POLITICO. Retrieved March 4, 2025.
- ^ "Emmanuel Macron: 'You cannot have trade wars with China, Europe at the same time': Macron warns US, urges strong role in Ukraine peace". The Times of India. February 25, 2025. Retrieved March 4, 2025.
- ^ "Macron attempts to avert trade war at Trump meeting as EU prepares tariff response". France 24. February 25, 2025. Retrieved March 4, 2025.
- ^ a b Shalvey, Kevin (March 12, 2025). "EU Announces $28 Billion Countermeasures Against Trump's Steel Tariffs". ABC News. ABC News. Retrieved March 12, 2025.
- ^ a b Bishop, Sophie Kiderlin, Silvia Amaro, Katrina (March 20, 2025). "EU delays implementing first retaliatory tariffs on US goods to middle of April". CNBC. Retrieved March 20, 2025.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ a b Rankin, Jennifer; Partridge, Joanna (March 12, 2025). "EU retaliates against Trump tariffs with €26bn 'countermeasures'". The Guardian. ISSN 0261-3077. Retrieved March 12, 2025.
- ^ "EU Countermeasures on US Steel and Aluminium Tariffs Explained" (Press release). European Commission. March 11, 2025. Retrieved March 12, 2025.
- ^ "Trump threatens 200% tariff on EU wine and liquor, says world is 'ripping us off'". NBC News. March 13, 2025.
- ^ ""Every new US car more expensive from now" | News". European Parliament. March 27, 2025. Retrieved March 31, 2025.
- ^ "UK considers big tech tax changes to appease Donald Trump". BBC. March 23, 2025. Retrieved March 25, 2025.
- ^ "UK teases retaliatory tariffs on US goods". POLITICO. April 3, 2025.
- ^ a b c Kumar, Manoj; Acharya, Shivangi (March 3, 2025). "India's trade minister heads to US for talks as Trump tariffs loom, officials say". Reuters. Reuters. Archived from the original on March 3, 2025. Retrieved March 3, 2025.
- ^ "India's steps to win over US President Trump, avert tariffs | Reuters". Reuters.
- ^ a b c Singh, Sarita Chaganti; Ahmed, Aftab; Kumar, Manoj (March 25, 2025). "India eyes tariff cut on more than half of US imports to shield its exports, sources say". Reuters. Thomson Reuters. Archived from the original on March 25, 2025. Retrieved March 25, 2025.
- ^ "Trump tariffs: Agriculture is centre stage US-India trade showdown". BBC. March 30, 2025. Retrieved April 2, 2025.
- ^ a b "Trump announces retaliatory measures after Colombia blocks military deportation flights from U.S." NBC News. January 26, 2025. Retrieved January 26, 2025.
- ^ a b c Stewart, Phil; Griffin, Oliver (January 26, 2025). "Trump imposes tariffs, sanctions on Colombia after it refuses deportation flights". Reuters. Retrieved January 26, 2025.
- ^ Glatsky, Genevieve; Romero, Simon (January 26, 2025). "Trump Hits Colombia With Tariffs in Feud Over Military Deportation Flights". The New York Times. ISSN 0362-4331. Retrieved January 26, 2025.
- ^ "White House backs off on tariffs on Colombia after agreement on 'unrestricted acceptance' of migrants". CNN. January 26, 2025. Retrieved January 27, 2025.
- ^ Shakil, Ismail (January 31, 2025). "Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar". Reuters. Thomson Reuters. Retrieved February 4, 2025.
- ^ "Donald Trump threatens US tariffs on countries buying Venezuelan oil". www.bbc.com. March 24, 2025.
- ^ Buchwald, Elisabeth (March 24, 2025). "Trump says any country buying Venezuelan oil will face a 25% tariff". CNN Business. Retrieved March 25, 2025.
- ^ Ravid, Dave Lawler,Barak (April 2, 2025). "Trump's tariffs list is missing one big country: Russia". Axios. Retrieved April 3, 2025.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ Kurmanaev, Anatoly (April 3, 2025). "Russia's Escape From Trump's Tariffs Raises Questions". The New York Times. ISSN 0362-4331. Retrieved April 3, 2025.
