All of Trump’s imposed tariffs and proposed trade measures

U.S. President Donald Trump has issued a series of tariff threats since resuming office on January 20, ranging from a blanket duty on all imports to specific tariffs aimed at certain sectors or countries, all in an effort to compel others to comply with his policy objectives.

These threats have evolved over time, leaving other nations and businesses uncertain about future developments, which has contributed to consumer apprehension and a recent decline in the stock market.

Here is an overview of Trump’s trade-related actions and threats.

UNIVERSAL TARIFFS

A fundamental aspect of Trump’s strategy involves the gradual implementation of universal tariffs on all imports into the U.S. Last month, he directed his economic team to formulate plans for reciprocal tariffs against any country that imposes taxes on U.S. imports, as well as to address non-tariff barriers like vehicle safety regulations that disadvantage U.S. automobiles and value-added taxes that raise their prices.

While tariffs historically constituted a significant portion of U.S. tax revenue, their contribution has diminished considerably in recent decades. Economists warn that Trump’s approach may lead to inflation, as businesses that import goods and incur tariffs are likely to pass those increased costs onto consumers.

The potential for global trading partners to impose counter-tariffs on U.S. exports in agriculture, energy, and machinery could escalate into a global trade conflict, generating further uncertainty for businesses and investors.

TARGETED COUNTRIES

Trump’s tariff initiatives focus on several major trading partners, including the following:
MEXICO AND CANADA: These two nations were the largest trading partners of the U.S. from January to November 2024, with Mexico in the lead. Trump’s newly imposed 25% tariffs on imports from Mexico and Canada went into effect on March 4, as a response to issues related to migration and fentanyl trafficking.

The tariffs imposed included a 25% tax on the majority of goods imported from Mexico and Canada, as well as a 10% duty on energy imports from Canada. Canada mainly exports crude oil and various energy products, in addition to vehicles and auto parts that are part of the North American automotive supply chain. Mexico also sends a range of products to the U.S. within the industrial and automotive sectors.

In response, Canada implemented 25% tariffs on C$30 billion (approximately $20.7 billion) worth of U.S. imports, which encompassed items such as orange juice, peanut butter, beer, coffee, appliances, and motorcycles. The Canadian government indicated that it would introduce additional tariffs on C$125 billion of U.S. goods if Trump’s tariffs remained in effect after 21 days, potentially affecting vehicles, steel, aircraft, beef, and pork.

During his address to Congress on March 4, Trump announced that further tariffs would be introduced on April 2, including “reciprocal tariffs” and non-tariff measures aimed at correcting trade imbalances. U.S. Commerce Secretary Howard Lutnick mentioned that U.S. officials might still seek a partial resolution with Canada and Mexico, emphasizing the need for more action regarding fentanyl.

On March 11, Trump retracted his plan for 50% tariffs on steel and aluminum imports from Canada after a Canadian official canceled plans for a 25% surcharge on electricity exports to the U.S.

On March 12, Canada, the largest foreign supplier of steel and aluminum to the U.S., announced it would impose retaliatory tariffs on U.S. goods valued at C$29.8 billion (around $20 billion) in response to Trump’s tariffs on steel and aluminum.

Regarding China, Trump enacted a 10% tariff on all imports from China into the U.S., effective February 4, following multiple warnings to Beijing about inadequate measures to stop the influx of illegal drugs into the United States.

He subsequently imposed an additional 10% tariff on Chinese goods, effective March 4, layering this on top of the existing tariffs of up to 25% that were enacted on Chinese imports during Trump’s initial term. In retaliation, China declared new tariffs ranging from 10% to 15% on select U.S. imports starting March 10, along with a set of new export restrictions targeting specific U.S. entities. China later lodged complaints regarding the U.S. tariffs with the World Trade Organization. On March 12, China announced its commitment to take all necessary actions to protect its rights and interests following President Donald Trump’s increase in tariffs on all U.S. steel and aluminum imports.

In Europe, Trump remarked that the EU and other nations maintain concerning trade surpluses with the United States. He indicated that products from these countries would either face tariffs or that he would require them to purchase more oil and gas from the U.S., despite the fact that U.S. gas export capacity is nearing its limits. The European Commission expressed its disapproval of this “reciprocal” trade policy in a statement on February 14, describing it as a move in the wrong direction.

Trump has threatened to impose a 25% “reciprocal” tariff on European goods, with the pharmaceutical sector being particularly vulnerable, as U.S. companies like Johnson & Johnson and Pfizer operate significant facilities in Ireland, a key exporter of medical devices. On March 12, the European Union announced plans to implement counter-tariffs on U.S. goods valued at 26 billion euros ($28 billion) starting next month, in response to the comprehensive U.S. tariffs on steel and aluminum. On March 13, Trump warned of a potential 200% tariff on European wine and spirits in retaliation for an EU proposal to impose tariffs on American whiskey and other products in the coming month.

PRODUCTS

AUTOMOBILES: On March 5, Trump announced that he would temporarily exempt certain automakers, including the Detroit Three—Ford, General Motors, and Stellantis, the parent company of Jeep—from his 25% tariffs on imports from Canada and Mexico for a period of one month, provided they adhere to an existing free trade agreement. According to the stipulations, vehicles must contain 75% North American content to qualify for duty-free access to the U.S. market. This exemption will also extend to some foreign automakers with significant production operations in the U.S., such as Honda and Toyota. However, competitors that do not meet the compliance requirements will be subject to the full 25% tariffs. Trump has also suggested the possibility of imposing tariffs of 100% or more on other vehicles, including electric vehicles (EVs). In 2024, the automobile sector accounted for over $202 billion in imports from Canada and Mexico combined.

METALS: On February 9, Trump declared his intention to impose tariffs on all steel and aluminum imports, which are utilized by the automotive, aerospace, construction, and infrastructure sectors. The U.S. ranks as the largest importer of aluminum globally and the second-largest for steel, with over half of these imports sourced from Canada, Mexico, and Brazil. On February 25, Trump initiated a new investigation into potential tariffs on copper imports to bolster domestic production of this essential metal, which is vital for electric vehicles, military equipment, semiconductors, and various consumer products. Currently, the U.S. produces just over half of the refined copper it consumes annually.

SEMICONDUCTORS: Trump announced that tariffs on semiconductor chips would begin at “25% or higher,” with significant increases anticipated over the following year, although he did not specify when these tariffs would be implemented. Taiwan Semiconductor Manufacturing Co, the largest contract chip manufacturer globally, produces semiconductors for companies like Nvidia and Apple, deriving 70% of its revenue in 2024 from North American clients.

LUMBER: On March 1, Trump initiated a new trade investigation that could lead to additional tariffs on imported lumber, compounding the existing duties on Canadian softwood lumber and the 25% tariffs imposed on all goods from Canada and Mexico.

ALCOHOL: On March 13, Trump threatened to impose a 200% tariff on imports of wine, cognac, and other alcoholic beverages from Europe. This move is a reaction to the European Union’s plan to levy tariffs on American whiskey and other products next month, which itself is a response to Trump’s 25% tariffs on steel and aluminum imports that took effect the previous day.