Tariffs in the second Trump administration#Formula calculation

{{See also|History of tariffs in the United States#2000 to present: Deindustrialization and wage deflation|Protectionism in the United States#1980s to present}}

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.{{Cite web |last=Taddonio |first=Patrice |date=May 6, 2019 |title=Trump's Tariff Strategy Can Be Traced Back to the 1980s |url=https://www.pbs.org/wgbh/frontline/article/trumps-tariff-strategy-can-be-traced-back-to-the-1980s/ |access-date=April 7, 2025 |publisher=PBS |language=en-US}} 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.{{Cite web |last=Wiseman |first=Paul |date=September 27, 2024 |title=Trump favors huge new tariffs. What are they, and how do they work? |url=https://apnews.com/article/tariffs-trump-taxes-imports-inflation-consumers-prices-c2eef295a078a76ce2bb7fedb0c5e58c |access-date=March 12, 2025 |website=AP News |language=en}} 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.{{Cite web |last=Pogue |first=David |date=December 8, 2024 |title=Who would pay for Trump's promised tariffs? You will! |url=https://www.cbsnews.com/news/who-would-pay-for-trumps-promised-tariffs-you-will/ |access-date=February 3, 2025 |publisher=CBS News |language=en-US}}{{cite news |last=Boak |first=Josh |date=February 13, 2025 |title=Trump signs a plan for reciprocal tariffs on US trading partners, ushering in economic uncertainty |url=https://apnews.com/article/trump-tariffs-reciprocal-imports-tax-trade-economy-54c0a26687dc96157d96229068894720 |access-date=February 13, 2025 |work=AP News }}{{cite web |last1=Lee |first1=Tori |date=April 2, 2025 |title=How do tariffs work, and who will they impact? UChicago experts explain |url=https://news.uchicago.edu/story/how-do-tariffs-work-and-who-will-they-impact-uchicago-experts-explain |website=The University of Chicago |publisher=UChicago News |access-date=April 5, 2025}} 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;{{Cite web |last=Schulz |first=Bailey |date=April 22, 2025 |title=Trump says tariff revenue could replace income taxes: Why economists disagree |url=https://www.usatoday.com/story/money/2025/04/22/trump-tariffs-replace-income-taxes-economists/83196923007/ |access-date=May 3, 2025 |website=USA Today |language=en-US}} furthermore, tariff revenues would be expected to decrease over time, given a presumed reduction of imports.{{Cite news |last=Minton Beddoes |first=Zanny |date=April 9, 2025 |title='The Economist' editor unpacks the 'biggest trade policy shock' of Trump's tariffs [16:22-16:39] |url=https://www.npr.org/2025/04/09/nx-s1-5355907/trump-tariffs-zanny-minton-beddoes |access-date=May 3, 2025 |work=Fresh Air |language=en}} 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".{{cite news |last1=Liptak |first1=Kevin |last2=Stracqualursi |first2=Veronica |date=February 2, 2025 |title=With tariffs signed, Trump warns of 'pain' to come for Americans |url=https://www.cnn.com/2025/02/02/politics/us-tariffs-americans-pay-imports/index.html |access-date=February 13, 2025 |publisher=CNN}}

In 2018, Trump imposed tariffs on steel and aluminum imports, resulting in price increases for Americans.{{cite web |last=Durante |first=Alex |date=September 20, 2022 |title=How the Section 232 Tariffs on Steel and Aluminum Harmed the Economy |url=https://taxfoundation.org/research/all/federal/section-232-tariffs-steel-aluminum/ |access-date=February 4, 2025 |website=Tax Foundation }} 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.{{cite news |last=Thomson |first=Jill |date=December 13, 2022 |title=US imposes tariffs on aluminum from Canada |url=https://www.bbc.com/news/business-63920063 |access-date=February 5, 2025 |work=BBC News}} 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.{{cite report |title=Trump Administration Tariff Actions: Frequently Asked Questions |url=https://crsreports.congress.gov/product/pdf/R/R47107 |publisher=Congressional Research Service |access-date=February 10, 2025}} 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.{{cite news |last=Swanson |first=Ana |date=February 9, 2025 |title=Trump Will Impose Tariffs on Steel and Aluminum on Monday |url=https://www.nytimes.com/2025/02/09/business/economy/trump-steel-aluminum-tariffs.html?unlocked_article_code=1.wk4.L-pR.oBWW1H4GEjdg&smid=url-share |access-date=February 10, 2025 |work=The New York Times }} Trump also launched a trade war with China which subjected 60% of US-China trade to 20% tariffs{{cite news |last=Irwin |first=Neil |title=What the Last Trump Tariffs Did, According to Researchers |url=https://hbr.org/2024/12/what-the-last-trump-tariffs-did-according-to-researchers |work=Harvard Business Review |publisher=Harvard Business Publishing |date=December 15, 2024 |access-date=February 4, 2025}} and was widely characterized as a failure for the United States.Multiple sources:

• {{Cite news|url=https://www.economist.com/graphic-detail/2021/02/10/new-data-show-the-failures-of-donald-trumps-china-trade-strategy|title=New data show the failures of Donald Trump's China trade strategy|date=February 10, 2021|newspaper=The Economist}}
• {{cite news |title=How China Won Trump's Trade War and Got Americans to Foot the Bill |url=https://www.bloomberg.com/news/articles/2021-01-11/how-china-won-trump-s-good-and-easy-to-win-trade-war |publisher=Bloomberg L.P. |date=January 11, 2021}}
• {{cite web |title=More pain than gain: How the US-China trade war hurt America|last1=Hass |first1=Ryan |url=https://www.brookings.edu/blog/order-from-chaos/2020/08/07/more-pain-than-gain-how-the-us-china-trade-war-hurt-america/ |publisher=Brookings Institution |date=August 7, 2020}}
• {{Cite web |title=China Trade War Didn't Boost U.S. Manufacturing Might|url=https://www.wsj.com/articles/china-trade-war-didnt-boost-u-s-manufacturing-might-11603618203|first1=Josh|last1=Zumbrun|first2=Bob|last2=Davis|date=October 25, 2020|work=The Wall Street Journal}}
• {{cite web |title=Why Did Donald Trump's Trade War on China Fail? |last1=Lester |first1=Simon |url=https://www.cato.org/commentary/why-did-donald-trumps-trade-war-china-fail |publisher=Cato Institute |date=January 25, 2021}}
• {{Cite web |title=Analysis: Trump promised to win the trade war with China. He failed|url=https://www.cnn.com/2020/10/24/economy/us-china-trade-war-intl-hnk/index.html|first=Jill|last=Disis|publisher=CNN|date=October 25, 2020}}
• {{Cite web |title=The centerpiece of Trump's trade deal with China 'failed spectacularly'|url=https://fortune.com/2021/02/09/trump-china-trade-deal-exports-failed-spectacularly/|work=Fortune|first=Naomi|last=Elegant|date=February 8, 2021}}
• {{cite web |title=Trump's economic legacy: Trade wars, tariffs and tax breaks|last1=White |first1=Martha |url=https://www.nbcnews.com/business/business-news/trump-s-economic-legacy-trade-wars-tariffs-tax-breaks-n1254716 |publisher=NBC News |date=January 20, 2021}}
• {{cite web |title=Trump Promised a 'Good and Easy To Win' Trade War, Then Lost It|last1=Boehm |first1=Eric |url=https://reason.com/2021/01/19/trump-promised-a-good-and-easy-to-win-trade-war-then-lost-it/ |work=Reason (magazine) |date=January 19, 2021}}
• {{cite web |title=Trump's Protectionist Failure |last1=Gramm |first1=Phil |url=https://www.wsj.com/articles/trumps-protectionist-failure-11614709570 |work=The Wall Street Journal |date=March 2, 2021}}

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.{{cite news |last=Sprunt |first=Barbara |title=Trump: U.S., Mexico Reach Deal To Avoid New Tariffs |url=https://www.npr.org/2019/06/07/730283772/trump-u-s-mexico-reaches-deal-to-avoid-new-tariffs |publisher=NPR |date=June 7, 2019 |access-date=February 4, 2025}} Mexico deployed nearly 15,000 troops to its border with the US and 6,500 troops to its border with Guatemala.{{cite news |work=CNN Wire |title=Mexico deploys nearly 15,000 troops to the US border |url=https://fox59.com/news/national-world/mexico-deploys-nearly-15000-troops-to-the-us-border/ |publisher=Fox 59 |date=June 24, 2019 |access-date=February 4, 2025}} 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.{{cite web |last1=Nagarajan |first1=Nithya |last2=Kim |first2=Turner |last3=Greer |first3=Camron |title=U.S. Re-Imposes 10% Tariff on Specific Aluminum Imports from Canada |url=https://www.internationaltradeinsights.com/2020/08/u-s-re-imposes-10-tariff-on-specific-aluminum-imports-from-canada/ |website=International Trade Insights |publisher=Husch Blackwell LLP |date=August 7, 2020 |access-date=February 5, 2025}}{{cite news |last=Wiseman |first=Paul |title=After brief trade truce, U.S. slaps levy on Canadian aluminum |url=https://www.pbs.org/newshour/economy/after-brief-trade-truce-u-s-slaps-levy-on-canadian-aluminum |work=PBS NewsHour |publisher=Public Broadcasting Service |date=August 6, 2020 |access-date=February 5, 2025}} He withdrew the tariff a month later, three hours before Canada planned to retaliate.{{cite news |last=Harris |first=Kathleen |title=U.S. calls off tariffs on Canadian aluminum — for now |url=https://www.cbc.ca/news/politics/aluminum-tariffs-trade-trump-trudeau-1.5724391 |publisher=CBC News |date=September 15, 2020 |access-date=February 5, 2025}}

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".{{cite news |last=Collinson |first=Stephen |date=October 26, 2024 |title=Trump floats ending the federal income tax. Here's what that would mean |url=https://www.cnn.com/2024/10/26/politics/trump-income-taxes-tariffs/index.html |access-date=February 4, 2025 |publisher=CNN }} 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".{{Cite web |last=Mattingly |first=Phil |date=October 23, 2024 |title=23 Nobel Prize-winning economists call Harris' economic plan 'vastly superior' to Trump's |url=https://edition.cnn.com/2024/10/23/politics/nobel-prize-economists-harris-economic-plan/index.html |access-date=April 4, 2025 |publisher=CNN}}{{Cite web |last=Picciotto |first=Rebecca |date=October 23, 2024 |title='Higher prices, larger deficits': 23 Nobel Prize-winning economists slam Trump agenda, endorse Harris |url=https://www.cnbc.com/2024/10/23/nobel-prize-winning-economists-donald-trump-agenda-endorse-harris.html |access-date=April 4, 2025 |publisher=CNBC}}

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.{{cite news |url=https://www.cbsnews.com/news/peter-navarro-trade-counsel-trump/ |title=Trump taps Peter Navarro as top trade adviser months after prison release |last=Linton |first=Caroline |date=December 4, 2024 |publisher=CBS News |access-date=March 5, 2025}} 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.{{cite magazine |url=https://time.com/5375727/peter-navarro/ |title=Peter Navarro Used to Be a Democrat. Now He's the Mastermind Behind Trump's Trade War |first=Molly |last=Ball |date=August 23, 2018 |magazine=Time |publisher=Time USA, LLC |access-date=March 7, 2025 }} 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.{{cite news |url=https://www.ft.com/content/4135f673-d3a8-4d78-9f81-81107cb7dd32 |archive-url=https://archive.today/20250218092727/https://www.ft.com/content/4135f673-d3a8-4d78-9f81-81107cb7dd32 |archive-date=February 18, 2025 |title=Peter Navarro: a loyal general returns to wage Donald Trump's trade wars |last=Williams |first=Aime |date=February 18, 2025 |work=Financial Times |publisher=The Financial Times Ltd. |access-date=March 4, 2025}} 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".{{Cite web |last=Fechner |first=Inga |title=What Project 2025 tells us about what will happen with tariffs on 2 April |url=https://think.ing.com/articles/heres-whats-going-to-happen-on-april-2/ |access-date=April 3, 2025 |website=ING Think}}

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,"{{Cite web |last=Miran |first=Stephen |year=2024 |title=A User's Guide to Restructuring the Global Trading System |url=https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf |website=Hudson Bay Capital}} which proposed using tariffs as a tool to drive down the value of the dollar through a negotiated 'Mar-a-Lago Accord'.{{Cite web |last=Kokalari |first=Michael |year=2024 |title=Summary of 'A User's Guide to Restructuring the Global Trading System' |url=https://vinacapital.com/wp-content/uploads/2024/11/20241129-Summary-of-A-Users-guide.pdf}} 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,{{Cite web |last=Kamin |first=Steven B. |date=March 3, 2025 |title=Council of Economic Advisors Chair Nominee Stephen Miran's Critique of the Global Monetary System—Part I |work=American Enterprise Institute – AEI |url=https://www.aei.org/economics/council-of-economic-advisors-chair-nominee-stephen-mirans-critique-of-the-global-monetary-system-part-i/}} and that tariffs can be used to weaken the dollar and revitalize American manufacturing,{{Cite web |date=March 31, 2025 |title=Examining Trump's claims that tariffs will revitalize American manufacturing |url=https://www.pbs.org/newshour/show/examining-trumps-claims-that-tariffs-will-revitalize-american-manufacturing |access-date=April 7, 2025 |website=PBS News |language=en-us}} although this view has been criticized by some economists.{{Cite web |date=April 7, 2025 |title=Miran, we're not in Triffin land anymore |url=https://cepr.org/voxeu/columns/miran-were-not-triffin-land-anymore |access-date=April 7, 2025 |website=CEPR |language=en}} While the administration's ultimate tariff formula did not closely resemble any of Miran's suggestions, the underlying ideas in Miran's white paper remain important in the Trump administration's conduct of trade policy.{{Cite web |last=Fouad |first=Mohamed A. |date=April 7, 2025 |title=Miran: The Economic Mind Behind Trump – What's Behind the Tariffs? |url=https://moderndiplomacy.eu/2025/04/07/miran-the-economic-mind-behind-trump-whats-behind-the-tariffs/ |access-date=April 7, 2025 |website=Modern Diplomacy |language=en-US}}

{{See also|Timeline of the 2025 United States trade war with Canada|China–United States trade war#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."{{cite web |date=January 20, 2025 |title=The Inaugural Address |url=https://www.whitehouse.gov/remarks/2025/01/the-inaugural-address/ |access-date=February 4, 2025 |website=The White House |publisher=Executive Office of the President}} On February 1, he declared several "national emergencies" regarding drug trafficking, particularly fentanyl, and imposed 25% tariffs on most goods from Mexico and Canada and 10% on goods from China. Tariffs on Mexican and Canadian goods compliant with the USMCA were quickly suspended,{{Cite news |last1=Green |first1=Emily |last2=Ljunggren |first2=David |date=April 2, 2025 |title=Canada, Mexico not subject to new global rates as fentanyl tariff still in place |url=https://www.reuters.com/world/americas/canada-mexico-not-subject-new-global-rates-while-fentanyl-border-order-place-2025-04-02/ |archive-url=https://archive.today/20250402233704/https://www.reuters.com/world/americas/canada-mexico-not-subject-new-global-rates-while-fentanyl-border-order-place-2025-04-02/ |archive-date=April 2, 2025 |access-date=April 2, 2025 |work=Reuters}} but the "fentanyl tariff" on Chinese goods was raised to 20% on March 4.{{cite news |last=Breuninger |first=Kevin |date=February 27, 2025 |title=Trump says Mexico, Canada tariffs will start March 4, plus additional 10% on China |url=https://www.cnbc.com/2025/02/27/trump-says-mexico-canada-tariffs-will-start-march-4-plus-additional-10percent-on-china.html |publisher=CNBC}} On February 13, Trump said he was planning to impose "reciprocal tariffs" on all countries with trade barriers against the US in April, prompting a flurry of visits from foreign diplomats aimed at preemptive negotiation.{{cite news |last=Sherman |first=Natalie |date=February 13, 2025 |title=Trump launches plan to target countries with new tariffs |url=https://www.bbc.com/news/articles/c360lle165ro |access-date=February 13, 2025 |work=BBC News |publisher=BBC}}{{Cite news |last=Murray |first=Brendan |date=March 24, 2025 |title=Trade Talks Ramp Up in Race to Avoid Trump's April 2 Tariffs |url=https://www.bloomberg.com/news/articles/2025-03-24/countries-race-to-avoid-trump-tariffs-in-final-sprint-to-april-2 |archive-url=https://archive.today/20250324143104/https://www.bloomberg.com/news/articles/2025-03-24/countries-race-to-avoid-trump-tariffs-in-final-sprint-to-april-2 |archive-date=March 24, 2025 |access-date=March 25, 2025 |work=Bloomberg News}}

Foreign governments and analysts expressed confusion over the administration's tariff strategies and openness to negotiation.{{Cite web |date=April 8, 2025 |title='We are all waiting for a reply.' Countries say White House hasn't responded on tariff talks. |url=https://www.politico.com/news/2025/04/08/trump-tariffs-talks-countries-00279959 |access-date=May 9, 2025 |website=POLITICO |language=en}}{{Cite web |date=April 11, 2025 |title=Diplomats see 'mess' in Trump's trade strategy |url=https://www.politico.com/news/2025/04/11/trumps-tariff-trade-waiting-china-00287407 |access-date=May 8, 2025 |website=POLITICO |language=en}} 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.{{Cite news |last1=Swanson |first1=Ana |last2=Duehren |first2=Andrew |last3=Smith |first3=Colby |date=February 28, 2025 |title=When It Comes to Tariffs, Trump Can't Have It All |url=https://www.nytimes.com/2025/02/28/business/economy/trump-tariff-goals-contradictions.html |archive-url=https://archive.today/20250301033520/https://www.nytimes.com/2025/02/28/business/economy/trump-tariff-goals-contradictions.html |archive-date=March 1, 2025 |access-date=May 8, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} Canada alleged that tariffs on its exports were intended to damage its economy and pressure annexation into the United States.{{cite web |date=March 4, 2025 |title=Trudeau says US wants to collapse Canada's economy with tariffs |url=https://www.bbc.com/news/articles/c89ye749nxvo |website=www.bbc.com}} 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."{{Cite web |date=April 7, 2025 |title=Vietnam's tariffs offer rejected by Trump adviser—"Not a negotiation" |url=https://www.newsweek.com/vietnam-offer-remove-tariff-trump-trade-peter-navarro-2056149 |access-date=May 8, 2025 |website=Newsweek |language=en}}

On April 2, a day he called "Liberation Day", Trump 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.{{Cite web |last=Pichee |first=Aimee |date=April 2, 2025 |title=Trump reveals these 2 new types of tariffs on what he calls "Liberation Day," April 2 – CBS News |url=https://www.cbsnews.com/news/liberation-day-trump-tariffs-explained/ |access-date=April 2, 2025 |publisher=CBS News |language=en-US}} Tariffs on goods from 57 trading partners briefly rose to between 11% and 50% on April 9, but were suspended within hours on all but China due to concerns over crashing stock and bond markets.{{Cite web |last=Hutzler |first=Alexandra |date=April 9, 2025 |title=Trump explains dramatic reversal on tariffs: People getting 'a little bit afraid' |url=https://abcnews.go.com/Politics/trump-explains-dramatic-reversal-tariffs-people-bit-afraid/story?id=120651386 |access-date=April 9, 2025 |website=ABC News |language=en}}{{Cite news |date=April 14, 2025 |title=UN trade agency urges US to exclude poor states from tariffs |url=https://www.reuters.com/world/un-trade-agency-urges-us-exclude-poor-states-tariffs-2025-04-14/ |access-date=May 8, 2025 |work=Reuters}} Following a retaliatory spiral, US tariffs on Chinese goods rose to 145% and Chinese tariffs on US goods rose to 125%.{{cite news |last1=Bao |first1=Anniek |date=April 11, 2025 |title=China strikes back with 125% tariffs on U.S. goods as trade war intensifies |url=https://www.cnbc.com/2025/04/11/china-strikes-back-with-125percent-tariffs-on-us-goods-starting-april-12.html |publisher=CNBC |language=en}} A 25% tariff on steel and aluminum products imposed March 12, a 25% tariff on automobiles imposed April 3, and other sector-specific duties also remained.{{Cite web |last=Lalljee |first=Jason |date=April 9, 2025 |title=Trump pauses reciprocal tariffs, but these ones are still in effect |url=https://www.axios.com/2025/04/09/trump-tariffs-90-day-pause-china |access-date=April 10, 2025 |website=Axios |language=en}} Politico estimated the remaining tariffs brought the average effective US tariff rate to 27%, the highest level in over a century.