- ^ "White House explains why Russia not included in Trump's new tariffs". Newsweek. April 2, 2025. Retrieved April 3, 2025.
- ^ Wagatsuma, Aya (April 3, 2025). "Nikkei 225 Slumps to Lowest Since August on Trump's 24% Tariffs". Bloomberg. Retrieved April 3, 2025.
- ^ Reid, Jenni (April 3, 2025). "European stocks close 2.7% lower as key sectors are upended after Trump tariffs". CNBC. Retrieved April 3, 2025.
- ^ Towfighi, John (April 2, 2025). "Stock futures plunge as investors digest Trump's tariffs". CNN. Retrieved April 3, 2025.
- ^ Conlon, Sean (April 3, 2025). "Small-cap benchmark Russell 2000 becomes first major U.S. stock measure to enter bear market". CNBC. Retrieved April 3, 2025.
- ^ a b Sherman, Natalie (February 5, 2025). "Here's how Trump's tariffs could impact you and your wallet". NPR. Retrieved February 11, 2025.
- ^ Swanson, Ana (March 10, 2025). "Trump Has Said 'No Exceptions' to His Tariffs. Will That Last?". The New York Times. ISSN 0362-4331. Retrieved March 19, 2025.
- ^ Neuman, Scott (March 11, 2025). "As Trump downplays economic fears, this data shows people feel differently". NPR. Retrieved March 19, 2025.
- ^ Cassidy, John (March 10, 2025). "Will Trumpian Uncertainty Knock the Economy Into a Recession?". The New Yorker. ISSN 0028-792X. Retrieved March 19, 2025.
- ^ a b Cohen, Patricia (March 17, 2025). "Trump's Trade War Will Slow Global Economic Growth, OECD Says". The New York Times. Retrieved March 17, 2025.
- ^ a b Harring, Alex (March 19, 2025). "Here's what changed in the new Fed statement". CNBC. Retrieved March 19, 2025.
- ^ Low, Justin (March 4, 2025). "Deutsche Bank warns of a dollar confidence crisis". Forexlive | Forex News, Technical Analysis & Trading Tools.
- ^ Mott, Filip De. "The dollar is spiraling amid a 'confidence crisis' sparked by Trump's trade war". Business Insider.
- ^ "Investors brace for life after the US dollar". Top1000funds.com. April 3, 2025. Retrieved April 3, 2025.
- ^ Matthews, Laura; Shabong, Yadarisa (April 3, 2025). "Euro, yen surge vs dollar as investors grapple with tariff aftermath". Reuters. Retrieved April 3, 2025.
- ^ a b c Stevis-Gridneff, Matina; Swanson, Ana; Romero, Simon. "How Could Trump's Tariffs Affect the U.S., Canada and Mexico?". The New York Times. Archived from the original on February 1, 2025. Retrieved February 1, 2025.
- ^ Lynch, David (February 1, 2025). "Trump signs order imposing tariffs on Canada, Mexico and China". The Washington Post. Archived from the original on February 2, 2025. Retrieved February 1, 2025.
- ^ a b "Trump's Tariffs and What's at Stake, in Nine Charts". cfr.org. February 5, 2025. Retrieved February 13, 2025.
- ^ Benner, Victoria (April 13, 2022). "Mapping the Canada-U.S. Energy Relationship". Connect2Canada. Retrieved February 13, 2025.
- ^ "Irving Oil statement on US tariff". Irving Oil. February 2, 2025. Retrieved February 13, 2025.
- ^ "Trump vows to halve energy costs in 12 months. Few see that happening". NBC News. September 4, 2024. Retrieved February 13, 2025.
- ^ Hudson, Michael (January 25, 2025). "Michael Hudson: Trump's tariff threats could destabilize the global economy". Geopolitical Economy Report. Retrieved February 11, 2025.
- ^ Cohen, Patricia (April 3, 2025). "Trump's Trade War Risks Forfeiting America's Economic Primacy". The New York Times. ISSN 0362-4331. Retrieved April 3, 2025.