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. The first cargo ships carrying Chinese goods tariffed at 145% arrived on May 6 with shipments cut in half.{{Cite web |last1=Goldman |first1=David |last2=Wallace |first2=Alicia |last3=Yurkevich |first3=Vanessa |last4=Watt |first4=Nick |date=May 6, 2025 |title=The first boats carrying Chinese goods with 145% tariffs are arriving in LA. Shipments are cut in half. Expect shortages soon {{!}} CNN Business |url=https://www.cnn.com/2025/05/06/business/tariffs-price-increases-shortages-ports |access-date=May 13, 2025 |website=CNN |language=en}} Journalists reported Trump sidelined staunch protectionist Peter Navarro and promoted negotiation-minded Scott Bessent as his top economic advisor.{{Cite web |date=April 10, 2025 |title=Trade shake-up: Bessent leads on trade as Lutnick plays 'bad cop' — and Navarro is sidelined |url=https://www.politico.com/news/2025/04/10/bessent-trade-lutnick-navarro-shakeup-00284597 |access-date=May 7, 2025 |website=POLITICO |language=en}}{{Cite web |date=April 14, 2025 |title=Good cops, bad cops - how Trump's tariff team kept world guessing |url=https://www.bbc.com/news/articles/czx4ynxx1nzo |access-date=May 7, 2025 |website=www.bbc.com |language=en-GB}} The US reached its first deal with the United Kingdom on May 8, a limited framework which cut tariffs on certain products but kept the 10% minimum tariff largely in place.{{Cite web |last=LaRocco |first=Lori Ann |date=May 8, 2025 |title=U.S.-U.K. trade deal: From Ford to McLaren, steel to beef, impact to be limited, says freight CEO |url=https://www.cnbc.com/2025/05/08/trump-us-uk-trade-deal-import-export-impact.html |access-date=May 9, 2025 |website=CNBC |language=en}}{{Cite web |date=May 8, 2025 |title=US and UK agree deal slashing Trump tariffs on cars and metals |url=https://www.bbc.com/news/articles/cp92r2kvk74o |access-date=May 9, 2025 |website=www.bbc.com |language=en-GB}} The following day Trump said the 10% baseline tariff would remain for all countries even after negotiations.{{Cite news |last=Woodhouse |first=Skyler |date=May 9, 2025 |title=Trump Says 10% Tariff Baseline Unless 'Exceptional' Offer Made |url=https://www.bloomberg.com/news/articles/2025-05-09/trump-says-10-tariff-baseline-unless-exceptional-offer-made |access-date=May 9, 2025 |work=Bloomberg News}}

On May 12, the US and China agreed to cut tariffs introduced after "Liberation Day" to 10% for 90 days. Including the 20% "fentanyl tariff", US tariffs on most Chinese shipments were reduced to 30%. Tariffs on shipments below the $800 de minimis threshold were cut to 54%.{{Cite web |last=Lalljee |first=Courtenay Brown,Jason |date=May 12, 2025 |title=China trade deal: White House partially cuts tariffs on Shein, Temu packages |url=https://www.axios.com/2025/05/12/china-trade-deal-shein-temu-trump |access-date=May 13, 2025 |website=Axios |language=en}}

On May 28, the United States Court of International Trade unanimously declared Trump had overstepped his authority by imposing the "fentanyl tariffs" and "reciprocal tariffs". A parallel ruling, on the same day, in a Washington D.C. district court, mirrored that of the New York court, but the resulting order was stayed for fourteen days. 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.{{Cite web |title=Learning Resources, Inc., et al v. Donald Trump, et al (0:25-cvus-05202), D.C. Circuit U.S. Court of Appeals |url=https://www.pacermonitor.com/public/case/58330799/Learning_Resources,_Inc,_et_al_v_Donald_Trump,_et_al |access-date=2025-06-09 |website=www.pacermonitor.com |language=en}} The court ordered both sides to file responses by June 9.

Tariffs on steel and aluminum imports were increased from 25% to 50% on June 4, 2025.

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.{{Cite web |last1=Looney |first1=Adam |last2=Patel |first2=Elena |date=January 15, 2025 |title=Why does the executive branch have so much power over tariffs? |url=https://www.brookings.edu/articles/why-does-the-executive-branch-have-so-much-power-over-tariffs/ |website=Brookings Institution |language=en-US}} 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.{{cite report|author=Christopher T. Zirpoli|title=Congressional and Presidential Authority to Impose Import Tariffs|publisher=Congressional Research Service|date=February 27, 2025|url=https://crsreports.congress.gov/product/pdf/R/R48435|access-date=March 11, 2025|archive-url=https://web.archive.org/web/20250301113004/https://crsreports.congress.gov/product/pdf/R/R48435|archive-date=March 1, 2025}}{{Cite web |last=Spangler |first=Todd |date=March 27, 2025 |title=Trump bases auto tariffs on national security. Can he do that? |url=https://www.freep.com/story/news/politics/2025/03/27/trump-auto-tariffs-section-232-national-security-explained/82688081007/ |website=Detroit Free Press |language=en-US}} Trump directed the USTR to initiate similar investigations to impose tariffs under Section 301 of the Trade Act of 1974.{{Cite web |last=Fíonta |date=June 2, 2020 |title=U.S. Launches Trade Probe into Digital Taxes |url=https://taxfoundation.org/blog/us-trade-representative-ustr-digital-services-tax-investigations/ |access-date=March 18, 2025 |website=Tax Foundation |language=en-US}}

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. Declaring these emergencies allowed Trump to enact tariffs quickly without following the complex procedures required by TEA or other trade statutes.{{cite report|title=President Trump Raises Steel and Aluminum Tariffs|publisher=Sullivan & Cromwell LLP|date=February 13, 2025|url=https://www.sullcrom.com/SullivanCromwell/_Assets/PDFs/Memos/President-Trump-Raises-Steel-Aluminum-Tariffs.pdf|access-date=March 11, 2025|archive-url=https://web.archive.org/web/20250311154500/https://web.archive.org/web/20250311185437/https://www.sullcrom.com/SullivanCromwell/_Assets/PDFs/Memos/President-Trump-Raises-Steel-Aluminum-Tariffs.pdf|archive-date=March 11, 2025}} 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."{{cite news |url=https://www.npr.org/2025/01/20/nx-s1-5268653/energy-emergency-trump-oil-evs |title=Trump's Energy Emergency Plan: Oil, Electric Vehicles and More |first=Camila |last=Domonoske |date=January 20, 2025 |work=Morning Edition |publisher=NPR |access-date=February 14, 2025 |archive-url=https://archive.today/20250214194819/https://www.npr.org/2025/02/14/nx-s1-5287971/trump-emergencies-tariffs-energy |archive-date=February 14, 2025 }} 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."{{Cite news |last=Rappeport |first=Alan |date=April 3, 2025 |title=Trump Trade 'Emergency' Follows Decades of Anger That America Has Been Ripped Off |url=https://www.nytimes.com/2025/04/03/us/politics/trump-tariffs-trade-deficit-manufacturing.html |url-access=subscription |access-date=April 3, 2025 |work=The New York Times }}

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.{{Cite web |last=Li |first=Jasmine |title=Senate Effort to Repeal Trump's 'Liberation Day' Tariffs Fails |url=https://www.wsj.com/politics/policy/senate-effort-to-repeal-trumps-liberation-day-tariffs-fails-95cd5388 |access-date=May 2, 2025 |website=WSJ |language=en-US}}{{cite news |last1=Martin |first1=Michel |last2=Manuel |first2=Obed |date=March 5, 2025 |title=Senate to Vote on Trump's Proposed Tariffs on Canada, China, and Mexico |url=https://www.npr.org/2025/03/05/nx-s1-5317682/trump-tariffs-canada-china-mexico-senate-vote |access-date=March 11, 2025 |publisher=NPR}}{{cite news |last1=Desrochers |first1=Daniel |last2=Lee Hill |first2=Meredith |last3=Palmer |first3=Doug |date=March 11, 2025 |title=House Republicans Move to Block Vote on Trump's Tariffs |url=https://www.politico.com/live-updates/2025/03/11/congress/house-republicans-move-to-block-vote-on-trumps-tariffs-00223947 |archive-url=https://archive.today/20250311181756/https://www.politico.com/live-updates/2025/03/11/congress/house-republicans-move-to-block-vote-on-trumps-tariffs-00223947 |archive-date=March 11, 2025 |access-date=March 11, 2025 |work=Politico}}{{cite news |last=Erickson |first=Bo |date=March 11, 2025 |title=House Republicans Block Congress' Ability to Challenge Trump Tariffs |url=https://www.reuters.com/world/us/house-republicans-block-congress-ability-challenge-trump-tariffs-2025-03-11/ |access-date=March 11, 2025 |work=Reuters |publisher=Reuters}}{{cite news |last=Brooks |first=Emily |date=March 11, 2025 |title=House GOP, Democrats Clash Over Repealing Trump Tariffs |url=https://thehill.com/homenews/house/5189410-house-gop-democrats-repealing-trump-tariffs/ |access-date=March 11, 2025 |work=The Hill}} JD Vance cast a tie-breaking vote in the Senate to uphold the emergency underpinning the "Liberation Day" tariffs.

Several countries initiated disputes regarding Trump's tariffs with the World Trade Organization (WTO), a regulator of international trade.{{Cite web |title=U.S. agrees to WTO talks with China, Canada over tariffs, invokes national security {{!}} InsideTrade.com |url=https://insidetrade.com/daily-news/us-agrees-wto-talks-china-canada-over-tariffs-invokes-national-security |access-date=May 9, 2025 |website=insidetrade.com}}{{Cite web |last=Reid |first=Jenni |date=May 8, 2025 |title=EU to launch dispute against U.S. tariffs as it sets out 95 billion euros in countermeasures |url=https://www.cnbc.com/2025/05/08/european-union-dispute-against-us-tariffs-world-trade-organization.html |access-date=May 9, 2025 |website=CNBC |language=en}} 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.{{Cite web |title=A Reset of the World Trade Organization's Appellate Body {{!}} Council on Foreign Relations |url=https://www.cfr.org/report/reset-world-trade-organizations-appellate-body |access-date=May 7, 2025 |website=www.cfr.org |language=en}} 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.{{cite news |last=Farge |first=Emma |date=March 27, 2025 |title=Exclusive: US pauses financial contributions to WTO, trade sources say |url=https://www.reuters.com/world/us-suspends-financial-contributions-wto-trade-sources-say-2025-03-27/ |archive-url=https://archive.today/20250327154204/https://www.reuters.com/world/us-suspends-financial-contributions-wto-trade-sources-say-2025-03-27/ |archive-date=March 27, 2025 |access-date=March 27, 2025 |work=Reuters}}

At least seven cases were filed in American federal courts challenging Trump's authority to impose tariffs under IEEPA.{{Cite web |last=Khardori |first=Ankush |date=May 1, 2025 |title=The Supreme Court Could Unleash Chaos on the Economy |url=https://www.politico.com/news/magazine/2025/05/01/trump-tariffs-injunction-supreme-court-00319135 |access-date=May 7, 2025 |website=POLITICO |language=en}}{{Cite news |last=Romm |first=Tony |date=April 27, 2025 |title=Trump's Tariffs Prompt Wave of Lawsuits as States and Businesses Fight Back |url=https://www.nytimes.com/2025/04/27/us/politics/trump-tariffs-lawsuits.html |access-date=May 7, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} In May 2025, the United States Court of International Trade (CIT) held hearings for V.O.S. Selections, Inc. v. Trump{{Cite web |last=Jansen |first=Bart |title=Small businesses call Trump's tariffs 'unlawful,' urge federal trade court to block them |url=https://www.usatoday.com/story/news/politics/2025/05/13/federal-trade-court-trump-tariffs/83597029007/ |access-date=May 24, 2025 |website=USA TODAY |language=en-US}} and Oregon v. Trump.{{Cite web |date=May 24, 2025 |title=Thoughts on the Oral Argument in the Oregon Case Against Trump's IEEPA Tariffs |url=https://reason.com/volokh/2025/05/24/thoughts-on-the-oral-argument-in-the-oregon-case-against-trumps-ieepa-tariffs/ |access-date=May 27, 2025 |website=Reason.com |language=en-US}} 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."{{cite web |last1=Cheney |first1=Kyle |last2=Palmer |first2=Doug |date=May 28, 2025 |title=Federal court strikes down Trump's April 2 tariffs |url=https://politico.com/news/2025/05/28/federal-court-strikes-down-trumps-april-2-tariffs-00373843 |access-date=May 28, 2025 |website=Politico}}{{cite web |last=Whitehurst |first=Lindsay |date=May 28, 2025 |title=Federal trade court blocks Trump from imposing sweeping tariffs under emergency powers law |url=https://apnews.com/article/trump-tariffs-trade-court-0392dbd59f548e49ad4f64254ae3f94a |access-date=May 28, 2025 |website=The Associated Press}} A parallel ruling, on the same day, in a Washington D.C. district court, mirrored that of the New York court, but the resulting order was stayed for fourteen days. The next day, an appellate court stayed the decision, allowing the tariffs to remain in effect while it considered the case.

On March 12, 2025, the US imposed 25% tariffs on all steel and aluminum imports, aiming to strengthen domestic production.{{cite news |last1=Lawder |first1=David |last2=Shalal |first2=Andrea |last3=Renshaw |first3=Jarrett |date=March 12, 2025 |title=Trump's Steel and Aluminum Tariffs Take Effect as U.S.-Canada Trade War Intensifies |url=https://www.reuters.com/markets/commodities/trumps-steel-aluminum-tariffs-take-effect-us-canada-trade-war-intensifies-2025-03-12/ |access-date=March 12, 2025 |work=Reuters |publisher=Reuters}} On April 2, 2025, aluminum tariffs expanded to include empty aluminum cans and canned beer.{{Cite web |last=Lucas |first=Amelia |date=April 2, 2025 |title=Trump administration puts 25% tariff on all canned beer imports, empty aluminum cans |url=https://www.cnbc.com/2025/04/02/trump-puts-tariffs-on-canned-beer-imports.html |access-date=April 2, 2025 |publisher=CNBC}} The measures expanded Trump's first-term steel and aluminum tariffs by eliminating all exemptions and raising the aluminum tariff from 10% to 25%. The administration argued previous exemptions "inadvertently created loopholes that were exploited by China and others with excess steel and aluminum capacity".{{Cite web |date=February 11, 2025 |title=Fact Sheet: President Donald J. Trump Restores Section 232 Tariffs |url=https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-restores-section-232-tariffs/ |access-date=March 13, 2025 |website=The White House}} 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.{{cite news |last1=Holland |first1=Steve |last2=Blenkinsop |first2=Philip |date=February 11, 2025 |title=EU readies response to Trump hikes in steel, aluminium tariffs |url=https://www.reuters.com/markets/eu-readies-response-trump-hikes-steel-aluminium-tariffs-2025-02-11/ |archive-url=https://archive.today/20250211161248/https://www.reuters.com/markets/eu-readies-response-trump-hikes-steel-aluminium-tariffs-2025-02-11/ |archive-date=February 11, 2025 |access-date=February 11, 2025 |work=Reuters }} Commerce Secretary Howard Lutnick said Trump would soon add a copper tariff as well.{{cite news |last1=Lawder |first1=David |last2=Heavey |first2=Susan |date=March 12, 2025 |title=US Commerce Chief Says Nothing Will Stop Metals Tariffs, Will Add Copper Protections |url=https://www.reuters.com/markets/us/us-commerce-chief-says-nothing-will-stop-metals-tariffs-will-add-copper-2025-03-12/ |access-date=March 12, 2025 |work=Reuters |publisher=Reuters}} On May 30, 2025, Donald Trump announced double tariff on steel and aluminium imports from 25% to 50% since June 4.{{cite news |title=Trump: US to double steel import tariffs to 50% |url=https://www.bbc.com/news/articles/cy0k5x21y35o |access-date=May 31, 2025 |work=www.bbc.com |date=May 31, 2025}}

In 2023, the US imported 44% of its aluminum and 26% of its steel.{{cite news |last1=O'Neil |first1=Shannon K. |last2=Huesa |first2=Julia |date=February 14, 2025 |title=What Trump's Aluminum and Steel Tariffs Will Mean, in Six Charts |url=https://www.cfr.org/article/what-trumps-aluminum-and-steel-tariffs-will-mean-six-charts |access-date=March 13, 2025 |work=Greenberg Center for Geoeconomic Studies |publisher=Council on Foreign Relations}} Canada was its largest supplier of both, accounting for more than half of aluminum{{cite news |last=Sherman |first=Natalie |date=February 11, 2025 |title=Canada's new border measures after U.S. tariff threats |url=https://www.bbc.com/news/articles/c360dz384n5o |access-date=February 11, 2025 |work=BBC News |publisher=BBC}} and two-thirds of primary aluminum imports. 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.{{cite report |url=https://www.congress.gov/crs-product/R47294 |title=U.S. Aluminum Manufacturing: Industry Trends and Sustainability |date=October 26, 2022 |publisher=Congressional Research Service |access-date=March 13, 2025}} 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.

Tariffs on steel and aluminum imports were increased to 50% on June 4, 2025.{{Cite web |date=June 3, 2025 |title=Trump signs executive order raising tariffs on steel and aluminum imports to 50% |url=https://abc7ny.com/post/trump-signs-executive-order-raising-tariffs-steel-aluminum-imports-50/16647461/ |access-date=June 5, 2025 |website=ABC7 New York |language=en}} The UK remained at 25% while it continued to negotiate a trade deal announced the previous month.{{Cite web |date=June 4, 2025 |title=Donald Trump doubles US steel and aluminium tariffs to 50% |url=https://www.bbc.com/news/articles/cj3j7z73yv2o |access-date=June 5, 2025 |website=www.bbc.com |language=en-GB}}

In January 2025, President Trump announced broad tariffs on Canada and Mexico, threatening the highly integrated North American auto supply chain.{{Cite news |last=Domonoske |first=Camilla |date=March 4, 2025 |title=New tariffs drive fears of rising car prices in the U.S. |url=https://www.npr.org/2025/03/03/nx-s1-5316162/trump-tariffs-canada-mexico-cars-auto-industry |access-date=March 27, 2025 |publisher=NPR}} 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. The three largest US automakers—Ford, General Motors, and Stellantis—lobbied for exemptions, warning the tariffs would hurt American companies more than foreign competitors.{{cite news |last1=Colias |first1=Mike |last2=Felton |first2=Ryan |last3=Otts |first3=Christopher |date=March 6, 2025 |title=How Tariffs on Canada and Mexico Could Affect Car Prices |url=https://www.wsj.com/business/autos/car-prices-tariffs-canada-mexico-55b57468 |url-status=live |archive-url=https://archive.today/20250306162826/https://www.wsj.com/business/autos/car-prices-tariffs-canada-mexico-55b57468 |archive-date=March 6, 2025 |access-date=March 6, 2025 |work=The Wall Street Journal}} 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." Trump agreed to delay tariffs on USMCA-compliant vehicles. Still, non-USMCA compliant brands manufacturing in Canada or Mexico, such as BMW, were affected starting March 4, 2025. BMW chose to cover these tariffs until May 1, 2025.{{Cite news |date=March 13, 2025 |title=BMW Will Cover the Tariff Costs for Cars Built in Mexico Through May 1 |url=https://www.caranddriver.com/news/a64177537/bmw-cars-trump-tariff-price-protection/ |access-date=April 1, 2025 |work=Car and Driver}}

The USMCA exemption closed on April 3, when Trump imposed a new 25% tariff on all imported cars, including those from Mexico and Canada.{{Cite news |last1=Green |first1=Emily |last2=Ljunggren |first2=Daniel |date=April 2, 2025 |title=Canada, Mexico not subject to new global rates as fentanyl tariff still in place |url=https://www.reuters.com/world/americas/canada-mexico-not-subject-new-global-rates-while-fentanyl-border-order-place-2025-04-02/ |access-date=April 3, 2025 |work=Reuters}} Economist Arthur Laffer estimated car prices would increase by $4,711, compared to $2,765 if the USMCA exemption remained available.{{Cite web |date=March 28, 2025 |title=Noted economist honored by Trump warns his 25% tariffs could add $4,711 to the cost of a vehicle |url=https://apnews.com/article/trump-art-laffer-auto-tariff-warning-ba62f55af070e40e9d6eddf5d8433ad1 |access-date=April 30, 2025 |website=AP News |language=en}} The White House argued the move would boost domestic manufacturing and generate $100 billion in tax revenue,{{Cite web |last=Boak |first=Josh |date=March 26, 2025 |title=Trump places 25% tariff on imported autos, expecting to raise $100 billion in tax revenues |url=https://apnews.com/article/autos-tariffs-trump-tax-imports-ford-gm-e53823ef7bbb7b3c46d11eca90aaa638 |access-date=March 27, 2025 |website=AP News}} noting that about 50% of the 16 million cars bought by Americans in 2024 were imported.{{Cite web |last1=Zahn |first1=Max |last2=Youn |first2=Soo |last3=Moore |first3=Jack |date=March 26, 2025 |title=Trump announces 25% tariffs on imported cars, ratcheting up global trade war |url=https://abcnews.go.com/Business/trump-announces-new-auto-tariffs-ratcheting-global-trade/story?id=120183740 |access-date=March 26, 2025 |website=ABC News}} 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.{{Cite news |date=April 3, 2025 |title=Stellantis pauses Windsor and Mexico auto production, lays off U.S. workers |url=https://www.theglobeandmail.com/business/article-stellantis-pauses-windsor-auto-production-lays-off-us-workers/ |access-date=April 4, 2025 |work=The Globe and Mail |language=en-CA}}

Trump announced some relief after US automakers requested more time to move their supply chains."[https://apnews.com/article/trump-tariffs-automakers-factories-relief-25a400c98e02c01c8c54502384e267e1 Trump offers automakers some relief on his 25% tariffs, after worries they could hurt US factories]". AP News. April 29, 2025. Retrieved April 30, 2025. 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.{{cite news |last=Monga |first=Vipal |date=May 1, 2025 |title=U.S. Customs Confirms That USMCA-Compliant Auto Parts Are Exempt From Tariffs |url=https://www.wsj.com/livecoverage/stock-market-today-tariffs-trade-war-05-01-2025/card/u-s-customs-confirms-that-usmca-compliant-auto-parts-are-exempt-from-tariffs-vwkRBFmgJ6gOqwt6VlsW |archive-url=https://archive.today/20250501202453/https://www.wsj.com/livecoverage/stock-market-today-tariffs-trade-war-05-01-2025/card/u-s-customs-confirms-that-usmca-compliant-auto-parts-are-exempt-from-tariffs-vwkRBFmgJ6gOqwt6VlsW |archive-date=May 1, 2025 |access-date=May 3, 2025 |work=The Wall Street Journal |publisher=Dow Jones & Company}} 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.Swanson, Ana; Ewing, Jack (April 29, 2025). "[https://www.nytimes.com/2025/04/29/us/politics/trump-auto-tariffs-executive-order.html Trump Signs Executive Order Walking Back Some Auto Tariffs]". The New York Times. ISSN 0362-4331. Retrieved April 30, 2025. 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.{{Cite news |last=Fields |first=Ashleigh |date=May 9, 2025 |title=US automakers rip Trump trade deal with UK |url=https://thehill.com/business/5292037-auto-industry-critics-trump-uk-deal/ |access-date=May 9, 2025 |work=The Hill}}

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.{{cite news |last=Smith |first=Allison |date=February 4, 2025 |title=How Trump's suspension of de minimis will impact e-commerce companies |url=https://www.modernretail.co/operations/how-trumps-suspension-of-de-minimis-will-impact-e-commerce-companies/ |access-date=February 8, 2025 |work=Modern Retail |publisher=Digiday Media}} 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.{{cite news |last=Hall |first=Casey |date=January 23, 2025 |title=What is De Minimis and why did Trump end it as part of China tariffs? |url=https://www.reuters.com/world/de-minimis-trade-perk-trump-may-end-china-tensions-rise-2025-01-23/ |archive-url=https://archive.today/20250123074426/https://www.reuters.com/world/de-minimis-trade-perk-trump-may-end-china-tensions-rise-2025-01-23/ |archive-date=January 23, 2025 |access-date=February 8, 2025 |work=Reuters}}{{cite news |last=Kaye |first=Danielle |date=February 5, 2025 |title=Trump's Tariffs Target De Minimis Trade Loophole |url=https://www.nytimes.com/2025/02/05/business/tariffs-de-minimis-trump-china.html |archive-url=https://archive.today/20250205190504/https://www.nytimes.com/2025/02/05/business/tariffs-de-minimis-trump-china.html |archive-date=February 5, 2025 |access-date=March 3, 2025 |work=The New York Times}} 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. The largest beneficiaries were Chinese e-commerce companies such as Shein and AliExpress. Some shipments were linked to drug trafficking. However, by February 7, 2025, Trump reopened the de minimis exemption for all three target countries to avoid overwhelming US customs officials.{{cite news |date=February 7, 2025 |title=Trump delays ending of de minimis trade exemption targeting China |url=https://www.cnbc.com/2025/02/07/trump-delays-ending-of-de-minimis-trade-exemption-targeting-china.html |access-date=February 8, 2025 |publisher=CNBC}}{{cite news |last=Singh |first=Karan Deep |date=February 7, 2025 |title=Trump's Tariffs Target De Minimis Trade Loophole |url=https://www.washingtonpost.com/business/2025/02/07/de-minimis-exemption-tariffs/ |access-date=February 8, 2025 |newspaper=The Washington Post |publisher=Nash Holdings}}{{cite web |last=Garland |first=Max |date=March 3, 2025 |title=Trump delays de minimis' end for Canada, Mexico products |url=https://www.supplychaindive.com/news/de-minimis-canada-mexico-trump-delay/741361/ |access-date=March 3, 2025 |website=Supply Chain Dive |publisher=Industry Dive}}

On April 2, 2025, Trump closed the exemption for China and Hong Kong again, beginning May 2. 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.{{Cite news |last=Maheshwari |first=Sapna |date=April 16, 2025 |title=Will Americans Eat a $100 Tariff on Shein Packages? |url=https://www.nytimes.com/2025/04/16/business/tariffs-china-shein-temu.html |access-date=April 21, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} Trump directed that the de minimis exemption be closed for all countries in the future, once "adequate systems are in place" to collect duties. Following the closure, Chinese e-commerce company Temu said it would stop selling goods from China directly to US customers.{{Cite web |date=May 2, 2025 |title=Temu to stop selling goods from China directly to US customers |url=https://www.bbc.com/news/articles/cwy79j2n7d4o |access-date=May 2, 2025 |website=www.bbc.com |language=en-GB}}

Following trade talks between the US and China, the US cut tariffs on de minimis shipments from China to 54% beginning May 14.{{Cite web |date=May 13, 2025 |title=Chinese exporters elated by reprieve in US-China trade war |url=https://themalaysianreserve.com/2025/05/13/chinese-exporters-elated-by-reprieve-in-us-china-trade-war/ |access-date=May 13, 2025 |website=The Malaysian Reserve |language=en-US}}{{Cite web |date=May 12, 2025 |title=Modifying Reciprocal Tariff Rates to Reflect Discussions with the People's Republic of China |url=https://www.whitehouse.gov/presidential-actions/2025/05/modifying-reciprocal-tariff-rates-to-reflect-discussions-with-the-peoples-republic-of-china/ |access-date=May 13, 2025 |website=The White House |language=en-US}}

{{See also|Taxation of digital goods}}

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 that the European Union's Digital Markets Act (DMA) and Digital Services Act (DSA) would face scrutiny.{{Cite web |last1=Allen |first1=Brooks |last2=Leiter |first2=Michael |last3=Werry |first3=Susanne |last4=Bell |first4=Jacob |date=February 28, 2025 |title=Trump Revives and Expands the Battle Over Digital Services Taxes |url=https://www.skadden.com/insights/publications/2025/02/trump-revives-and-expands-the-battle-over-digital-services-taxes |access-date=March 17, 2025 |website=Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates}}

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. 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. 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 it was subsequently extended to December 31, 2024. As of January 2025, Trump withdrew from Pillar Two of the agreement, and many countries' DSTs remain in effect.{{Cite web |last=Shaw |first=Tim |date=January 23, 2025 |title=OECD to 'Keep Working' With US Despite Trump's Rejection of Tax Deal |url=https://tax.thomsonreuters.com/news/oecd-to-keep-working-with-us-despite-trumps-rejection-of-tax-deal/ |access-date=March 17, 2025 |website=Thomson Reuters Tax & Accounting News}}

"Secondary tariffs" are a new trade policy introduced by the second Trump administration that resembles secondary sanctions.{{cite news |last=Flatley |first=Daniel |date=March 25, 2025 |title=Trump's Threat of Secondary Tariffs Invents New Trade Weapon |url=https://www.bloomberg.com/news/articles/2025-03-25/trump-s-threat-of-secondary-tariffs-invents-new-trade-weapon |archive-url=https://archive.today/20250325102501/https://www.bloomberg.com/news/articles/2025-03-25/trump-s-threat-of-secondary-tariffs-invents-new-trade-weapon |archive-date=March 25, 2025 |access-date=March 25, 2025 |work=Bloomberg News |publisher=Bloomberg L.P.}} Unlike primary tariffs, which directly target a specific country, secondary tariffs penalize the third-party countries or entities that trade with the targeted nation.{{Cite news |last=Kutz |first=Anna |date=March 25, 2025 |title=What are 'secondary tariffs'? Trump says they'll soon hit Venezuela |url=https://thehill.com/homenews/5211102-what-are-secondary-tariffs-trump-says-theyll-soon-hit-venezuela/ |archive-url=http://web.archive.org/web/20250327192617/https://thehill.com/homenews/5211102-what-are-secondary-tariffs-trump-says-theyll-soon-hit-venezuela/ |archive-date=March 27, 2025 |access-date=April 1, 2025 |work=The Hill}} On March{{nbsp}}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. He subsequently threatened secondary tariffs on countries buying Russian oil, unless Russia agreed to a peace treaty with Ukraine,{{Cite news |last=Suter |first=Tara |date=March 30, 2025 |title=Trump 'very angry' at Putin's remarks on Zelensky |url=https://thehill.com/homenews/administration/5222295-trump-angry-putin-russia-ukraine/ |access-date=March 31, 2025 |work=The Hill}} and on countries that trade with Iran.{{Cite web |last=Khatinoglu |first=Dalga |date=March 31, 2025 |title=Secondary tariffs: US wields a powerful tool against Iran |url=https://www.iranintl.com/en/202503311394 |access-date=April 1, 2025 |website=iranintl.com}} 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.{{cite news |title=US Senate may work on Russia sanctions bill this month |url=https://www.reuters.com/world/us/us-senate-may-work-russia-sanctions-bill-this-month-2025-06-02/ |work=Reuters |date=June 2, 2025}}

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.{{Cite news |date=November 29, 2024 |title=US sets tariffs for solar panels from Southeast Asian nations |url=https://www.reuters.com/business/energy/us-decide-another-round-solar-panel-tariffs-2024-11-29/ |access-date=April 22, 2025 |work=Reuters}} The Commerce Department was expected to set final determinations by April 18, 2025. 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.{{Cite web |date=April 22, 2025 |title=US sets tariffs of up to 3,521% on South East Asia solar panels |url=https://www.bbc.com/news/articles/c5ygdv47vlzo |access-date=April 22, 2025 |website=www.bbc.com |language=en-GB}}

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."{{Cite web |date=May 4, 2025 |title=Trump announces 100% tariffs on movies 'produced in foreign lands' |url=https://www.theguardian.com/us-news/2025/may/04/trump-tariffs-foreign-movies |access-date=May 4, 2025 |work=The Guardian}}

US film production has increasingly moved to lower-cost locations overseas, resulting in job losses for American industry workers.{{Cite magazine |last=Guzman |first=Chad de |date=May 5, 2025 |title=Why Trump's Foreign-Film Tariff Doesn't Make Sense |url=https://time.com/7282543/trump-foreign-film-tariff-international-movie-production-us-hollywood-china/ |access-date=May 5, 2025 |magazine=TIME |language=en}}{{Cite news |last1=Stevens |first1=Matt |last2=Sperling |first2=Nicole |date=April 19, 2025 |title=There's a Feeling We're Not in Hollywood Anymore |url=https://www.nytimes.com/2025/04/19/movies/hollywood-filming-overseas.html |access-date=May 5, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} Secretary of Commerce Howard Lutnick responded, "We're on it". A White House spokesperson said the administration was exploring options but no final decisions had been made.{{Cite web |last=Maddaus |first=Gene |date=May 5, 2025 |title=White House Says 'No Final Decisions' Made Yet on Trump's Movie Tariffs, Explores 'All Options' to 'Make Hollywood Great Again' |url=https://variety.com/2025/film/news/white-house-trump-tarrifs-movies-no-final-decisions-1236386847/ |access-date=May 5, 2025 |website=Variety |language=en-US}}

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.{{Cite web |date=May 9, 2025 |title=Donald Trump threatens to stop Barbie dolls being sold in US |url=https://www.newsweek.com/trump-threatens-barbie-100-percent-tariff-2070023 |access-date=May 9, 2025 |website=Newsweek |language=en}}{{Cite news |date=May 9, 2025 |title=Trump gives big threat to stop barbie dolls in the US. His remarks create buzz online |url=https://economictimes.indiatimes.com/news/international/global-trends/us-news-trump-threaten-100-percent-tariffs-barbie-dolls-mattel-manufacturing-us-his-remarks-create-buzz-online/articleshow/121030107.cms?from=mdr |access-date=May 9, 2025 |work=The Economic Times |issn=0013-0389}} 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."

{{Main|Liberation Day tariffs}}

File:Liberation Day tariffs.svg

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. 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. Trump announced that he would unveil the reciprocal tariffs on April 2, 2025, a date he referred to as "Liberation Day".{{cite web |date=March 24, 2025 |title=What to Expect in Washington: March 24 |url=https://taxnews.ey.com/news/2025-0736-what-to-expect-in-washington-march-24 |access-date=March 30, 2025 |website=EY Tax News |publisher=Ernst & Young}}{{cite news |last1=Grantham-Philips |first1=Wyatte |date=March 31, 2025 |title=Trump has dubbed April 2 'Liberation Day' for his tariffs. Here's what to expect |url=https://apnews.com/article/trump-reciprocal-tariffs-liberation-day-april-2-86639b7b6358af65e2cbad31f8c8ae2b |access-date=April 1, 2025 |work=AP News}}

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.{{Cite web |last1=Palmer |first1=Doug |last2=Desrochers |first2=Daniel |date=April 2, 2025 |title=Trump imposes 10 percent universal tariff, higher for top trade partners |url=https://www.politico.com/news/2025/04/02/trump-tariff-trade-partners-liberation-day-00267350 |access-date=April 3, 2025 |website=Politico}} He also announced higher tariffs for 57 countries and territories set to begin April 9. 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.{{Cite web |last1=Mangan |first1=Dan |last2=Breuninger |first2=Kevin |last3=Pound |first3=Jesse |last4=Wilkie |first4=Christina |last5=Cassella |first5=Megan |last6=Doherty |first6=Erin |last7=Ellyatt |first7=Holly |date=April 2, 2025 |title=Trump's tariffs shock U.S. trade partners, sending Asian markets lower: Live updates |url=https://www.cnbc.com/2025/04/02/trump-tariffs-live-updates.html |access-date=April 3, 2025 |publisher=CNBC |language=en}} Politico described the measures as "the most significant US protectionist trade action since the 1930s", when Congress passed the Smoot–Hawley Tariff Act. Federal Reserve chairman Jerome Powell described the tariffs, and their likely economic impact, as "significantly larger than expected."{{Cite magazine |last=Rugaber |first=Christopher |date=April 4, 2025 |title=Federal Reserve Chief Says Trump Tariffs May Raise Inflation |url=https://time.com/7275021/federal-reserve-chief-says-trump-tariffs-likely-to-raise-inflation/ |access-date=April 7, 2025 |magazine=Time |language=en}}

The following goods were not impacted by additional tariffs, including the 10% baseline tariff:{{Cite web |title=Trump unveils plan for imposing reciprocal tariffs on trade partners |url=https://www.pwc.com/us/en/services/tax/library/trump-unveils-plan-for-imposing-reciprocal-tariffs-on-trade-partners.html |access-date=April 4, 2025 |website=PwC |language=en-us}}

• All articles subject to [https://uscode.house.gov/view.xhtml?req=granuleid:USC-2000-title50-section1702&num=0&edition=2000 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.{{Cite web |last1=Harithas |first1=Barath |last2=Meng |first2=Kyle |last3=Brown |first3=Evan |last4=Mouradian |first4=Catharine |date=April 3, 2025 |title=Liberation Day Tariffs Explained |url=https://www.csis.org/analysis/liberation-day-tariffs-explained |access-date=April 7, 2025 |website=Center for Strategic and International Studies}}
• Smartphones, computers and various electronic parts.{{cite news |last1=Bacon |first1=Auzinea |date=April 12, 2025 |title=Smartphones and computers are now exempt from Trump's latest tariffs |url=https://edition.cnn.com/2025/04/12/tech/trump-electronics-china-tariffs/index.html |access-date=April 12, 2025 |publisher=CNN |language=en}}

Reuters reported the Trump administration struggled to design reciprocal tariffs because each of the 186 members of the World Customs Organization applied different duties.{{Cite news |last1=Shalal |first1=Andrea |last2=Lawder |first2=David |date=March 18, 2025 |title=Trump still intends for reciprocal tariffs to kick in on April 2, White House says |url=https://www.reuters.com/world/us/countries-can-avoid-trumps-april-tariffs-by-cutting-trade-barriers-bessent-says-2025-03-18/ |archive-url=https://archive.today/20250320070447/https://www.reuters.com/world/us/countries-can-avoid-trumps-april-tariffs-by-cutting-trade-barriers-bessent-says-2025-03-18/ |archive-date=March 20, 2025 |access-date=March 24, 2025 |work=Reuters}} The administration initially considered dividing all countries into tiers of high, medium, and low trade barriers.{{Cite news |date=March 22, 2025 |title=Trump Set to Unveil Narrower April Tariffs Package Than Threatened |url=https://www.bloomberg.com/news/articles/2025-03-22/trump-plans-his-tariff-liberation-day-with-more-targeted-push |access-date=March 24, 2025 |work=Bloomberg.com}} 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. 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.

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".{{cite news |last=Woodhouse |first=Skylar |date=March 31, 2025 |title=Trump Says Reciprocal Tariffs Set to Start With All Countries |url=https://www.bloomberg.com/news/articles/2025-03-31/trump-says-reciprocal-tariffs-set-to-start-with-all-countries |archive-url=https://archive.today/20250331005838/https://www.bloomberg.com/news/articles/2025-03-31/trump-says-reciprocal-tariffs-set-to-start-with-all-countries |archive-date=March 31, 2025 |access-date=March 31, 2025 |work=Bloomberg News |publisher=Bloomberg L.P.}}{{cite video |url=https://www.youtube.com/watch?v=8bq69K-uKYM |title=Trump Takes Multiple Questions From Reporters On The Flight Back To D.C. |date=March 30, 2025 |work=Forbes |access-date=March 30, 2025 |via=YouTube}} Although many countries attempted to negotiate deals in the weeks leading up to April 2, no exemptions were granted.{{Cite web |last=Egan |first=Matt |date=April 1, 2025 |title=Trump's 'Liberation Day' tariffs will go into effect immediately, White House says |url=https://www.cnn.com/2025/04/01/business/trump-tariff-liberation-day/index.html |access-date=April 1, 2025 |website=CNN Business}} The lack of clarity contributed to economic volatility and the beginning of the 2025 stock market crash.{{cite news |last1=Timiraos |first1=Nick |last2=Leary |first2=Alex |last3=Cutter |first3=Chip |date=March 25, 2025 |title=Corporate America's Euphoria Over Trump's 'Golden Age' Is Giving Way to Distress |url=https://www.wsj.com/economy/wall-street-trump-golden-age-distress-28a1dfcc |archive-url=https://archive.today/20250327092905/https://www.wsj.com/economy/wall-street-trump-golden-age-distress-28a1dfcc |archive-date=March 27, 2025 |access-date=March 27, 2025 |work=The Wall Street Journal }}{{cite news |last1=Kaye |first1=Danielle |last2=Rennison |first2=Joe |date=March 30, 2025 |title=Stocks Mark Worst Month in Years as Trump's Tariffs Loom |url=https://www.nytimes.com/2025/03/30/business/stocks-nikkei-sp500.html |access-date=March 31, 2025 |work=The New York Times}}{{cite news |last1=French |first1=David |date=March 31, 2025 |title=S&P, Nasdaq post big quarterly percentage drops on Trump tariff turmoil |url=https://www.reuters.com/markets/us/futures-tumble-tariffs-fuel-recession-worries-2025-03-31/ |access-date=March 31, 2025 |work=Reuters}}

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.{{Cite news |last1=Wingrove |first1=Josh |last2=Mohsin |first2=Saleha |last3=Hordern |first3=Annmarie |last4=Torres |first4=Craig |date=April 9, 2025 |title=Trump Weighed Even Bigger Tariffs in Push by Trade Adviser |url=https://www.bloomberg.com/news/articles/2025-04-08/trump-weighed-even-bigger-tariffs-in-push-by-china-hawk-navarro |access-date=April 9, 2025 |work=Bloomberg News}}{{Cite news |last1=Leary |first1=Alex |last2=Wise |first2=Lindsay |last3=Bade |first3=Gavin |date=April 10, 2025 |title=Trump's Tariff Man Peter Navarro Is Down but Not Out |url=https://www.wsj.com/politics/policy/peter-navarro-trump-tariffs-48dc0b74 |access-date=April 10, 2025 |work=The Wall Street Journal}}

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.{{Cite web |last1=Farley |first1=Robert |last2=Gore |first2=D'Angelo |date=April 3, 2025 |title=Trump's Misleading Tariff Chart |url=https://www.factcheck.org/2025/04/trumps-misleading-tariff-chart/ |access-date=April 11, 2025 |website=FactCheck.org |language=en-US}} The "reciprocal" tariff rate Trump imposed was then calculated by dividing that value in half.{{Cite news |last1=Romm |first1=Tony |last2=Swanson |first2=Ana |last3=Gamio |first3=Lazaro |date=April 3, 2025 |title=How Are Trump's Tariff Rates Calculated? |url=https://www.nytimes.com/2025/04/02/business/economy/trump-tariff-rates-calculation.html |access-date=April 3, 2025 |work=The New York Times |issn=0362-4331}} 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%.{{Cite web |last=DeBarros |first=Anthony |title=What's the Math Behind Trump's New Tariffs? |url=https://www.wsj.com/livecoverage/trump-tariffs-trade-war-stock-market-04-03-2025/card/math-behind-new-tariffs-points-to-trade-imbalance-as-key-issue-W4I7vbzaO5qFZS43hAjc |access-date=April 3, 2025 |website=The Wall Street Journal}}

The Trump administration later published their trade barrier formula online, which simplified to the same formula.{{Cite web |last=Salmon |first=Felix |date=April 3, 2025 |title=How to read the White House's tariff formula |url=https://www.axios.com/2025/04/03/trump-tariffs-formula-calculated |access-date=April 4, 2025 |website=Axios |language=en}}{{Cite web |date=April 2025 |title=Reciprocal Tariff Calculations |url=https://ustr.gov/issue-areas/reciprocal-tariff-calculations |access-date=April 3, 2025 |publisher=Office of the United States Trade Representative}} With variable i representing a country, m_i representing imports of goods from that country, and x_i representing exports of goods to that country, the formula given by the White House is as follows:

{{center|$\backslash Delta\; \backslash tau\_i=\backslash frac\{x\_i\; -\; m\_i\}\{\backslash varepsilon\; \backslash times\; \backslash phi\; \backslash times\; m\_i\}$}}