By provoking a worldwide trade war, President Trump risks abandoning that vision of shared interests and replacing it with one that assumes sharp economic conflicts are unavoidable.
- ^ Liu, John; McCarthy, Simone (April 3, 2025). "China vows to counter Trump's 'bullying' tariffs as global trade war escalates". CNN. Retrieved April 3, 2025.
- ^ Guida, Victoria (April 3, 2025). "'This Could Get Much Uglier': The Fatal Flaw in Trump's Trade War". Politico. Retrieved April 3, 2025.
{{cite news}}
: CS1 maint: url-status (link) - ^ Rappeport, Alan; Smith, Colby (April 2, 2025). "Americans' Reactions to Trump's Tariffs Range From Worried to Enthusiastic". The New York Times. ISSN 0362-4331. Retrieved April 3, 2025.
- ^ Douglas, Jason; Fairless, Tom (March 24, 2025). "Trade War Explodes Across World at Pace Not Seen in Decades". The Wall Street Journal. Retrieved April 3, 2025.
Economists and historians say the flurry of recent moves suggest the world could be heading toward the largest, broadest surge in protectionist activity since the U.S. Smoot-Hawley Tariff Act of 1930 touched off a global retreat behind tariff walls that lasted until after World War II.
- ^ Isidore, Chris (March 31, 2025). "Trump aide says tariffs will raise $6 trillion, which would be largest tax hike in US history". CNN. Retrieved April 3, 2025.
- ^ "Trump tariffs: DPM Gan warns of 'rough waters'; Singapore reassessing growth forecast". CNA. Retrieved April 3, 2025.
- ^ "US tariffs could set off global trade war, dampen S'pore's economic growth: DPM Gan". The Straits Times. April 3, 2025. Retrieved April 3, 2025.
- ^ "Trump tariffs: Singapore economy could be hit hard by trade slowdown but there may be a silver lining, say analysts". CNA. Retrieved April 3, 2025.
- ^ "Adjusting Imports of Steel Into the United States". Federal Register. February 18, 2025. Retrieved April 3, 2025.
- ^ "Adjusting Imports of Aluminum Into the United States". Federal Register. February 18, 2025. Retrieved April 3, 2025.
- ^ Samuels, Brett (March 12, 2025). "Trump Grants Tariff Exemption for Canada, Mexico". The Hill. Retrieved March 12, 2025.
- ^ Kimball, Spencer (March 12, 2025). "Trump tariff threats are pushing Canada's largest oil producer to break its dependence on the US". CNBC. Retrieved March 12, 2025.
- ^ Murray, Warren; Bekiempis, Victoria (February 2, 2025). "Canada and Mexico hit back after Trump signs order for punishing tariffs". The Guardian. ISSN 0261-3077. Retrieved February 2, 2025.
- ^ Stevis-Gridneff, Matina (February 2, 2025). "Trudeau Details Canada's Retaliation Plans in Emotional Rebuke of Trump Tariffs". The New York Times. ISSN 0362-4331. Retrieved February 2, 2025.
- ^ "Fact Sheet: President Donald J. Trump Adjusts Imports of Automobiles and Automobile Parts into the United States". The White House. March 26, 2025. Retrieved March 27, 2025.
- ^ a b c Swanson, Ana (March 1, 2025). "Trump Trade Dispute With Canada Escalates Over Lumber". The New York Times. Archived from the original on March 2, 2025. Retrieved March 12, 2025.
- ^ "Donald Trump orders new tariff investigation into US copper imports". The Guardian. Reuters. February 25, 2025. ISSN 0261-3077. Retrieved March 19, 2025.
External links
[edit]
- "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.
- 2025 in American politics
- 2025 in economic history
- 2025 in international relations
- Canada–United States trade relations
- China–United States economic relations
- Customs duties
- Customs duty rates by countries and regions
- Economic history of the People's Republic of China
- Economic history of the United States
- Geopolitical rivalry
- Mexico–United States relations
- Policies of Donald Trump
- Protectionism in the United States
- Second presidency of Donald Trump
- Second Trump administration controversies
- Tariff laws in the United States
- Trade wars involving the United States
- United States economic policy
- United States–European Union relations