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. Thus, with x_i − m_i being the trade deficit for goods, the formula simplifies to Surowiecki's:

{{center|$\backslash Delta\; \backslash tau\_i=-1\; \backslash times\; \backslash frac\{x\_i\; -\; m\_i\}\{m\_i\}$}}

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

{{center|$\backslash text\{reciprocal\; tariff\}\; =\; -\backslash frac\{1\}\{2\}\; \backslash times\; \backslash left(\; \backslash frac\{\backslash text\{exports\}\; -\; \backslash text\{imports\}\}\{\backslash text\{imports\}\}\; \backslash right)$}}

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". However, even countries with which the US runs a trade surplus, such as Australia, received a tariff of 10%.{{Cite web |last=Lester |first=Amelia |date=April 7, 2025 |title=Are Tariffs the End of the Australian-U.S. Friendship? |url=https://foreignpolicy.com/2025/04/03/australia-trump-tariffs-albanese-norfolk-island/ |access-date=April 7, 2025 |website=Foreign Policy |language=en-US}}

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.{{Cite news |last=Weissmann |first=Jordan |date=April 6, 2025 |title=The White House cited these economists to justify its tariffs. They aren't thrilled. |url=https://finance.yahoo.com/news/the-white-house-cited-these-economists-to-justify-its-tariffs-they-arent-thrilled-193615537.html |url-status=live |archive-url=https://web.archive.org/web/20250405223531/https://finance.yahoo.com/news/the-white-house-cited-these-economists-to-justify-its-tariffs-they-arent-thrilled-193615537.html |archive-date=April 5, 2025 |access-date=April 6, 2025 |work=Yahoo Finance}} Anson Soderbery, whose work was cited, said his research was meant to discourage exactly the types of policies the White House was implementing. 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.{{Cite news |last=Neiman |first=Brent |date=April 7, 2025 |title=Why Trump's Tariff Math Is a Joke |url=https://www.nytimes.com/2025/04/07/opinion/trump-tariff-math-formula.html |department=Opinion |work=The New York Times |access-date=April 7, 2025 |language=en-US |issn=0362-4331}}

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.{{Cite news |author=Bryan Mena |author2=Alicia Wallace |date=April 5, 2025 |title=Trump's 'reciprocal' tariffs aren't quite what they seem. Here's the real story |url=https://www.cnn.com/2025/04/05/business/trump-reciprocal-tariffs-real-numbers/index.html |access-date=April 8, 2025 |publisher=CNN |language=en}} Economic experts criticized the formula for being overly simplistic with little relation to trade barriers,{{Cite news |last1=Ackerman |first1=Andrew |last2=Cocco |first2=Federica |date=April 3, 2025 |title=Economists say the way Trump calculated tariffs makes no sense |url=https://www.washingtonpost.com/business/2025/04/03/how-trump-calculated-tariffs/ |url-status=live |archive-url=https://archive.today/20250405170251/https://www.washingtonpost.com/business/2025/04/03/how-trump-calculated-tariffs/ |archive-date=April 5, 2025 |access-date=April 6, 2025 |newspaper=The Washington Post}}{{Cite news |last1=Messerly |first1=Megan |last2=Desrochers |first2=Daniel |last3=Lefebvre |first3=Ben |last4=Detsch |first4=Jack |date=April 3, 2025 |title='I hope he's right': Markets tumble on tariffs — but Trump isn't flinching |url=https://www.politico.com/news/2025/04/03/i-hope-hes-right-markets-tumble-on-tariffs-but-trump-isnt-flinching-00269800 |access-date=April 3, 2025 |work=Politico}} with The Economist describing it as "almost as random as taxing you on the number of vowels in your name."{{Cite news |title=President Trump's mindless tariffs will cause economic havoc |url=https://www.economist.com/leaders/2025/04/03/president-trumps-mindless-tariffs-will-cause-economic-havoc |archive-url=https://archive.today/20250406061810/https://www.economist.com/leaders/2025/04/03/president-trumps-mindless-tariffs-will-cause-economic-havoc |archive-date=April 6, 2025 |access-date=April 7, 2025 |newspaper=The Economist |issn=0013-0613}} 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.{{Cite news |last=Mathis-Lilley |first=Ben |date=April 3, 2025 |title=Market Reacting Poorly to Trump's Launch of Huge, Nonsensical Tariffs That May Have Been Created by a Chatbot |url=https://slate.com/news-and-politics/2025/04/trump-tariffs-ai-math-penguins.html |access-date=April 5, 2025 |work=Slate |language=en-US |issn=1091-2339}}{{Cite web |last=Burman |first=Theo |date=April 4, 2025 |title=Did Trump admin use ChatGPT to allocate tariffs? What we know |url=https://www.newsweek.com/donald-trump-tariffs-chatgpt-2055203 |access-date=April 5, 2025 |website=Newsweek |language=en}}{{Cite web |last=Preston |first=Dominic |date=April 3, 2025 |title=Trump's new tariff math looks a lot like ChatGPT's |url=https://www.theverge.com/news/642620/trump-tariffs-formula-ai-chatgpt-gemini-claude-grok |access-date=April 5, 2025 |website=The Verge |language=en-US}}

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."{{cite news |last1=Timotija |first1=Filip |date=April 3, 2025 |title=Treasury secretary: 'My advice to every country right now is do not retaliate' |url=https://thehill.com/homenews/administration/5229591-bessent-u-s-tariff-policy/ |access-date=April 3, 2025 |work=The Hill}} 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."{{cite news |last1=Superville |first1=Darlene |date=April 4, 2025 |title=Trump says things are 'going very well' after worst stock market drop in years over tariffs |url=https://apnews.com/article/trump-tariffs-going-very-well-a3b863fb7879878552bda48098c31b50 |access-date=April 6, 2025 |work=Associated Press News}} 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."{{cite news |last1=Sforza |first1=Lauren |title='A beautiful thing': Trump celebrates tariffs as global markets plunge |url=https://www.nj.com/politics/2025/04/a-beautiful-thing-trump-celebrates-tariffs-as-global-markets-plunge.html |access-date=April 7, 2025 |work=The Star-Ledger |date=April 7, 2025}}

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.{{Cite news |title=73% of Americans expect price surge under Trump tariffs, Reuters/Ipsos poll finds |url=https://www.reuters.com/markets/us/73-americans-expect-price-surge-under-trump-tariffs-reutersipsos-poll-finds-2025-04-08/ |archive-url=http://web.archive.org/web/20250409124521/https://www.reuters.com/markets/us/73-americans-expect-price-surge-under-trump-tariffs-reutersipsos-poll-finds-2025-04-08/ |archive-date=April 9, 2025 |access-date=April 21, 2025 |work=Reuters |language=en-US}} Trump also saw a drop in his overall approval rating following the announcement.{{Cite web |last=Dorn |first=Sara |title=Trump Approval Rating Tracker: Majority Disapprove Of Trump— And Powell—In Latest Poll |url=https://www.forbes.com/sites/saradorn/2025/04/18/trump-approval-rating-tracker-majority-disapprove-of-trump--and-powell-in-latest-poll/ |access-date=April 21, 2025 |website=Forbes |language=en}}{{Cite web |last=Palmer |first=Ewan |date=April 18, 2025 |title=Donald Trump's approval rating drops with America's most accurate pollster |url=https://www.newsweek.com/donald-trump-approval-rating-polls-immigration-economy-2061434 |access-date=April 21, 2025 |website=Newsweek |language=en}}

File:2025-April-02-so-called-Reciprocal tariffs.jpg

The White House's initial list of impacted areas included the Heard Island and McDonald Islands, a remote uninhabited Antarctic territory of Australia.{{Cite web |last=Bianco |first=Ali |date=April 2, 2025 |title=Sweeping US tariffs hit some tiny targets around the world |url=https://www.politico.com/news/2025/04/02/us-tariffs-around-the-world-030348 |access-date=April 3, 2025 |website=Politico}} 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%.{{cite news |last1=Pearson |first1=Nick |title=No explanation from White House why tiny Aussie island's tariffs are nearly triple the rest of Australia's |url=https://www.9news.com.au/national/donald-trump-tariffs-norfolk-island-australia-export-tariffs-stock-market-finance-news/be1d5184-f7a2-492b-a6e0-77f10b02665d |access-date=April 3, 2025 |work=9news |date=April 3, 2025}} 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.{{cite news |last1=Lendon |first1=Brad |title=An uninhabited island, a military base and a 'desolate' former whaling station. Trump's tariffs include unlikely targets |url=https://edition.cnn.com/2025/04/03/business/trump-tariffs-uninhabited-islands-intl-hnk/index.html |access-date=April 3, 2025 |publisher=CNN |date=April 3, 2025}} 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.{{Cite news |last1=Lyons |first1=Kate |last2=Evershed |first2=Nick |date=April 4, 2025 |title=Not that Norfolk! Mislabelled shipments led to Trump tariffs on uninhabited islands and remote outposts with no US trade |url=https://www.theguardian.com/australia-news/2025/apr/04/revealed-how-trump-tariffs-slugged-norfolk-island-and-uninhabited-heard-and-mcdonald-islands |access-date=April 4, 2025 |work=The Guardian |language=en-GB |issn=0261-3077}}

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. Other countries facing some of the highest tariffs are Cambodia (49%), Laos (48%), Madagascar (47%), Vietnam (46%), and Myanmar (44%).{{Cite news |date=April 3, 2025 |title=Donald Trump's reciprocal tariffs: Which countries take the hardest hit and which escape? |url=https://timesofindia.indiatimes.com/world/us/donald-trumps-reciprocal-tariffs-which-countries-take-the-hardest-hit-and-which-escape/articleshow/119925598.cms |access-date=April 3, 2025 |work=The Times of India |issn=0971-8257}}

Six countries were exempted from the reciprocal tariffs: Belarus, Canada, Cuba, Mexico, North Korea, and Russia.{{Cite web |date=April 6, 2025 |title=Why did Russia escape Trump's tariffs? |url=https://www.independent.co.uk/news/world/americas/us-politics/russia-exempt-trump-tariffs-b2728234.html |access-date=April 17, 2025 |website=The Independent |language=en}}

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.{{Cite web |date=April 3, 2025 |title=A timeline of Trump's tariff actions so far |url=https://www.pbs.org/newshour/economy/a-timeline-of-trumps-tariff-actions-so-far |access-date=April 17, 2025 |website=PBS News |language=en-us}}{{Cite web |last=Buchwald |first=Elisabeth |date=April 2, 2025 |title=Trump just massively escalated his trade war. Here's what he announced |url=https://edition.cnn.com/2025/04/02/business/liberation-day-trump-tariffs/index.html |access-date=April 17, 2025 |website=CNN |language=en}}

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.{{Cite news |last=Faulconbridge |first=Guy |date=April 3, 2025 |title=Russia, Cuba and North Korea escape worst of Trump's tariff wrath |url=https://www.reuters.com/world/russia-cuba-north-korea-escape-worst-trumps-tariff-wrath-2025-04-03/ |access-date=April 17, 2025 |work=Reuters}} 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,{{cite news |last1=Lawler |first1=Dave |last2=Ravid |first2=Barak |date=April 2, 2025 |title=Trump's tariffs list is missing one big country: Russia |url=https://www.axios.com/2025/04/02/trump-tariffs-russia-ukraine-ceasefire |access-date=April 3, 2025 |work=Axios}}{{Cite web |last=Ellyatt |first=Holly |date=April 17, 2025 |title=Tariffs-spared Kremlin says a global war trade would still hurt Russia |url=https://www.cnbc.com/2025/04/17/russias-kremlin-says-it-would-suffer-from-a-global-trade-war.html |access-date=April 17, 2025 |website=CNBC |language=en}} who were tariffed by 40% and 24% respectively.{{Cite web |date=April 9, 2025 |title=See the full list of reciprocal tariffs by country from Trump's "Liberation Day" chart - CBS News |url=https://www.cbsnews.com/news/trump-reciprocal-tariffs-liberation-day-list/ |access-date=April 17, 2025 |website=www.cbsnews.com |language=en-US}}

Similarly, Leavitt cited that Belarus, Cuba, and North Korea had been exempted because American sanctions on them were already high. However, Syria, which has been under American sanctions for 20 years, did receive a heightened tariff of 41%.{{cite magazine |last1=de Guzman |first1=Chad |title=What to Know About the Countries Facing the Highest Trump 'Reciprocal' Tariffs |url=https://time.com/7274194/trump-reciprocal-tariffs-highest-country-rates-calculation-math-imports-exports/ |access-date=April 4, 2025 |magazine=Time |date=April 3, 2025}}{{Cite web |date=April 3, 2025 |title=Russia not on Trump's tariff list |url=https://www.bbc.com/news/articles/cdjl3k1we8vo |access-date=April 17, 2025 |website=www.bbc.com |language=en-GB}}

{{See also|2025 stock market crash#Tariff walk backs and market reversal}}

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{{nbsp}}... and the bond market."{{Cite news |last=Lawford |first=Melissa |date=April 9, 2025 |title=How Trump was forced to bow to reality of markets meltdown |url=https://www.telegraph.co.uk/business/2025/04/09/fears-market-armageddon-forced-trump-truss-climbdown/ |access-date=April 11, 2025 |work=The Telegraph |language=en-GB |issn=0307-1235}}

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%, while imports from all other countries were sustained at the 10% baseline tariff.{{cite web |last1=Seal |first1=Dean |title=Trump Authorizes 90-Day Pause on Reciprocal Tariffs |url=https://www.wsj.com/politics/elections/trump-authorizes-90-day-pause-on-reciprocal-tariffs-f31d5097?mod=politics_lead_story |access-date=April 9, 2025 |website=The Wall Street Journal}} Other global tariffs on products like cars, steel, and aluminum remained in effect. The administration exempted goods that were already in transit and that arrive before May 27, 2025, from the new tariffs.{{Cite web |title=U.S. Customs Grants In-Transit Exemption Until May 27; Issues Import Guidelines for 10% 'Reciprocal Tariff' – Blooming |url=https://www.bloominglobal.com/media/detail/us-customs-grants-in-transit-exemption-until-may-27-issues-import-guidelines-for-10-reciprocal-tariff |access-date=April 10, 2025 |website=bloominglobal.com}}

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.{{Cite web |date=April 7, 2025 |title=Bessent flew to Florida to lobby Trump on tariff message |url=https://www.politico.com/news/2025/04/07/trump-bessent-trade-deals-tariff-endgame-messaging-00277395 |access-date=April 9, 2025 |website=Politico |language=en}} 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.{{Cite news |last1=Saeedy |first1=Alexander |last2=Dawsey |first2=Josh |date=April 18, 2025 |title=Trump Advisers Took Advantage of Navarro's Absence to Push for Tariff Pause |url=https://www.wsj.com/politics/policy/trump-tariff-pause-navarro-bessent-lutnick-b9e864fb |access-date=April 21, 2025 |work=The Wall Street Journal}} After the walk back, Bessent said the pause was meant to provide time for bespoke negotiations with each trading partner.{{Cite magazine |last=Popli |first=Nik |date=April 9, 2025 |title=Schiff Wants Tariff Pause Investigation Over Insider Trading |url=https://time.com/7276234/trump-tariff-insider-trading-schiff/ |access-date=April 10, 2025 |magazine=Time |language=en}} Trump told reporters, "I thought that people were jumping a little bit out of line{{nbsp}}... You know, they were getting a little bit yippy, a little bit afraid". He said he had been watching the bond market, which had shown signs of crashing the night before.{{Cite web |last1=Lemire |first1=Jonathan |last2=Berman |first2=Russell |date=April 9, 2025 |title=The Art of the Retreat |url=https://www.theatlantic.com/politics/archive/2025/04/deal-trump-tariffs-china/682382/ |access-date=April 10, 2025 |website=The Atlantic |language=en}}

Stocks surged within minutes of the announcement, with the S&P 500 rising 9.52% for its largest one-day gain since 2008.{{Cite web |last1=Kim |first1=Hakyung |last2=Melloy |first2=John |date=April 8, 2025 |title=Dow surges 2,900 points, S&P 500 posts biggest gain since 2008 on Trump tariff reversal: Live updates |url=https://www.cnbc.com/2025/04/08/stock-market-today-live-updates-.html |access-date=April 11, 2025 |publisher=CNBC |language=en}}{{cite web |last1=Nelson |first1=Eshe |last2=Rennison |first2=Joe |last3=Davis |first3=River Akira |date=April 9, 2025 |title=Stocks Surge as Trump Announces a Delay to Global Tariffs |url=https://www.nytimes.com/2025/04/08/business/trump-tariffs-stock-markets.html |access-date=April 9, 2025 |website=The New York Times |language=en}} 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.{{Cite web |last=Wile |first=Rob |date=April 10, 2025 |title=Stocks open lower as tariffs reality sets in |url=https://www.nbcnews.com/business/markets/stocks-open-lower-tariffs-reality-sets-rcna200576 |access-date=April 10, 2025 |publisher=NBC News |language=en}} 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".{{Cite news |last=Pandey |first=Swati |date=April 10, 2025 |title=US Tariffs Are Still at Historic High Even After Trump's Pause |url=https://www.bloomberg.com/news/articles/2025-04-10/us-tariffs-are-still-at-historic-high-even-after-trump-s-pause |archive-url=https://archive.today/20250410063136/https://www.bloomberg.com/news/articles/2025-04-10/us-tariffs-are-still-at-historic-high-even-after-trump-s-pause |archive-date=April 10, 2025 |access-date=April 10, 2025 |work=Bloomberg News}} 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.{{Cite news |last=Garrett |first=Luke |date=April 13, 2025 |title=Trump mulls semiconductor levies after lifting reciprocal tariffs on electronics |url=https://www.npr.org/2025/04/13/g-s1-60086/semiconduct-tariffs-trump |access-date=April 14, 2025 |publisher=NPR |language=en}}

At a May 28, 2025, press conference, Trump was asked about his reaction to the term TACO, coined by Financial Times commentator Robert Armstrong,{{Cite news |last=Armstrong |first=Robert |date=May 2, 2025 |title=The US market's surprise comeback |url=https://www.ft.com/content/e81ae481-fbb6-47e7-bd6b-c7d76ca5ab69 |access-date=May 28, 2025 |work=Financial Times}} which stood for Trump Always Chickens Out in reference to his tariffs and reversals.{{Cite web |last=Buchwald |first=Elisabeth |date=May 28, 2025 |title=Trump was just asked about the 'TACO trade' for the first time. He called it the 'nastiest question' {{!}} CNN Business |url=https://www.cnn.com/2025/05/28/economy/trump-wall-street-taco-trade-nastiest-question |access-date=May 28, 2025 |website=CNN |language=en}} Trump responded by saying that it was part of his tactic: "It's called negotiation."

{{Main|2025 United States trade war with Canada and Mexico}}

File:LCBO - For the good of Ontario - 20250308-1.jpg recommending non-American products in response to Trump tariffs, "for the good of Canada". The pictured wines are Chilean.]]

File:President Donald Trump meets with Canadian Prime Minister Mark Carney in the Oval Office (54502217369).jpg

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.{{cite news |last=Phillips |first=Tom |date=November 28, 2024 |title=Sheinbaum responds to Trump's tariff threats against Mexico |url=https://www.theguardian.com/world/2024/nov/28/sheinbaum-trump-mexico-tariffs |access-date=February 4, 2025 |work=The Guardian }}{{cite news |last=Murphy |first=Jessica |date=December 4, 2024 |title=Trump praises 'very productive' Mar-a-Lago meeting with Trudeau |url=https://www.bbc.com/news/articles/cy8787nxl7do |access-date=February 4, 2025}} While Trudeau noted that less than 1% of illegal border crossings and less than 1% of fentanyl into the US come from Canada, he unveiled a $1.3 billion security plan for the Canada–US border on December 16, 2024.{{cite news |title=Canada announces new border funding after Trump tariff threat |url=https://www.reuters.com/world/americas/canada-announces-new-border-funding-after-trump-tariff-threat-2024-12-16/ |work=Reuters |date=December 16, 2024 |access-date=February 4, 2025}}{{cite news |last=Hendrich |first=Holly |title=Canada announces new border rules after Trump tariff threat |url=https://www.bbc.com/news/articles/czx5p41696po |work=BBC News |publisher=BBC |date=January 4, 2025 |access-date=February 4, 2025}} Despite these efforts, on February 1, Trump ordered the tariffs to begin February 4, with a reduced 10% rate for Canadian energy products.{{Cite news |last=Horsley |first=Scott |date=February 1, 2025 |title=Trump imposes new tariffs on imports from Mexico, Canada and China in new phase of trade war |url=https://www.npr.org/2025/02/01/g-s1-46010/trump-tariffs-mexico-canada-and-china-imports |access-date=February 2, 2025 |publisher=NPR}}{{Cite web |last1=Zahn |first1=Max |last2=Walsh |first2=Kelsey |title=Mexico, Canada respond to Trump's tariffs: 'Difficult times' are ahead |url=https://abcnews.go.com/Politics/trump-set-impose-tariffs-canada-mexico-china/story?id=118306151 |access-date=February 2, 2025 |website=ABC News}} Bloomberg News reported that Trump advisors Peter Navarro and Stephen Miller led the economic discussions on the tariffs.{{Cite news |last=Donnan |first=Shawn |date=February 3, 2025 |title=How Trump's Tariffs Aim a Wrecking Ball at the Economy of the Americas |url=https://www.bloomberg.com/news/features/2025-02-02/who-wins-in-a-trade-war-how-trump-tariffs-threaten-companies-us-growth |access-date=February 3, 2025 |work=Bloomberg News}}

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.{{Cite news |last1=Psaledakis |first1=Daphne |last2=Lawder |first2=David |last3=Meijer |first3=Bart |date=February 3, 2025 |title=U.S. tariffs on Mexico to be paused for a month, Trump says |url=https://www.reuters.com/world/us/trump-says-americans-may-feel-pain-trade-war-with-mexico-canada-china-2025-02-03/ |access-date=February 3, 2025 |work=Reuters}}{{Cite web |date=February 3, 2025 |title=Trump agrees to pause tariffs on Canada and Mexico after they pledge to boost border enforcement |url=https://apnews.com/article/trump-tariffs-canada-mexico-china-sheinbaum-trudeau-017efa8c3343b8d2a9444f7e65356ae9 |access-date=February 3, 2025 |website=AP News}} 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".{{cite news |last1=Caruso-Moro |first1=Luca |last2=Nersessian |first2=Mary |last3=Marfo |first3=Darcas |last4=Lee |first4=Michael |last5=Aiello |first5=Rachel |last6=Hahn |first6=Phil |last7=Chaya |first7=Lynn |last8=Buckley |first8=Charlie |last9=White |first9=Ryan |date=February 2, 2025 |title=Tariffs on Canada delayed for 30 days after talk between Trudeau and Trump |url=https://www.ctvnews.ca/business/article/tariffs-on-canada-delayed-for-30-days-after-talk-between-trudeau-and-trump-live-updates-here/ |access-date=February 3, 2025 |work=CTV News |last10=Otis |first10=Daniel}}{{Cite news |last=Phillips |first=Tom |date=February 3, 2025 |title=Donald Trump and Mexican president announce one-month pause in US tariffs |url=https://www.theguardian.com/world/2025/feb/03/mexican-president-announces-one-month-pause-on-trump-us-tariffs |access-date=February 3, 2025 |work=The Guardian |issn=0261-3077}}

However, on February 27 Trump claimed that "drugs are still pouring into our Country from Mexico and Canada" and reaffirmed his planned tariffs, leading to their implementation on March 4, 2025.{{Cite web |date=March 4, 2025 |title=US tariffs take effect and Mexico, Canada and China retaliate with their own tariffs on the US |url=https://apnews.com/article/trump-tariffs-canada-mexico-china-643086a6dc7ff716d876b3c83e3255b0 |access-date=March 4, 2025 |website=AP News}} Canada retaliated with 25% tariffs on $20 billion ({{CAD|30 billion}}) in US goods, with plans to expand to $85 billion ({{CAD|125 billion}}),{{Cite web |last1=Sanchez |first1=Fabiola |last2=Gillies |first2=Rob |date=February 2, 2025 |title=Trump's trade war among allies triggers retaliation from Canada and Mexico |url=https://apnews.com/article/trump-tariffs-canada-mexico-retaliation-trudeau-sheinbaum-70e067b092a3af72c2eb7ca37d532c91 |access-date=March 13, 2025 |website=AP News}} while Mexico prepared its response for March 9.{{Cite web |last=Sanchez |first=Fabiola |date=March 9, 2025 |title=Tens of thousands of Mexicans rally with president to celebrate US decision to delay tariffs |url=https://apnews.com/article/mexico-us-tariffs-sheinbaum-trump-8d05ee82f936c8c9bccdde36179a3d5d |access-date=March 13, 2025 |website=AP News}} 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."{{cite news |url=https://www.wsj.com/economy/trade/trump-tariffs-usher-in-new-era-of-protectionism-a50a90f1 |title=Trump Tariffs Usher in New Era of Protectionism |last1=Putzier |first1=Konrad |last2=Lahart |first2=Justin |date=March 3, 2025 |work=The Wall Street Journal |access-date=March 4, 2025 |archive-url=https://archive.today/20250304055239/https://www.wsj.com/economy/trade/trump-tariffs-usher-in-new-era-of-protectionism-a50a90f1 |archive-date=March 4, 2025 }}

The onset of the trade war triggered stock market declines and economic concerns, particularly for retailers and car manufacturers.{{cite news |url=https://www.bbc.com/news/articles/ckg1jxdpq0qo |title=US Stock Markets Fall Amid Trade War Fears After Trump Tariffs |first=Sunny |last=Khan |date=March 6, 2025 |work=BBC News |publisher=BBC |access-date=March 6, 2025 }} 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.{{cite news |last=Irwin |first=Lauren |date=March 6, 2025 |title=Trump and Lutnick Reach Tariff Compromise |url=https://thehill.com/homenews/administration/5177422-trump-lutnick-tariff-compromise/ |access-date=March 6, 2025 |work=The Hill }} The same day, Trump delayed tariffs on USMCA-compliant automakers. The next day, he extended the delay to all USMCA-compliant goods until April 2.{{cite news |last=Zahn |first=Max |date=March 6, 2025 |title=Trump pauses tariffs for some Canadian and Mexican goods |url=https://abcnews.go.com/Business/stocks-tumble-tariff-fallout-roils-markets/story?id=119508907 |access-date=March 6, 2025 |work=ABC News}} While only 50% of Mexican and 38% of Canadian imports were officially compliant in 2024, 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.{{Cite web |last=Vieira |first=Paul |date=March 7, 2025 |title=Canada Expects Nearly All U.S. Exports to Be USMCA Compliant |url=https://www.morningstar.com/news/dow-jones/202503076995/canada-expects-nearly-all-us-exports-to-be-usmca-compliant |access-date=April 9, 2025 |website=Morningstar, Inc. |language=en}} Canada retained its initial retaliatory tariffs but suspended the planned increase.{{cite news |last=Gillies |first=Rob |date=March 6, 2025 |title=Canada's Tariffs to Remain Despite Trump Postponing Tariffs on Many Imports from Canada for a Month |url=https://apnews.com/article/trudeau-trump-tariffs-trade-war-58eaa333ef96d4f17965bb7004e6bee7 |access-date=March 6, 2025 |work=Associated Press News }} Tens of thousands of Mexicans celebrated with Sheinbaum in Mexico City's central plaza.{{Cite web |last=Butler |first=Eleanor |date=March 10, 2025 |title=Mexicans celebrate with President Sheinbaum after US tariff delay |url=https://www.euronews.com/business/2025/03/10/mexicans-celebrate-with-president-sheinbaum-after-us-tariff-delay |access-date=April 1, 2025 |website=euronews}}

Although the USMCA exemption was expected to expire on April 2, that day the White House announced it would continue indefinitely. USMCA-compliant auto parts were also exempted from a 25% tariff. However, Trump signed orders imposing 25% tariffs on steel, aluminum, and automobile imports from any country, including Canada and Mexico. 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 ({{CAD|29.8 billion}}) of US goods. On April 9, Canada implemented a 25% tariff on US-made vehicles that are not compliant with the USMCA.{{Cite web |last=Vieira |first=Paul |title=Canada Says 25% Tariff on U.S. Autos to Kick In Starting Wednesday |url=https://www.wsj.com/world/americas/canada-says-25-tariff-on-u-s-autos-to-kick-in-starting-wednesday-8577fc6d |access-date=April 9, 2025 |website=The Wall Street Journal |language=en-US}}

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.{{Cite news |last1=Cameron |first1=Chris |last2=Mega |first2=Emiliano Rodríguez |date=April 11, 2025 |title=Trump Threatens More Tariffs and Sanctions on Mexico Over Long-Running Water Dispute |url=https://www.nytimes.com/2025/04/10/us/politics/trump-mexico-water-dispute.html |access-date=April 11, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}{{Cite web|url=https://www.hindustantimes.com/world-news/now-donald-trump-threatens-mexico-with-sanctions-tariffs-this-is-very-unfair-101744344521450.html|title=Now, Donald Trump threatens Mexico with sanctions, tariffs: '...this is very unfair'}} He added that "Mexico has been stealing the water from Texas Farmers".{{Cite web |last=Wehner |first=Greg |date=April 10, 2025 |title=Trump threatens tariffs and sanctions on Mexico for 'stealing' water from Texas farmers |url=https://www.foxnews.com/politics/trump-threatens-tariffs-sanctions-mexico-stealing-water-texas-farmers |access-date=April 11, 2025 |publisher=Fox News |language=en-US}} Sheinbaum said the quota had not been fulfilled due to a "three-year drought" and suggested that an alternative agreement could be reached.

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.{{Cite web |last=Canada |first=Department of Finance |date=April 15, 2025 |title=Canada announces new support for Canadian businesses affected by U.S. tariffs |url=https://www.canada.ca/en/department-finance/news/2025/04/canada-announces-new-support-for-canadian-businesses-affected-by-us-tariffs.html |access-date=May 15, 2025 |website=www.canada.ca}} The country also exempted automakers that continue manufacturing in Canada and introduced a loan program for large Canadian businesses struggling with financing. 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.{{Cite news |last=Cecco |first=Leyland |date=April 29, 2025 |title='Trump wanted to break us', says Carney as Liberals triumph in Canadian election |url=https://www.theguardian.com/world/2025/apr/29/canada-election-result-liberal-win-mark-carney-anti-trump |access-date=May 6, 2025 |work=The Guardian |language=en-GB |issn=0261-3077}} 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.{{Cite news |last=Stevis-Gridneff |first=Matina |date=April 29, 2025 |title=Mark Carney Wins New Term as Canada's Prime Minister on Anti-Trump Platform |url=https://www.nytimes.com/2025/04/28/world/canada/canada-election-mark-carney-win.html |access-date=May 6, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}{{Cite web |last1=Blanchfield |first1=Mike |last2=Djuric |first2=Mickey |date=April 28, 2025 |title=Mark Carney elected Canada's prime minister |url=https://www.politico.com/news/2025/04/28/mark-carney-wins-canada-prime-minister-election-00314480 |access-date=May 6, 2025 |website=Politico |language=en}}File:President_Donald_Trump_greets_Prime_Minister_of_Canada_Mark_Carney_at_the_West_Wing_entrance_of_the_White_House_(54501166317).jpg in May 2025]]

File:President_Donald_Trump_meets_with_Canadian_Prime_Minister_Mark_Carney_in_the_Oval_Office_(54502028291).jpg during their May 2025 meeting]]

{{Main|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.{{Cite web |date=April 5, 2025 |title=A timeline of US-China tit-for-tat tariffs since Trump's first term |url=https://apnews.com/article/china-us-tariffs-timeline-trump-xi-1eeed2865dc7b14e23d7eb8069ba41ea |access-date=April 27, 2025 |website=AP News |language=en}} China failed to meet this target, ultimately importing even less than it had before the trade war.{{Cite web |last=Bown |first=Chad P. |date=February 8, 2022 |title=China bought none of the extra $200 billion of US exports in Trump's trade deal {{!}} PIIE |url=https://www.piie.com/blogs/realtime-economics/2022/china-bought-none-extra-200-billion-us-exports-trumps-trade-deal |access-date=April 27, 2025 |website=www.piie.com |language=en}} President Joe Biden largely maintained and expanded Trump's tariffs during his administration, and Trump pledged to impose higher tariffs in his second term.{{Cite magazine |last1=Guzman |first1=Chad de |last2=Ewe |first2=Koh |date=September 11, 2024 |title=Comparing Trump and Harris on China |url=https://time.com/7020042/trump-harris-china-explainer-trade-tariffs-taiwan-war-human-rights/ |access-date=April 27, 2025 |magazine=TIME |language=en}} File:2025日中韓経済貿易大臣会合 (cropped).jpg

In February 2025, Trump declared a national emergency over Chinese drug-trafficking which he used to justify a 10% tariff on all Chinese imports.{{Cite web |last=Neuffer |first=Phillip |date=January 22, 2025 |title=Trump eyes 10% China tariff hike by Feb. 1 |url=https://www.supplychaindive.com/news/trump-tariffs-feb-1-china-canada-mexico/737965/ |access-date=April 14, 2025 |website=supplychaindive.com |language=en-US}} In March, he increased the tariff to 20%.

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.{{Cite web |last=Xiao |first=Josh |date=February 3, 2025 |title=China Hits Back at Trump With Tariffs on US Goods, Google Probe |url=https://www.bloomberg.com/news/articles/2025-02-04/china-probes-google-moments-after-trump-s-tariffs-enter-effect |archive-url=https://archive.today/20250209210103/https://www.bloomberg.com/news/articles/2025-02-04/china-probes-google-moments-after-trump-s-tariffs-enter-effect |archive-date=February 9, 2025 |access-date=April 3, 2025 |publisher=Bloomberg News}}{{cite web |date=March 4, 2025 |title=China slaps extra tariffs of up to 15% on imports of major U.S. farm exports |url=https://www.npr.org/2025/03/04/g-s1-51892/china-tariffs-u-s-farm-exports |access-date=March 4, 2025 |publisher=NPR |agency=Associated Press}} Although these measures were modest in comparison to the US tariffs, China also retaliated with a variety of non-tariff trade barriers.{{cite news |last1=Mason |first1=Jeff |last2=Hunnicutt |first2=Trevor |last3=Krolicki |first3=Kevin |date=February 4, 2025 |title=Trump in no hurry to talk to Xi amid new tariff war |url=https://www.reuters.com/world/us-tariffs-chinese-imports-take-effect-after-trump-reprieves-canada-mexico-2025-02-04/ |access-date=February 4, 2025 |work=Reuters}}{{Cite web |date=April 12, 2025 |title=Forget tariffs — Beijing is already choking off US exports on the sly |url=https://www.politico.com/news/2025/04/12/china-trade-war-exports-00287123 |access-date=April 15, 2025 |website=POLITICO |language=en}} 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. Retaliatory measures included blacklisting American companies, adding export controls to metals like tungsten, and revoking export licenses for US firms.{{cite news |title=China hits US soybean firms, halts lumber imports as it steps up retaliation against Trump tariffs |url=https://www.reuters.com/markets/commodities/china-suspends-soybean-imports-three-us-firms-halts-log-imports-2025-03-04/ |access-date=March 4, 2025 |work=Reuters}} China decreased imports of American oil by 90%, turning to Canadian oil instead.{{Cite news |date=April 16, 2025 |title=China Pivots From US to Canada for More Oil as Trade War Worsens |url=https://www.bloomberg.com/news/articles/2025-04-16/china-pivots-from-us-to-canada-for-more-oil-as-trade-war-worsens |work=Bloomberg}} 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.{{cite web |date=March 30, 2025 |title=China, South Korea and Japan agree to strengthen trade ties in response to Trump tariffs |url=https://www.france24.com/en/live-news/20250330-china-south-korea-and-japan-agree-to-strengthen-free-trade |publisher=France 24}}{{cite news |author= |date=April 1, 2025 |title=China, Japan, South Korea will jointly respond to US tariffs, Chinese state media says |url=https://www.reuters.com/world/china-japan-south-korea-will-jointly-respond-us-tariffs-chinese-state-media-says-2025-03-31/ |url-status=live |archive-url=https://archive.today/20250331222358/https://www.reuters.com/world/china-japan-south-korea-will-jointly-respond-us-tariffs-chinese-state-media-says-2025-03-31/ |archive-date=March 31, 2025 |access-date=April 1, 2025 |work=Reuters |location=Beijing |quote=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.}}

On April 2, the US added a 34% "reciprocal tariff" on most Chinese imports.{{Cite web |last=Wile |first=Rob |date=April 3, 2025 |title=Goods imported from China now face a 54% tariff rate — and possibly higher |url=https://www.nbcnews.com/business/economy/goods-imported-china-are-now-facing-54-tariffs-rate-rcna199401 |access-date=April 5, 2025 |publisher=NBC News |language=en}} China matched with a tariff of 34% on American goods, effective April 10, 2025,{{cite news |last1=Liu |first1=Juliana |date=April 4, 2025 |title=China imposes 34% reciprocal tariffs on imports of US goods in retaliation for Trump's trade war |url=https://edition.cnn.com/2025/04/04/business/china-us-tariffs-retaliation-hnk-intl/index.html |publisher=CNN |language=en}} and suspended negotiations regarding the sale of TikTok.{{Cite news |last1=Harwell |first1=Drew |last2=Zakrzewski |first2=Cat |last3=Hax |first3=Carolyn |last4=Allison |first4=Natalie |last5=Stein |first5=Jeff |last6=Birnbaum |first6=Michael |last7=Rampell |first7=Catherine |last8=Singletary |first8=Michelle |last9=Lynch |first9=David J. |date=April 4, 2025 |title=The White House had a TikTok deal. Trump's China tariff wrecked it. |url=https://www.washingtonpost.com/technology/2025/04/04/tiktok-trump-ban-deadline/ |archive-url=https://archive.today/20250404225812/https://www.washingtonpost.com/technology/2025/04/04/tiktok-trump-ban-deadline/ |archive-date=April 4, 2025 |access-date=April 5, 2025 |newspaper=The Washington Post |language=en-US |issn=0190-8286}} 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.{{Cite news |last=Bradsher |first=Keith |date=April 13, 2025 |title=China Halts Critical Exports as Trade War Intensifies |url=https://www.nytimes.com/2025/04/13/business/china-rare-earths-exports.html |access-date=April 14, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} The rare earths, difficult to substitute, are critical to a range of high-tech goods, including batteries, weapons, and medical devices.{{Cite news |title=China has a weapon that could hurt America: rare-earth exports |url=https://www.economist.com/finance-and-economics/2025/04/10/china-has-a-weapon-that-could-hurt-america-rare-earth-exports |access-date=April 14, 2025 |newspaper=The Economist |issn=0013-0613}} China was slow to develop the export licenses and halted all exports in the meantime.

Trump raised the tariffs by an additional 50%, bringing the baseline tariff on Chinese imports to 104%.{{Cite web |last=Revell |first=Eric |date=April 8, 2025 |title=White House says Beijing missed deadline to lift retaliatory tariffs, US to hike China tariffs to 104% |url=https://www.foxbusiness.com/politics/white-house-says-china-missed-deadline-lift-retaliatory-tariffs-us-hike-china-tariffs-104 |access-date=April 8, 2025 |website=FOXBusiness |language=en-US}} China added an additional 50% as well, bringing their baseline tariff on American goods to 84%.{{Cite web |last=Picchi |first=Aimee |date=April 9, 2025 |title=China hikes tariffs on U.S. goods to 84%, as EU also retaliates against Trump tariffs |url=https://www.cbsnews.com/news/china-tariffs-84-percent-retaliatory-tariff-us-products-trump-104/ |access-date=April 14, 2025 |publisher=CBS News |language=en-US}} 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."

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.{{Cite web |last=Berkowitz |first=Marc Caputo,Ben |date=April 23, 2025 |title=Trump deploys abrupt tone shift amid market slump |url=https://www.axios.com/2025/04/23/trump-economy-tariffs-china-powell |access-date=April 27, 2025 |website=Axios |language=en}} On April 22, Trump stated that tariffs on Chinese imports would "come down substantially, but it won't be zero". Two days later, Chinese Foreign Affairs Ministry spokesman Guo Jiakun said China and the US had "not conducted consultations or negotiations on tariffs."{{cite news |title=China tells Trump: If you want trade talks, cancel tariffs |url=https://www.bbc.com/news/articles/c8dglmm5j52o |work=www.bbc.com |date=April 24, 2025}} When asked to respond, Trump said the US had been meeting with China as recently as that morning.{{Cite web |last=Dorgan |first=Michael |date=April 25, 2025 |title=Trump says China's Xi called him amid ongoing confusion over trade talks |url=https://www.foxnews.com/politics/trump-says-chinas-xi-called-him-amid-ongoing-confusion-over-trade-talks |access-date=April 27, 2025 |website=Fox News |language=en-US}}

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.{{cite news |last1= |first1= |date=May 2, 2025 |title=China's Stealth Tariff Exemptions May Amount to a Quarter of US Imports |url=https://www.bloomberg.com/news/articles/2025-05-02/china-s-stealth-exemptions-may-amount-to-a-quarter-of-us-imports |archive-url=https://archive.today/20250502100142/https://www.bloomberg.com/news/articles/2025-05-02/china-s-stealth-exemptions-may-amount-to-a-quarter-of-us-imports |archive-date=May 2, 2025 |access-date=May 2, 2025 |work=Bloomberg News}} 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.{{cite news |last1=Kaye |first1=Danielle |date=May 2, 2025 |title=Stock Market Rebounds Amid Tariff Concerns |url=https://www.nytimes.com/2025/05/02/business/stock-market-recovery-trump-tariffs.html |archive-url=https://archive.today/20250502184225/https://www.nytimes.com/2025/05/02/business/stock-market-recovery-trump-tariffs.html |archive-date=May 2, 2025 |access-date=May 2, 2025 |work=The New York Times}}

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.{{cite news |title=Tariffs: US and China to start talks over trade war this week |url=https://www.bbc.com/news/articles/c8rgrejkvmjo |access-date=May 7, 2025 |work=www.bbc.com |date=May 7, 2025}}

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 and discussions are held.{{Cite web |last1=Gan |first1=Nectar |last2=Bacon |first2=Auzinea |last3=Liu |first3=Juliana |date=May 12, 2025 |title=US and China agree to drastically roll back tariffs in major trade breakthrough |url=https://www.cnn.com/2025/05/12/business/us-china-trade-deal-announcement-intl-hnk |access-date=May 12, 2025 |website=CNN |language=en}} The US also cut tariffs on Chinese shipments valued below the de minimis threshold of $800 from 120% to 54%.

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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.{{cite news |last1=Kumar |first1=Manoj |last2=Acharya |first2=Shivangi |date=March 3, 2025 |title=India's trade minister heads to US for talks as Trump tariffs loom, officials say |url=https://www.reuters.com/world/india/india-trade-minister-heads-us-talks-trump-tariffs-loom-officials-say-2025-03-03/ |archive-url=https://archive.today/20250303072108/https://www.reuters.com/world/india/india-trade-minister-heads-us-talks-trump-tariffs-loom-officials-say-2025-03-03/ |archive-date=March 3, 2025 |access-date=March 3, 2025 |work=Reuters |publisher=Reuters}} 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.{{cite news |last1=Singh |first1=Sarita Chaganti |last2=Ahmed |first2=Aftab |last3=Kumar |first3=Manoj |date=March 25, 2025 |title=India eyes tariff cut on more than half of US imports to shield its exports, sources say |url=https://www.reuters.com/world/india/india-eyes-tariff-cut-23-bln-us-imports-shield-66-bln-exports-sources-say-2025-03-25/ |archive-url=https://archive.today/20250325080048/https://www.reuters.com/world/india/india-eyes-tariff-cut-23-bln-us-imports-shield-66-bln-exports-sources-say-2025-03-25/ |archive-date=March 25, 2025 |access-date=March 25, 2025 |work=Reuters }}{{Cite web |date=March 30, 2025 |title=Trump tariffs: Agriculture is centre stage US-India trade showdown |url=https://www.bbc.com/news/articles/c204q6n0lzvo |access-date=April 2, 2025 |publisher=BBC}} The US was India's largest export market.{{Cite web |last=Inamdar |first=Nikhil |date=April 3, 2025 |title=Trump tariffs: How will India navigate a world on the brink of a trade war? |url=https://www.bbc.com/news/articles/c39jn2ldyrko |access-date=April 5, 2025 |publisher=BBC |language=en-GB}} Analyses projected reciprocal tariff measures would have significant economic impacts to India. Citi Research estimated that India could lose $7 billion annually. 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.

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. 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. On April 2, the US applied a 27% "reciprocal tariff" to India.

File:Vice President Vance met with Indian PM Modi at 7 Lok Kalyan Marg (2025).jpg

By April 6, 2025, India signaled that it would negotiate with the United States and would not seek retaliatory tariffs.{{Cite web |title=India Seeks US Trade Talks, Signaling No Retaliatory Tariffs | website=Bloomberg News |url=https://www.bloomberg.com/news/articles/2025-04-06/india-to-focus-on-trade-deal-avoids-retaliation-on-us-tariffs?embedded-checkout=true}} There on, India continued with its diplomatic approach, securing a meeting with J.D Vance,{{Cite web |date=April 17, 2025 |title=Vance: US vice-president to visit India amid escalating trade war with China |url=https://www.bbc.com/news/articles/cz95j2z3lpeo |access-date=April 17, 2025 |website=www.bbc.com |language=en-GB}} and on April 17, 2025, announcing that they were "considering removing import tax on US ethane".{{Cite web |title=MSN |url=https://www.msn.com/en-in/money/topstories/india-is-considering-removing-import-tax-on-us-ethane-lpg-in-trade-talks-report/ar-AA1D2zOd |access-date=April 17, 2025 |website=www.msn.com}} 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.{{Cite web |date=April 29, 2025 |title=Donald Trump Tariffs News Live Updates: China brushes off US tariff threats, vows to safeguard jobs and growth |url=https://timesofindia.indiatimes.com/world/us/donald-trump-tariffs-news-live-updates-china-xi-jinping-us-stock-market-canada-india-uk-import-taxes-harvard-university/liveblog/120711833.cms |access-date=April 29, 2025 |website=The Times of India |language=en}}

On May 6, 2025, India proposed a "zero-for-zero" tariff on auto parts as a way to kickstart negotiations with the US,{{Cite web |date=May 6, 2025 |title=Donald Trump tariffs news live updates: India offers zero-for-zero tariffs on auto parts, steel from US |url=https://timesofindia.indiatimes.com/world/us/donald-trump-tariffs-news-live-updates-china-xi-jinping-us-stock-market-canada-india-uk-import-taxes-harvard-university/liveblog/120883722.cms |access-date=May 6, 2025 |website=The Times of India |language=en}} following Trump's claim that "trade talks" with India were a first-order priority, back at the end of April.{{Cite news |last1=Stacey |first1=Kiran |last2=Courea |first2=Eleni |last3=O'Carroll |first3=Lisa |date=April 29, 2025 |title=Trump 'makes trade deal with UK second-order priority' in blow to ministers |url=https://www.theguardian.com/politics/2025/apr/29/trump-makes-trade-deal-with-uk-second-order-priority-in-blow-to-ministers |access-date=May 6, 2025 |work=The Guardian |language=en-GB |issn=0261-3077}}

On April 2, 2025, Donald Trump imposed a 17% import duty on Israeli goods.{{Cite news |last1=Lior |first1=Gad |last2=Edelson |first2=Daniel |last3=York |first3=New |date=April 2, 2025 |title=Trump announces sweeping tariffs, slaps Israeli imports with 17% duty under new US trade policy |url=https://www.ynetnews.com/business/article/syvliqsaje |access-date=April 9, 2025 |work=Ynetnews |language=en}} On April 3, 2025, Israeli Finance Minister Bezalel Smotrich would meet with another minister to decide a course of action.{{Cite web |last=O'Boyle |first=Brendan |date=April 3, 2025 |title=Trump tariffs: List of global responses and countermeasures |url=https://www.reuters.com/markets/trump-tariffs-draw-global-promises-counter-measures-2025-04-03/ |access-date=April 3, 2025 |website=Reuters}} By April 7, 2025, Israel had offered to remove tariffs on all US goods.{{Cite news |last1=Taylor |first1=Adam |last2=Fowers |first2=Alyssa |last3=Shapiro |first3=Leslie |last4=Verde |first4=Amaya |last5=Ovide |first5=Shira |last6=Stein |first6=Jeff |last7=Gregg |first7=Aaron |last8=Telford |first8=Taylor |date=April 7, 2025 |title=A few governments offer to end all tariffs on U.S. in response to Trump |url=https://www.washingtonpost.com/world/2025/04/07/zero-tariffs-proposal-us-trade-war/ |access-date=April 9, 2025 |newspaper=The Washington Post |language=en-US |issn=0190-8286}}

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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.{{Cite web |last=Ravid |first=Barak |date=April 7, 2025 |title=Trump doesn't give Israel a break on tariffs despite Netanyahu visit |url=https://www.axios.com/2025/04/07/trump-netanyahu-visit-tariff-deal |access-date=April 9, 2025 |website=Axios |language=en}}

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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.{{Cite web |date=April 7, 2025 |title=Nikkei plunges in third-biggest daily loss ever amid Trump tariff concerns |url=https://www.japantimes.co.jp/business/2025/04/07/markets/nikkei-trump-tariffs-markets/ |access-date=April 8, 2025 |website=The Japan Times |language=en}} 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%.{{Cite web |last=Poidevin |first=Olivia Le |date=April 4, 2025 |title=Japan could lose $17 billion in car exports due to US tariffs, says UN trade agency |url=https://www.reuters.com/business/autos-transportation/japan-could-lose-17-billion-car-exports-due-us-tariffs-says-un-trade-agency-2025-04-04/ |website=Reuters}}{{Cite web |last=Kihara |first=Leika |date=April 7, 2025 |title=Japan will ask US to cut tariffs but results won't come 'overnight', PM Ishiba says |url=https://www.reuters.com/world/japan/japan-will-ask-us-cut-tariffs-results-wont-come-overnight-pm-ishiba-says-2025-04-07/ |website=Reuters}}

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Prime Minister Shigeru Ishiba said tariffs were "extremely disappointing and regrettable." On April 7, Ishiba talked with Donald Trump by phone, asking the president to reconsider, but could not negotiate any concessions.{{Cite web |last1=Tang |first1=Francis |last2=Ninivaggi |first2=Gabriele |date=April 7, 2025 |title=Japan responds to Trump's tariffs with a polite phone call and request |url=https://www.japantimes.co.jp/news/2025/04/07/japan/politics/ishiba-trump-talk-tariffs/ |access-date=April 8, 2025 |website=The Japan Times |language=en}} Trump later wrote "He is sending a top team to negotiate!" on Truth Social.

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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%.{{Cite web |last=NEWS |first=KYODO |title=U.S. rejects Japan's exemption from "reciprocal" tariffs |url=https://english.kyodonews.net/news/2025/05/7f50bb4801c0-update1-us-rejects-japans-exemption-from-reciprocal-tariffs.html |access-date=May 6, 2025 |website=Kyodo News+}}

On April 2, 2025, Trump imposed a 10% tariff on all goods coming from Singapore.{{Cite news |date=April 8, 2025 |title=US tariffs on Singapore disappointing; situation needs rational, pragmatic approach: WP |url=https://www.straitstimes.com/singapore/politics/us-tariffs-on-singapore-disappointing-situation-needs-rational-pragmatic-approach-wp |access-date=April 9, 2025 |work=The Straits Times |language=en |issn=0585-3923}} 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."{{cite web|url=https://www.straitstimes.com/singapore/politics/world-suffers-if-us-china-relations-fray-with-tariffs-pm-wong|title=World suffers if US-China relations fray with tariffs: PM Wong|author=Tay Hong Yi|newspaper=The Straits Times|date=April 8, 2025|access-date=April 9, 2025}} He also announced the creation of a national task force to support businesses and workers affected by the tariffs.{{cite web|url=https://www.channelnewsasia.com/singapore/singapore-task-force-monitor-impact-us-trump-tariffs-lawrence-wong-5050896|title=Trump tariffs: Singapore to form task force to help businesses and workers, says PM Wong|publisher=Channel NewsAsia|author=Tang See Kit|date=April 8, 2025|access-date=April 9, 2025}}

On April 8, 2025, the Singaporean prime minister's office stated that it would not retaliate on U.S. tariffs.{{Cite web |author=Cherine Wong |date=April 8, 2025 |title=Ministerial Statement by PM Lawrence Wong on the US Tariffs and Implications |url=https://www.pmo.gov.sg/Newsroom/Ministerial-Statement-by-PM-Lawrence-Wong-on-the-US-Tariffs-and-Implication |access-date=April 9, 2025 |website=Prime Minister's Office Singapore |language=en}} 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.{{Cite web |url=https://www.channelnewsasia.com/singapore/singapore-new-task-force-trump-tariffs-focus-communication-information-sharing-gan-kim-yong-5051426 |access-date=April 17, 2025 |website=www.channelnewsasia.com |title=New task force on US tariffs to focus on engaging businesses and workers, sharing information: Gan Kim Yong }} 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.{{Cite web |title=Task force on US tariffs includes five ministers; will develop immediate and long-term strategies |url=https://www.channelnewsasia.com/singapore/singapore-task-force-us-tariffs-ministers-strategies-5066546 |access-date=April 17, 2025 |website=CNA |language=en}}

File:Secretary Rubio Meets with Japanese and Republic of Korea Foreign Ministers (54329405775).jpg and Secretary of State Marco Rubio]]

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.{{Cite web |title=South Korea's acting president calls for talks with US over tariffs |website=Reuters |date=April 3, 2025 |url=https://www.reuters.com/world/asia-pacific/south-koreas-acting-president-orders-emergency-measures-over-us-tariffs-2025-04-02/ |last1=Park |first1=Ju-min |last2=Lee |first2=Jihoon }} On April 8, 2025, South Korea's acting president, Han Duck-soo called for negotiation rather than retaliation.{{Cite news |author=Mike Valerio |author2=Gawon Bae |author3=Yoonjung Seo |author4=Jessie Yeung |date=April 8, 2025 |title=CNN Exclusive: This Asian leader is taking a very different approach from China over Trump's tariff war |url=https://www.cnn.com/2025/04/08/asia/south-korea-acting-president-han-interview-intl-hnk/index.html |access-date=April 9, 2025 |publisher=CNN |language=en}} 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.{{cite news |last1=Heavey |first1=Susan |last2=Lee |first2=Jihoon |last3=Park |first3=Ju-min |title=Trump optimistic after call about tariffs with South Korea |url=https://www.reuters.com/world/asia-pacific/south-korea-trade-minister-says-considering-measures-boost-us-imports-2025-04-08/ |access-date=April 9, 2025 |work=Reuters |date=April 8, 2025}} 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.{{Cite news |date=April 4, 2025 |title=조태열, 美에 "상호관세 깊은 우려...대미투자 실적 고려해달라" |url=https://www.news1.kr/politics/diplomacy-defense/5742350 |work=News1 |language=Korean}}

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".{{Cite news |date=April 16, 2025 |title=South Korea, Vietnam pledge cooperation as US tariffs loom |url=https://economictimes.indiatimes.com/news/international/global-trends/south-korea-vietnam-pledge-cooperation-as-us-tariffs-loom/articleshow/120328981.cms |access-date=April 17, 2025 |work=The Economic Times |issn=0013-0389}}

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,{{Cite web |title=MSN |url=https://www.msn.com/en-gb/news/world/south-korea-officials-heading-to-washington-for-talks-over-us-tariffs/ar-AA1DSWWb |access-date=May 6, 2025 |website=www.msn.com}} after Trump called "trade talks" with South Korea a first-order priority.

File:The White House - 54371663219.jpg

On April 2, 2025, Donald Trump announced a "reciprocal tariff" of 32% on Taiwanese goods,{{Cite web |date=April 3, 2025 |title=Trump announces 32% tariff on imports from Taiwan – Focus Taiwan |url=https://focustaiwan.tw/business/202504030001 |access-date=April 9, 2025 |website=Focus Taiwan – CNA English News |language=en-US}} but excluded semiconductor products, the island's primary exports.{{cite news |last1=Tobin |first1=Meaghan |title=Trump's Tariffs Don't Apply to Chips, but Taiwan Remains Wary |url=https://www.nytimes.com/2025/04/03/business/trump-tariffs-taiwan-chips.html |access-date=April 9, 2025 |work=The New York Times |date=April 3, 2025 |archive-url=https://web.archive.org/web/20250406111431/https://www.nytimes.com/2025/04/03/business/trump-tariffs-taiwan-chips.html |archive-date=April 6, 2025 |language=en}} Trump had previously criticized Taiwan for gaining an unfair dominance in the semiconductor industry and not spending enough on its own defense. 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.{{cite news |last1=Hawkins |first1=Amy |title=Trump tariff global reaction – country by country |url=https://www.theguardian.com/us-news/2025/apr/03/donald-trump-global-trade-tariff-rates-by-country-breakdown-asia |access-date=April 9, 2025 |work=The Guardian |date=April 3, 2025}}{{cite news |title=Taiwan hopes for quick agreement with US on tariffs, stocks swoon again |url=https://www.reuters.com/world/asia-pacific/taiwan-hopes-quick-agreement-with-us-tariffs-issue-2025-04-09/ |access-date=April 9, 2025 |work=Reuters |date=April 9, 2025}}

File:2025年4月7日行政院長卓榮泰與立法院朝野黨團代表共同針對美國關稅政策議題會商.jpg

The new tariffs exacerbated public concerns over the level of support from the United States.{{cite news |title=特朗普关税: 台积电千亿投资却换来美国32%高关税 台湾能否早上谈判桌考验"友谊"和筹码 |url=https://www.bbc.com/zhongwen/articles/c4g728r49e4o/simp |work=BBC News 中文 |date=April 7, 2025 |language=zh-hans}} 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.{{cite news |title=美对台加税32% 国民党: 打脸赖清德"依美抗中"政策 |url=https://www.zaobao.com.sg/realtime/china/story20250403-6111724 |access-date=April 9, 2025 |work=Lianhe Zaobao |date=April 3, 2025 |language=zh-Hans}} 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.{{Cite web |title=行政、立法共同會商因應美國關稅政策 全力穩定國家經濟及產業發展|url=https://www.ey.gov.tw/Page/9277F759E41CCD91/e08fa77c-c9d4-4f12-868b-3c735baea4b0 |website=ey.gov.tw |date=April 7, 2025 |language=zh |access-date=April 8, 2025}}

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.{{Cite web |date=April 17, 2025 |title=U.S. tariffs could cut Taiwan manufacturing production by 5%: NDC - Focus Taiwan |url=https://focustaiwan.tw/business/202504170018 |access-date=April 17, 2025 |website=Focus Taiwan - CNA English News |language=en-US}}

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.{{Cite web |last=Minh |first=Ethan |date=March 17, 2025 |title=How Trump 2.0 Tariffs May Impact Vietnamese Exports |url=https://sourcevietnam.com/blog/how-trump-tariffs-impact-vietnamese-exports |access-date=April 7, 2025 |website=SourceVietNam |language=en-US}}

Vietnam's large trade surplus in goods with the US made it a target for reciprocal tariffs. On March 13, 2025, trade minister Nguyễn Hồng Diên arranged a meeting with Lutnick and Greer to try to secure a bilateral trade agreement.{{Cite web|url=https://www.bloomberg.com/news/articles/2025-03-13/vietnam-chases-us-deals-as-top-official-flies-to-meet-trump-team|title=Vietnam Chases US Deals as Top Official Flies to Meet Trump Team|website=Bloomberg News }}{{Cite web|date=March 13, 2025 |title=Vietnam hopes to stop Trump's US tariffs with trade talks |url=https://vietnam-aujourdhui.info/2025/03/13/vietnam-hopes-to-stop-trumps-us-tariffs-with-trade-talks/ |access-date=April 7, 2025 |website=Le Viêt Nam, aujourd'hui |language=fr-FR}} He ended up receiving Marc Knapper, a US Extraordinary and Plenipotentiary Ambassador, on March 14.{{Cite web |last=Thương |first=Bộ Công |date=February 14, 2025 |title=Minister of Industry and Trade Nguyen Hong Dien received Mr. Marc E. Knapper, Ambassador Extraordinary and Plenipotentiary of the United ... |url=https://www.vietnam.vn/en/bo-truong-cong-thuong-nguyen-hong-dien-tiep-ngai-marc-e-knapper-dai-su-dac-menh-toan-quyen-hop |access-date=April 7, 2025 |website=vietnam.vn |language=en}} Knapper reassured him that the US tariff measures were not aimed at Vietnam and were meant to promote fair trade and American workers.{{Cite news |last=Lan |first=Tuyết |date=February 14, 2025 |title=US Ambassador: The tax is not aimed at Vietnam |url=https://news.laodong.vn/kinh-doanh/dai-su-my-viec-ap-thue-khong-nham-toi-viet-nam-1463020.ldo |access-date=April 13, 2025 |work=Lao Dong}}

On April 2, 2025, Trump presented with a 46% reciprocal tariff on Vietnam, shocking Vietnamese exporters.{{Cite web |date=April 3, 2025 |title='Shocking': US tariffs worse than feared for Vietnamese exporters |url=https://www.france24.com/en/live-news/20250403-shocking-us-tariffs-worse-than-feared-for-vietnamese-exporters |access-date=April 7, 2025 |publisher=France 24 |language=en}} Vietnamese leaders tried to approach Trump diplomatically to find an agreement to remove the tariffs or to delay them.{{Cite web |last=Reyes |first=Ronny |date=April 6, 2025 |title=50 nations reached out to negotiate tariffs with US: Lutnick |url=https://nypost.com/2025/04/06/us-news/50-nations-have-reached-out-to-negotiate-tariffs-with-us-lutnick/ |access-date=April 7, 2025 |language=en-US}} 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.{{Cite news |last1=Ngo |first1=Tung |last2=Wee |first2=Sui-Lee |date=April 6, 2025 |title=Vietnam Urges United States to Delay Imposing Tariffs On It |url=https://www.nytimes.com/2025/04/06/world/asia/vietnam-trump-tariff-delay.html |access-date=April 7, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} 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".{{Cite web |last=Pound |first=Jesse |date=April 7, 2025 |title=Peter Navarro says Vietnam's 0% tariff offer is not enough: 'It's the nontariff cheating that matters' |url=https://www.cnbc.com/2025/04/07/peter-navarro-says-vietnams-0percent-tariff-offer-is-not-enough-its-the-non-tariff-cheating-that-matters.html |access-date=April 7, 2025 |publisher=CNBC |language=en}} 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.{{Cite news |title=Trump's tariffs will pummel Vietnam |url=https://www.economist.com/asia/2025/04/07/trumps-tariffs-will-pummel-vietnam |access-date=April 7, 2025 |newspaper=The Economist |issn=0013-0613}}

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.{{Cite web |last=Gan |first=Nectar |date=April 14, 2025 |title=China urges Vietnam to resist 'unilateral bullying' as Xi tries to rally region in face of Trump tariffs |url=https://edition.cnn.com/2025/04/14/asia/china-xi-southeast-asia-visit-trump-tariffs-intl-hnk/index.html |access-date=April 17, 2025 |website=CNN |language=en}} Trump responded, "That's a lovely meeting. Meeting like, trying to figure out, 'How do we screw the United States of America?'".{{Cite web |last=Snell |first=Govi |title=As Trump threatens tariffs, Vietnam scrambles to avert economic disaster |url=https://www.aljazeera.com/economy/2025/4/17/as-trump-threatens-tariffs-vietnam-scrambles-to-avert-economic-disaster |access-date=April 17, 2025 |website=Al Jazeera |language=en}}

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". Groundbreaking began on a $1.5 billion previously announced Trump Organization golf resort near Hanoi.{{cite news |title=Trump Organization eyes multi-billion-dollar projects in Vietnam amid tariff risks |url=https://www.reuters.com/world/trump-organization-eyes-multi-billion-dollar-projects-vietnam-amid-tariff-risks-2025-03-28/ |last=Guarascio |first=Francesco |date=March 27, 2025 |work=Reuters}}

The first round of negotiations occurred on May 7,{{Cite news |title=Báo VietnamNet |url=https://vietnamnet.vn/en/vietnam-u-s-begin-first-tariff-negotiations-on-may-7-2397798.html |access-date=May 20, 2025 |website=VietNamNet News |language=vietnamese}} whilst a second round of negotiation took place on May 19, led by Nguyen Hong Dien.{{Cite news |title=Vietnam and US engage in second round of tariff negotiations |url=https://vir.com.vn/vietnam-and-us-engage-in-second-round-of-tariff-negotiations-128742.html}}

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.{{Cite news |author=Dludla |first1=Nqobile |last2=Peyton |first2=Nellie |date=April 3, 2025 |title=The US-Africa trade programme under threat from Trump tariffs |url=https://www.reuters.com/world/africa/us-africa-trade-programme-under-threat-trump-tariffs-2025-04-03/?utm_source=chatgpt.com |access-date=April 13, 2025 |work=Reuters}} 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.{{Cite web |date=February 3, 2025 |title=Trump Tariffs: Nigeria one of 48 countries that has trade deficits with the US |url=https://nairametrics.com/2025/02/03/trump-tariffs-nigeria-one-of-48-countries-that-has-trade-deficits-with-the-us/ |access-date=April 7, 2025 |website=Nairametrics |language=en-US}}

On April 2, Trump announced a 14% tariff on Nigerian goods.{{Cite web |last=Venley |first=Nanji Nandang |date=April 3, 2025 |title=Trump imposes 14% tariff on Nigerian exports to US |url=https://www.icirnigeria.org/trump-imposes-14-tariff-on-nigerian-exports-to-us/?utm_source=chatgpt.com |access-date=April 7, 2025 |website=The ICIR- Latest News, Politics, Governance, Elections, Investigation, Factcheck, Covid-19 |language=en-GB}} The Nigerian government avoided retaliation. Instead, Trade Minister Jumoke Oduwole said Nigeria would contact the WTO to find a mutually beneficial solution.{{Cite web |last=John |first=Beloved |date=April 7, 2025 |title=Nigeria reacts to Trump's tariffs, avoids retaliation |url=https://www.premiumtimesng.com/business/business-news/786203-nigeria-reacts-to-trumps-tariffs-avoids-retaliation.html |access-date=April 7, 2025 |website=Premium Times Nigeria |language=en}} 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).{{Cite web |date=April 7, 2025 |title=Nigeria in Consultation with US, WTO Over Trump's Tariffs – FG |url=https://economicconfidential.com/2025/04/nigeria-consultation-wto/?utm_source=rss&utm_medium=rss&utm_campaign=nigeria-consultation-wto |access-date=April 7, 2025 |website=Economic Confidential |author1=Hafsyibrahim0 }} 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.{{Cite news |last=Eboh |first=Camillus |date=April 6, 2025 |title=Nigeria sells dollars to support currency after Trump tariffs shock |url=https://www.reuters.com/markets/currencies/nigeria-sells-dollars-support-currency-after-trump-tariffs-shock-2025-04-06/ |access-date=April 6, 2025 |work=Reuters}}

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.{{Cite web |last=Tunji |first=Sami |date=April 12, 2025 |title=FG forms panel to assess economic impact of US tariffs |url=https://punchng.com/fg-forms-panel-to-assess-economic-impact-of-us-tariffs/#google_vignette |access-date=April 17, 2025 |website=Punch Newspapers |language=en-US}} 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.{{Cite web |last=AriseNews |date=April 16, 2025 |title=MAN Warns US Tariffs May Wipe Out ₦2 Trillion in Nigerian Agricultural Exports Annually |url=https://www.arise.tv/man-warns-us-tariffs-may-wipe-out-%E2%82%A62-trillion-in-nigerian-agricultural-exports-annually/ |access-date=April 17, 2025 |website=Arise News |language=en-US}}

File:President Donald Trump meets with President of South Africa Cyril Ramaphosa (54537776189).jpg

After Trump announced a 25% tariff on all imported steel and aluminum, major exporters in South Africa were palpable by the onset tariffs,{{Cite web |last=Ginindza |first=Banele |title=South African steel and aluminium exporters brace for potential 25% US tariff |url=https://www.iol.co.za/business-report/economy/south-african-steel-and-aluminium-exporters-brace-for-potential-25-us-tariff-de8b9715-b787-41e7-bf7b-01a96d7061bd? |access-date=April 9, 2025 |website=Independent Online|location=South Africa |language=en}} 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.{{Cite web |title=Oreaco |url=https://www.oreaco.com/steel/south-african-steel-sector-decries-us-tariff-hike-on-steel-aluminum-imports?utm_source=chatgpt.com |access-date=April 9, 2025 |website=oreaco.com}}

Trump imposed reciprocal tariffs of 31% on South Africa on April 2, 2025.{{Cite web |title=US tariffs threaten 35,000 citrus jobs in South Africa, farmers say |website=Reuters |date=April 8, 2025 |url=https://www.reuters.com/world/africa/us-tariffs-threaten-35000-citrus-jobs-south-africa-farmers-say-2025-04-08/}} 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).{{Cite web |date=April 4, 2025 |title=South Africa says Trump's tariffs cancel out AGOA trade initiative |url=https://www.cnbcafrica.com/2025/south-africa-says-trumps-tariffs-cancel-out-agoa-trade-initiative/?utm_source=chatgpt.com |access-date=April 9, 2025 |website=cnbcafrica.com |language=en}} On April 4, 2025, South Africa's government announced that it would not retaliate and would instead negotiate exemptions.{{Cite web |title=South Africa not planning to retaliate over Trump's tariffs |work=Reuters |date=April 4, 2025 |url=https://www.reuters.com/world/africa/south-africa-says-trumps-tariffs-effectively-nullify-agoa-benefits-2025-04-04/ |last1=Dludla |first1=Nqobile |last2=Acharya |first2=Bhargav |last3=Dludla |first3=Nqobile |last4=Acharya |first4=Bhargav }}

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.{{Cite web |last=Mntambo |first=Nokukhanya |title=Trade and Industry Minister says SA plans to cast net wider after Trump hikes tariffs |url=https://www.ewn.co.za/2025/04/04/trade-and-industry-minister-says-sa-plans-to-cast-net-wider-after-trump-hikes-tariffs?utm_source=chatgpt.com |access-date=April 9, 2025 |website=EWN |language=en}} Another immediate consequence was the postponing of the sale of gems from Petra Diamonds' Cullinan Mine, due to uncertainty caused by the tariffs.{{Cite web |last=Jamasmie |first=Cecilia |date=April 9, 2025 |title=Petra Diamonds delays sale amid US tariffs uncertainty |url=https://www.mining.com/petra-diamonds-delays-sale-amid-us-tariffs-uncertainty/ |access-date=April 9, 2025 |website=MINING.COM |language=en-US}}

On April 2, 2025, Trump imposed 18% tariffs on Zimbabwe as part of its "reciprocal tariffs" policy. 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.{{Cite web |date=April 6, 2025 |title=Zimbabwe to scrap tariffs on US goods in goodwill gesture to Trump |url=https://www.bbc.com/news/articles/c62xqel9l18o |access-date=April 9, 2025 |publisher=BBC |language=en-GB}}

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.{{cite news |last=Isidore |first=Chris |title=Trump to Europe: Buy more of our oil and gas or face tariffs |url=https://www.cnn.com/2024/12/20/economy/trump-europe-oil-and-gas-tariffs/index.html |work=CNN Business |publisher=Cable News Network |date=December 20, 2024 |access-date=February 4, 2025}} 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.{{cite news |last=Rankin |first=Jennifer |title=Tariffs: EU's 'carrot and stick' policy under Trump presidency |url=https://www.theguardian.com/world/2025/jan/16/tariffs-eu-carrot-and-stick-policy-donald-trump-presidency |work=The Guardian |date=January 16, 2025 |access-date=February 4, 2025}} File:President Donald J. Trump holds a bilateral meeting with French President Emmanuel Macron (54350966064).jpg

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.{{Cite web |last=Armstrong |first=Rory Elliott |date=February 3, 2025 |title=EU leaders vow to fight back if Trump imposes tariffs |url=https://www.euronews.com/2025/02/03/eu-leaders-vow-to-fight-back-if-trump-imposes-tariffs |access-date=February 5, 2025 |website=Euronews}}{{cite news |url=https://www.reuters.com/world/europe/european-leaders-warn-pain-transatlantic-trade-war-2025-02-03/ | title=Transatlantic trade war would hurt both sides, European leaders warn | work=Reuters | date=February 3, 2025 }}{{Cite web |title=As Trump's trade war looms, EU leaders prepare to retaliate |url=https://www.euractiv.com/section/politics/news/with-trumps-trade-war-threats-eu-leaders-prepare-to-retaliate/ |url-status=live |archive-url=https://web.archive.org/web/20250215103131/https://www.euractiv.com/section/politics/news/with-trumps-trade-war-threats-eu-leaders-prepare-to-retaliate/ |archive-date=February 15, 2025 |access-date=March 5, 2025 |website=Euractiv}} "We have to do everything to avoid this totally unnecessary and stupid tariff war," said Polish Prime Minister Donald Tusk. On February 4, 2025, EU trade ministers met in Warsaw to discuss Trump's threats.{{cite news |title=EU prepares to hit Big Tech in retaliation for Donald Trump's tariffs |url=https://www.ft.com/content/7303e57e-67ca-477a-8d00-8d5213f7120c |work=Financial Times |publisher=The Financial Times Ltd. |date=February 4, 2025 |access-date=February 8, 2025}} 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.{{cite news |title=EU to offer lower tariffs on US cars |url=https://www.ft.com/content/bed348ee-3e05-47f6-8a83-563286b8b99e |work=Financial Times |publisher=The Financial Times Ltd. |date=February 6, 2025 |access-date=February 8, 2025}} 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.{{cite web | last=Leali | first=Giorgio | title=Macron to Trump: Make trade war with China, not with us | website=Politico | date=February 25, 2025 | url=https://www.politico.eu/article/emmanuel-macron-donald-trump-make-trade-war-china-not-us/ | access-date=March 4, 2025}}{{cite web | title=Emmanuel Macron: 'You cannot have trade wars with China, Europe at the same time': Macron warns US, urges strong role in Ukraine peace | website=The Times of India | date=February 25, 2025 | url=https://timesofindia.indiatimes.com/world/us/you-cannot-have-trade-wars-with-china-and-europe-at-the-same-time-macron-warns-us-urges-strong-role-in-ukraine-peace/articleshow/118542915.cms | access-date=March 4, 2025}}{{cite web | title=Macron attempts to avert trade war at Trump meeting as EU prepares tariff response | publisher=France 24 | date=February 25, 2025 | url=https://www.france24.com/en/tv-shows/business/20250225-macron-attempts-to-avert-trade-war-at-trump-meeting-as-eu-prepares-tariff-response | access-date=March 4, 2025}}

File:President Donald Trump with Taoiseach Micheál Martin.jpg

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.{{cite news|title='Níl uaim aon rud a dhéanamh a ghoillfeadh ar Éirinn' – Trump|url=https://www.rte.ie/news/nuacht/2025/0312/1501625-nil-uaim-aon-rud-a-dheanamh-a-ghoillfeadh-ar-eirinn-trump/|date=March 12, 2025|language=ga-IE|author=Nuacht RTÉ}}

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.{{cite news |last=Shalvey |first=Kevin |date=March 12, 2025 |title=EU Announces $28 Billion Countermeasures Against Trump's Steel Tariffs |url=https://abcnews.go.com/International/eu-announces-28-billion-countermeasures-trumps-steel-tariffs/story?id=119702601 |access-date=March 12, 2025 |publisher=ABC News}} 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.{{Cite news |last1=Rankin |first1=Jennifer |last2=Partridge |first2=Joanna |date=March 12, 2025 |title=EU retaliates against Trump tariffs with €26bn 'countermeasures' |url=https://www.theguardian.com/us-news/2025/mar/12/eu-retaliates-against-trump-tariffs-with-26bn-countermeasures |access-date=March 12, 2025 |work=The Guardian |issn=0261-3077}} Phase two would impose tariffs on an additional €18 billion in U.S. industrial and agricultural goods.{{cite press release |title=EU Countermeasures on US Steel and Aluminium Tariffs Explained |date=March 11, 2025 |publisher=European Commission |url=https://ec.europa.eu/commission/presscorner/detail/en/qanda_25_750 |access-date=March 12, 2025}} Trump condemned the EU's planned 50% whiskey tariff and threatened 200% tariffs on EU alcohol in response.{{cite news |date=March 13, 2025 |title=Trump threatens 200% tariff on EU wine and liquor, says world is 'ripping us off' |url=https://www.nbcnews.com/business/economy/trump-threatens-200-tariff-eu-booze-tax-us-whiskey-rcna196192 |publisher=NBC News}} 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.{{Cite web |last1=Kiderlin |first1=Sophie |last2=Amaro |first2=Silvia |date=March 20, 2025 |title=EU Delays Implementing First Retaliatory Tariffs on US Goods to Middle of April |url=https://www.cnbc.com/2025/03/20/eu-delays-first-retaliatory-tariffs-on-us-goods-to-mid-april.html |access-date=March 20, 2025 |publisher=CNBC}}{{Cite news |last1=Rankin |first1=Jennifer |last2=O'Carroll |first2=Lisa |date=April 8, 2025 |title=EU drops plans to hit American bourbon with retaliatory tariffs |url=https://www.theguardian.com/business/2025/apr/08/eu-drops-plans-to-hit-american-bourbon-with-retaliatory-tariffs |access-date=April 18, 2025 |work=The Guardian |language=en-GB |issn=0261-3077}}

On March 27, 2025, the United States imposed a 25% tariff on all car imports, significantly affecting Germany, the world's largest automobile exporter. On April 2, Trump announced a 20% tariff on all European Union imports, effective April 9, as part of his "reciprocal tariff" policy.{{Cite web |last=Reid |first=Jenni |date=April 10, 2025 |title=European Union to put countermeasures to U.S. tariffs on hold for 90 days |url=https://www.cnbc.com/2025/04/10/european-union-to-put-countermeasures-to-us-tariffs-on-hold-for-90-days.html |access-date=April 18, 2025 |website=CNBC |language=en}} 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%.{{Cite web |date=April 7, 2025 |title=EU offers Trump removal of all industrial tariffs |url=https://www.politico.eu/article/eu-offers-trump-removal-of-all-tariffs/ |access-date=April 7, 2025 |website=Politico |language=en-GB}}File:President Donald Trump holds a bilateral meeting with Prime Minister Giorgia Meloni of Italy (5446029292).jpgFile:President Donald Trump holds a bilateral meeting with German Chancellor Friedrich Merz (54571292154).jpg holds talks with U.S. President Donald Trump at the White House.]]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.{{Cite news |last=Rankin |first=Jennifer |date=April 9, 2025 |title=EU to impose retaliatory 25% tariffs on US goods from almonds to yachts |url=https://www.theguardian.com/world/2025/apr/09/eu-to-impose-retaliatory-25-tariffs-on-us-goods-from-almonds-to-yachts |access-date=April 18, 2025 |work=The Guardian |language=en-GB |issn=0261-3077}} 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. 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.{{Cite web |date=April 10, 2025 |title=EU delays metal tariffs retaliation as Trump targets China |url=https://www.politico.eu/article/eu-weighs-90-day-pause-of-its-response-to-trumps-metals-duties/ |access-date=April 10, 2025 |website=Politico |language=en-GB}}

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."{{Cite web |date=April 11, 2025 |title=EU head tells FT it could tax US Big Tech if tariff talks fail |url=https://www.businesstimes.com.sg/international/global/eu-head-tells-ft-it-could-tax-us-big-tech-if-tariff-talks-fail |access-date=April 11, 2025 |website=The Business Times |language=en}} 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.{{Cite news |last1=Foy |first1=Henry |last2=Khalaf |first2=Roula |last3=Bounds |first3=Andy |date=April 10, 2025 |title=EU could tax Big Tech if Trump trade talks fail, says von der Leyen |url=https://www.ft.com/content/fba18bd9-46f9-4736-89f3-976afe3abf7a |access-date=April 11, 2025 |work=Financial Times}} 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.{{Cite web |date=April 17, 2025 |title=Italy's Meloni heads to US with unlikely mission for Europe |url=https://www.bbc.com/news/articles/crkxxnez21yo |access-date=April 17, 2025 |website=www.bbc.com |language=en-GB}}

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.{{Cite web |last=ERR |first=Tõnu Karjatse {{!}} |date=May 5, 2025 |title=Film Institute: Europe will not impose counter-tariffs on Hollywood films |url=https://news.err.ee/1609684466/film-institute-europe-will-not-impose-counter-tariffs-on-hollywood-films |access-date=May 6, 2025 |website=ERR |language=en}} 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.{{cite news |title=EU takes aim at US planes, autos in €100B counterstrike against Trump tariffs |url=https://www.politico.eu/article/eu-ready-fresh-100-billion-counterstrike-donald-trump-tariffs/ |access-date=May 9, 2025 |work=POLITICO |date=May 8, 2025}}

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",{{Cite web |date=May 12, 2025 |title=Trump: The EU is 'nastier than China' |url=https://www.politico.eu/article/trump-eu-nastier-than-china/ |access-date=May 13, 2025 |website=POLITICO |language=en-GB}} 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".{{Cite web |date=May 15, 2025 |title=EU unlikely to get rid of all US tariffs - Commission |url=https://www.euronews.com/my-europe/2025/05/15/eu-unlikely-to-get-rid-of-all-us-tariffs-commission |access-date=May 17, 2025 |website=euronews |language=en}}

On May 23, after complaining that trade negotiations have stalled, Trump proposed a "straight 50% Tariff on the European Union" starting from June 1.{{Cite web |last=Breuninger |first=Kevin |date=May 23, 2025 |title=Trump recommends 50% tariff on European Union starting June 1 |url=https://www.cnbc.com/2025/05/23/trump-recommends-50percent-tariff-on-european-union-starting-june-1.html |access-date=May 23, 2025 |website=CNBC |language=en}} The Stoxx Europe 600 index fell 1.7 per cent.{{Cite news |last=Wheatley |first=Jonathan |date=May 23, 2025 |title=Trump plans to impose 50% tariff on EU imports from next month |url=https://www.ft.com/content/db77bfd3-b67b-4931-bd5b-386552b350ce |access-date=May 23, 2025 |work=Financial Times}}

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.

{{see also|Russian Customs Tariff}}

Russia joined the World Trade Organization in 2012, requiring all other members to grant it most favored nation (MFN) tariff rates.B. Hoekman, The WTO: Functions and Basic Principles, 42 Following the Russian invasion of Ukraine in 2022, the G7 countries and their allies moved to revoke MFN status from Russia and block Belarus from joining the WTO.{{Cite news |title=U.S, EU, allies block Belarus' bid to join WTO |url=https://www.reuters.com/business/us-eu-allies-block-belarus-bid-join-wto-2022-03-24/ |archive-url=http://web.archive.org/web/20250222145730/https://www.reuters.com/business/us-eu-allies-block-belarus-bid-join-wto-2022-03-24/ |archive-date=February 22, 2025 |access-date=April 30, 2025 |work=Reuters |language=en-US}}{{Cite web |title=United States and Others to Revoke Most-Favored-Nation Status from Russia |url=https://www.bakerlaw.com/insights/united-states-and-others-to-revoke-most-favored-nation-status-from-russia/ |access-date=April 30, 2025 |website=BakerHostetler |language=en}} After the United States congress voted to sever normal trade relations with Russia and Belarus, the countries became subject to "Column 2" rates in the Harmonized Tariff Schedule of the United States.{{Cite web |last=Gresser |first=Ed |date=March 9, 2022 |title=Trade Fact of the Week: America's 'non-MFN' tariffs on natural resources are usually low |url=https://www.progressivepolicy.org/trade-fact-of-the-week-americas-non-mfn-tariffs-on-natural-resources-are-usually-low/ |access-date=April 30, 2025 |website=The Progressive Policy Institute |language=en-US}}{{Cite web |last=Franck |first=Thomas |date=April 7, 2022 |title=Congress votes to revoke Russia's 'most favored nation' trade status, sends bill to Biden |url=https://www.cnbc.com/2022/04/07/senate-votes-to-strip-russia-of-most-favored-nation-trade-status.html |access-date=April 30, 2025 |website=CNBC |language=en}} Column 2 rates, as created by the Smoot–Hawley Tariff Act, are significantly higher than normal and average about 20% overall. President Joe Biden further increased rates on a variety of Russian goods in February 2023.{{Cite web |title=U.S. Sanctions on Russia: Legal Authorities and Related Actions |url=https://www.congress.gov/crs-product/R48052 |access-date=April 30, 2025 |website=www.congress.gov}} Russia added the US to their "unfriendly countries list" in 2021 and imposed countersanctions in response to US measures.{{Cite web |title=The effect of Russian unfriendly-country list and import ban: Gravity framework test |url=https://www.researchgate.net/publication/372432486 |access-date=April 30, 2025}}

Trump did not include Russia or Belarus in his "reciprocal tariff" policy announced April 2, 2025. The White House explained that existing sanctions on the country had "already rendered trade between the two countries as zero."{{Cite web |date=April 2, 2025 |title=White House explains why Russia not included in Trump's new tariffs |url=https://www.newsweek.com/white-house-explains-why-russia-not-included-trumps-new-tariffs-2054548 |access-date=April 3, 2025 |website=Newsweek}}{{Cite news |last=Kurmanaev |first=Anatoly |date=April 3, 2025 |title=Russia's Escape From Trump's Tariffs Raises Questions |url=https://www.nytimes.com/2025/04/03/business/economy/russia-us-tariffs-trump.html |access-date=April 3, 2025 |work=The New York Times |issn=0362-4331}} US trade with Russia in 2024 was estimated at $3.5 billion, a tenth of the $35 billion from 2021 before it invaded Ukraine. In an interview with Izvestia on April 9, Deputy Prime Minister Alexei Overchuk reiterated that that Russia had no significant trade with the US.{{Cite web|url=https://tass.ru/politika/23632159|title=Оверчук: момент для введения Трампом пошлин "выбран идеально"|website=TACC}}

Trump threatened "secondary sanctions" on imports from countries buying Russian oil, saying, "That would be that if you buy oil from Russia, you can't do business in the United States. There will be a 25 percent tariff on all oil, a 25 to 50-point tariff on all oil."{{cite news |date=March 31, 2025 |title=Why is Trump 'very angry' with Putin and who will secondary tariffs hurt? |url=https://www.aljazeera.com/news/2025/3/31/why-is-trump-very-angry-with-putin-and-who-will-secondary-tariffs-hurt |work=Al Jazeera}}

On April 1, 2025, Senator Lindsey Graham introduced S. 1241, the Sanctioning Russia Act, a bipartisan U.S. Senate bill to impose comprehensive sanctions and trade restrictions on the Russian Federation if it refuses to negotiate peace with Ukraine, violates a peace agreement, or launches a new military invasion. The bill mandates sanctions on Russian officials, financial institutions, state-affiliated entities, and energy sectors; bans U.S. investments in Russia; blocks Russian access to U.S. markets and financial systems; imposes tariffs of at least 500% on Russian imports and a "secondary tariff" of 500% on countries importing Russian oil, gas, or uranium. The bill also includes provisions for cutting off Russian entities from international financial messaging services and prohibits uranium imports from Russia.{{Cite web |last=Sen. Graham |first=Lindsey [R-SC |date=April 1, 2025 |title=Text - S.1241 - 119th Congress (2025-2026): Sanctioning Russia Act of 2025 |url=https://www.congress.gov/bill/119th-congress/senate-bill/1241/text |access-date=May 6, 2025 |website=www.congress.gov}}

File:Starmer-Trump bilateral 2025-02-27-17-54.jpg

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.{{Cite web |last=Desrochers |first=Daniel |date=May 9, 2025 |title=Poll shows big problem for Trump's trade deal: It's Trump |url=https://www.politico.com/news/2025/05/09/trump-distrust-us-uk-trade-deal-poll-00337503 |access-date=May 9, 2025 |website=POLITICO |language=en}}{{Cite web |title=UK trade with the United States - Office for National Statistics |url=https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/articles/uktradewiththeunitedstates2023/2023 |access-date=May 9, 2025 |website=www.ons.gov.uk}}

In March 2025, the UK chose not to retaliate against the US metal tariffs. 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.{{Cite web |date=March 23, 2025 |title=UK considers big tech tax changes to appease Donald Trump |url=https://www.bbc.com/news/articles/c8j0dgym8w1o |access-date=March 25, 2025 |publisher=BBC}}

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. The government began researching retaliatory tariffs and solicited input from British businesses on the least domestically harmful options.{{cite news |date=April 3, 2025 |title=UK teases retaliatory tariffs on US goods |url=https://www.politico.eu/article/trump-tariffs-uk-retaliatory-goods-import-export-liberation-day-trade/ |work=Politico}}

On April 15, 2025, Vice President JD Vance said there was a "good chance" a US–UK trade deal could be reached.{{Cite web |date=April 15, 2025 |title='Good chance' of US trade deal with UK, says Vice-President Vance |url=https://www.bbc.com/news/articles/cly1j4yg872o |access-date=April 17, 2025 |website=www.bbc.com |language=en-GB}} However, by April 29, US officials reportedly viewed talks with the UK as a secondary priority.

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.{{Cite web |last=Duell |first=Mark |date=May 5, 2025 |title=Donald Trump hits movies made in the UK with 100% tariffs |url=https://www.dailymail.co.uk/news/article-14678755/Donald-Trump-foreign-movies-UK-tariffs-Hollywood.html |access-date=May 6, 2025 |website=Mail Online}} Following this, renewed calls for negotiations were pressured onto prime minister Keir Starmer.{{Cite news |last1=Savage |first1=Michael |last2=Helmore |first2=Edward |date=May 5, 2025 |title=Trump's foreign film tariffs could 'wipe out' UK movie industry, ministers told |url=https://www.theguardian.com/film/2025/may/05/fears-trump-foreign-film-tariffs-wipe-out-uk-movie-industry |access-date=May 6, 2025 |work=The Guardian |language=en-GB |issn=0261-3077}}

File:President Donald Trump announcing a trade agreement with the United Kingdom (54507052107).jpg

File:President Donald Trump announcing a trade agreement with the United Kingdom (54508273580).jpg during a recent phone call.]]

On May 8, Trump announced he had reached the first trade deal of his second administration with the United Kingdom. Trump said the deal was "full and comprehensive" but had not yet been finalized.{{Cite web |date=May 8, 2025 |title=Trump hails framework of U.K. trade deal, but 10% tariffs will remain on some items - CBS News |url=https://www.cbsnews.com/news/us-uk-trump-starmer-major-trade-deal/ |access-date=May 9, 2025 |website=www.cbsnews.com |language=en-US}} 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.{{Cite web |date=May 9, 2025 |title=UK-US tariff deal: Cars, steel and beef - what you need to know |url=https://www.bbc.com/news/articles/c15ng4g5g0eo |access-date=May 9, 2025 |website=www.bbc.com |language=en-GB}} 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.

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. 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.{{Cite web |date=May 9, 2025 |title=Talks with US over digital services continue, says PM |url=https://www.bbc.com/news/articles/c1ld568v5j4o |access-date=May 9, 2025 |website=www.bbc.com |language=en-GB}} 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.

File:President Donald Trump poses for a photo with Prime Minister Gahr Store of Norway (54475967533).jpg

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.{{Cite web |date=April 24, 2025 |title= Norway tamed Trump at home|url=https://www.newsinenglish.no/2025/04/24/norway-tamed-trump-at-home/ |access-date=April 25, 2025 |website=NewsInEnglish.no |language=en}}

File:The White House - 54452406354.jpg

On April 2, 2025, Trump imposed reciprocal tariffs of 10% on El Salvador. 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.{{Cite web |date=April 4, 2025 |title=The Americas React to Trump's Reciprocal Tariffs |url=https://www.as-coa.org/articles/americas-react-trumps-reciprocal-tariffs |access-date=April 9, 2025 |website=AS/COA |language=en}}

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.{{Cite news |date=February 4, 2025 |title='That's not our preference': Treasurer plays down trade war retaliation |url=https://www.abc.net.au/news/2025-02-04/jim-chalmers-donald-trump-trade-war-tariffs/104894286? |access-date=April 9, 2025 |work=ABC News |language=en-AU}}

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.{{Cite news |date=February 10, 2025 |title=Albanese says exemption from US metal tariffs 'under consideration' — as it happened |url=https://www.abc.net.au/news/2025-02-11/federal-politics-live-blog-feburary-11/104921486? |access-date=April 9, 2025 |work=ABC News |language=en-AU}} 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.{{Cite web |date=March 12, 2025 |title=Australia won't retaliate against 'unjustified' U.S. tariffs, prime minister says |url=https://www.gpb.org/news/2025/03/12/australia-wont-retaliate-against-unjustified-us-tariffs-prime-minister-says |access-date=April 9, 2025 |website=Georgia Public Broadcasting |language=en}} Despite this, Trade Minister Don Farrell continuously attempted to achieve some kind of exemption through negotiations, but to no avail.{{Cite web |date=March 17, 2025 |title=Australia again makes its case for US tariffs exemption |url=https://theqldr.com.au/politics/2025/03/18/us_aust-51/? |access-date=April 9, 2025 |website=The Queenslander}}

Trump imposed a 10% tariff on Australia as part of the "reciprocal tariffs" on April 2, 2025.{{Cite web |author=Shahar Hameiri |title=Trump's tariffs explained |url=https://www.uq.edu.au/news/article/2025/04/trumps-tariffs-explained |access-date=April 9, 2025 |website=The University of Queensland |language=en}} 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. 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.{{Cite news |date=April 3, 2025 |title=Albanese outlines five-point plan to respond to Trump's tariffs |url=https://www.abc.net.au/news/2025-04-03/albanese-outlines-five-point-plan-trump-tariffs-election-2025/105131590? |access-date=April 9, 2025 |work=ABC News |location=Australia |language=en-AU}} On April 9, 2025, Australia declined China's ambassador to Australia Xiao Qian offer to 'join hands' on Trump's tariffs.{{Cite web |date=April 10, 2025 |title=Australia declines China's offer to 'join hands' on Trump tariffs |url=https://www.bbc.com/news/articles/cwy663nl3yxo |access-date=April 11, 2025 |publisher=BBC |language=en-GB}}

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.{{Cite web |title=Australian govt to make case that US tariffs on foreign films 'unjustified' |website=The Siasat Daily |agency=Indo-Asian News Service |date=May 6, 2025 |url=https://www.siasat.com/australian-govt-to-make-case-that-us-tariffs-on-foreign-films-unjustified-3217031/ |access-date=May 6, 2025}}

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.{{Cite news |date=February 4, 2025 |title=Fiji watching U.S tariff moves with concern |work=Pacific Islands News Association |url=https://pina.com.fj/2025/02/04/fiji-watching-u-s-tariff-moves-with-concern/?utm_source=chatgpt.com |access-date=April 9, 2025 |language=en-US}} 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".{{Cite web |author=Shania Shayal Prasad |title=Tariffs no problems: Acting PM |url=https://www.fbcnews.com.fj/business/tariffs-no-problems-acting-pm/? |access-date=April 9, 2025 |website=Fiji Broadcasting Corporation}} 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.{{Cite web |last=TABUREGUCI |first=DIONISIA |date=February 21, 2025 |title=Economy strong, tariff war no impact |url=https://www.fijitimes.com.fj/economy-strong-tariff-war-no-impact/? |access-date=April 9, 2025 |website=The Fiji Times |language=en-US}} Even so, Fijian analysts continued to speculate that the increased price of imported aluminum and steel could impact the Fijian economy.{{Cite web |date=February 14, 2025 |title=Tariff Trouble: How Trump's Trade Policy Could Impact Fiji's Economy |url=https://fijiglobalnews.com/tariff-trouble-how-trumps-trade-policy-could-impact-fijis-economy/? |access-date=April 9, 2025 |website=FijiGlobalNews |language=en-US}}

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.{{Cite web |title=The Fijian Government |url=https://www.fiji.gov.fj/Media-Centre/News/RESPONSE-TO-THE-RECENT-RECIPROCAL-TARIFF-ANNOUNCED |archive-url=http://web.archive.org/web/20250403130224/https://www.fiji.gov.fj/Media-Centre/News/RESPONSE-TO-THE-RECENT-RECIPROCAL-TARIFF-ANNOUNCED |archive-date=April 3, 2025 |access-date=April 9, 2025 |website=The Fijian Government |language=ru-En}} Fijian Prime Minister Sitiveni Rabuka admitted that his government was not ready for Trump's 'reciprocal tariffs' and was caught by surprise.{{Cite web |date=April 4, 2025 |title=Fiji have been slapped with the highest US tariffs in the Pacific |url=https://www.cookislandsnews.com/internal/regional/fiji/fiji-have-been-slapped-with-the-highest-us-tariffs-in-the-pacific/ |access-date=April 9, 2025 |website=Cook Islands News |language=en}} 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. 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.{{Cite web |title=Fiji exports to the US like Fiji Water, kava, dalo and turmeric to be hit hard with increase in the 32% tariffs |url=https://www.fijivillage.com/news/Fiji-exports-to-the-US-like-Fiji-Water-kava-dalo-and-turmeric-to--be-hit-hard-with-increase-in-the-32-tariffs-4fr5x8/ |access-date=April 9, 2025 |website=fijivillage |language=en}} 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.{{Cite news |date=April 9, 2025 |title=Fiji And Other Pacific Nations Decry 'Unfair And Disappointing' US Tariffs |work=Scoop News |url=https://www.scoop.co.nz/stories/WO2504/S00127/fiji-and-other-pacific-nations-decry-unfair-and-disappointing-us-tariffs.htm |access-date=April 9, 2025}} 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.{{Cite web |title=Fiji Set for Tariff Talks Next Week |url=https://fijisun.com.fj/2025/04/11/fiji-set-for-tariff-talks-next-week/ |access-date=April 11, 2025 |website=fijisun.com.fj |language=en-US}}

On May 11, 2025, Fiji was confirmed to be amongst the list of nations that the U.S. would engage talks regarding tariffs with.{{Cite web |last=CHAND |first=ANISH |date=May 11, 2025 |title=Fiji amongst 20 countries to have a first go at trade talks with US |url=https://www.fijitimes.com.fj/fiji-amongst-20-countries-to-have-a-first-go-at-trade-talks-with-us/ |access-date=May 13, 2025 |website=The Fiji Times |language=en-US}} 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.{{Cite web |last=fijivillage |title=Fiji's Ministry of Trade strategically ahead in the queue for tariff talks with the US |url=https://www.fijivillage.com/news/Fijis-Ministry-of-Trade-strategically-ahead-in-the-queue-for-tariff-talks-with-the-US-x8fr45/ |access-date=May 20, 2025 |website=www.fijivillage.com |language=en}}

The US ran a trade surplus of $253 million with Brazil in 2024.{{Cite news |last=Ayres |first=Marcela |title=Brazil's trade surplus shrinks by nearly a quarter in 2024 on rising imports |url=https://www.reuters.com/world/americas/brazils-trade-surplus-shrinks-by-nearly-quarter-2024-rising-imports-2025-01-06/}} Nonetheless, Trump criticized the country for being a "tremendous tariff maker" and pledged to impose tariffs on its exports.{{Cite news |date=January 28, 2025 |title=Trump calls China, India, and Brazil "tremendous tariff-makers," vows to protect US interests |url=https://economictimes.indiatimes.com/news/economy/foreign-trade/trump-calls-china-india-and-brazil-tremendous-tariff-makers-vows-to-protect-us-interests/articleshow/117634021.cms?from=mdr |access-date=April 9, 2025 |work=The Economic Times |issn=0013-0389}} Brazilian president Luiz Inácio Lula da Silva vowed to reciprocate.{{Cite news |author=Lisandra Paraguassu |author2=Gabriel Araujo |title=Brazil's Lula vows to reciprocate potential Trump tariffs, makes market-friendly remarks |work=Reuters |url=https://www.reuters.com/world/americas/brazils-lula-says-petrobras-free-decide-fuel-price-tweaks-2025-01-30/}} However, following Trump's 25% tariffs on steel and aluminum, Brazilian Institutional Affairs Minister Alexandre Padilha said that Brazil would not retaliate.{{Cite web|url=https://valorinternational.globo.com/foreign-affairs/news/2025/02/12/government-rejects-trade-war-says-us-isnt-aiming-at-brazil.ghtml|title=Government rejects trade war, says U.S. isn't aiming a Brazil|website=Valor International|first1=Fabio|last1=Murakawa|first2=Ruan|last2=Amorim|first3=Guilherme|last3=Pimenta|first4=Stella|last4=Fontes|date=February 12, 2025|accessdate=April 16, 2025}}

On April 2, 2025, Donald Trump imposed the base 10% tariff on Brazil.{{Cite web |title=Brazil may emerge as winner from sweeping US tariffs, economists say |website=Reuters |date=April 3, 2025 |url=https://www.reuters.com/world/americas/brazil-may-emerge-winner-sweeping-us-tariffs-economists-say-2025-04-03/ |last1=Ayres |first1=Marcela }} 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,{{Cite news |last=Samora |first=Roberto |date=April 9, 2025 |title=Brazil coffee exporters glimpse opportunity amidst US tariffs |url=https://economictimes.indiatimes.com/small-biz/trade/exports/insights/brazil-coffee-exporters-glimpse-opportunity-amidst-us-tariffs/articleshow/120114934.cms |access-date=April 9, 2025 |work=The Economic Times |issn=0013-0389}} while other companies, such as Embraer, worried over rising complexity and costs for their US customers.{{Cite web |title=MSN |url=https://www.msn.com/en-sg/money/other/brazil-s-embraer-says-new-us-tariffs-will-add-complexity-and-costs-to-jets/ar-AA1CxuP1 |access-date=April 27, 2025 |website=www.msn.com}}

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.{{Cite web |date=April 14, 2025 |title=Brazil adopts reciprocity law in response to Trump's trade war |url=https://agenciabrasil.ebc.com.br/en/economia/noticia/2025-04/brazil-adopts-reciprocity-law-response-trumps-trade-war |access-date=April 17, 2025 |website=Agência Brasil |language=en}} 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.{{Cite web |last=Atungwu |first=Matthew |date=May 5, 2025 |title=Tariffs: Brazil, US negotiating terms of understanding |url=https://dailypost.ng/2025/05/05/tariffs-brazil-us-negotiating-terms-of-understanding/ |access-date=May 6, 2025 |website=Daily Post Nigeria |language=en-US}}

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.{{cite news |date=January 26, 2025 |title=Trump announces retaliatory measures after Colombia blocks military deportation flights from U.S. |url=https://www.nbcnews.com/news/us-news/colombia-turns-away-deportation-flights-rcna189335 |access-date=January 26, 2025 |publisher=NBC News}} Petro called the treatment of deportees on military flights undignified and said he would accept deportation flights on civilian planes.{{Cite news |last1=Stewart |first1=Phil |last2=Griffin |first2=Oliver |date=January 26, 2025 |title=Trump imposes tariffs, sanctions on Colombia after it refuses deportation flights |url=https://www.reuters.com/world/americas/colombias-petro-will-not-allow-us-planes-return-migrants-2025-01-26/ |access-date=January 26, 2025 |work=Reuters}} In response, Trump ordered retaliation against Colombia and its officials, including 25 percent tariffs that would increase to 50 percent in one week if Petro did not reverse his position.{{Cite news |last1=Glatsky |first1=Genevieve |last2=Romero |first2=Simon |date=January 26, 2025 |title=Trump Hits Colombia With Tariffs in Feud Over Military Deportation Flights |url=https://www.nytimes.com/2025/01/26/world/americas/colombia-us-deportation-flights.html |access-date=January 26, 2025 |work=The New York Times |issn=0362-4331}} Petro responded by ordering a 25 percent tariff on the US that would also increase to 50 percent. Hours later, the US said Colombia had agreed to "unrestricted acceptance" of deportees, including on military aircraft.{{cite news |date=January 26, 2025 |title=White House backs off on tariffs on Colombia after agreement on 'unrestricted acceptance' of migrants |url=https://www.cnn.com/2025/01/26/politics/colombia-tariffs-trump-deportation-flights/index.html |access-date=January 27, 2025 |publisher=CNN}} Colombia said it would "continue to receive" deported Colombians and would guarantee them "dignified conditions".

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.{{cite news |last=Shakil |first=Ismail |title=Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar |url=https://www.reuters.com/markets/currencies/trump-repeats-tariffs-threat-dissuade-brics-nations-replacing-us-dollar-2025-01-31/ |work=Reuters |date=January 31, 2025 |access-date=February 4, 2025}}

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.{{cite web |date=April 3, 2025 |title=Трамп, который хлопнул |url=https://www.kommersant.ru/doc/7624548}}

{{main|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%.{{Cite news |last=Wagatsuma |first=Aya |date=April 3, 2025 |title=Nikkei 225 Slumps to Lowest Since August on Trump's 24% Tariffs |url=https://finance.yahoo.com/news/nikkei-225-slumps-lowest-since-070825211.html |access-date=April 3, 2025 |publisher=Bloomberg L.P.}} 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%.{{Cite news |last=Reid |first=Jenni |date=April 3, 2025 |title=European stocks close 2.7% lower as key sectors are upended after Trump tariffs |url=https://www.cnbc.com/2025/04/03/european-markets-live-updates-reaction-to-trump-tariffs-watched.html |access-date=April 3, 2025 |publisher=CNBC}} 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%.{{Cite news |last=Towfighi |first=John |date=April 2, 2025 |title=Stock futures plunge as investors digest Trump's tariffs |url=https://www.cnn.com/2025/04/02/business/us-stock-market/index.html |access-date=April 3, 2025 |publisher=CNN}}

The S&P 500 Index fell over 274 points or 4.88%, the second largest daily point loss ever,{{Cite news |last=Conlon |first=Sean |date=April 3, 2025 |title=Small-cap benchmark Russell 2000 becomes first major U.S. stock measure to enter bear market |url=https://www.cnbc.com/2025/04/03/small-cap-benchmark-russell-2000-becomes-first-major-us-stock-measure-to-enter-bear-market.html |access-date=April 3, 2025 |publisher=CNBC}} and 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%, then the fifth-largest point loss in its history. 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%. The Nasdaq Composite did the same on April 4.{{Cite web |date=April 4, 2025 |title=Stock Market Today: Dow Plunges Over 2,200 Points; $6.4 Trillion Wiped Out in Largest 2-Day Drop on Record — Live Updates |url=https://www.wsj.com/livecoverage/stock-market-tariffs-trade-war-04-04-2025 |archive-url=https://archive.today/20250404200320/https://www.wsj.com/livecoverage/stock-market-tariffs-trade-war-04-04-2025 |archive-date=April 4, 2025 |access-date=April 4, 2025 |website=The Wall Street Journal |language=en-US}} On April 7, early trading in Japan triggered the circuit breaker on futures trading after an 8.03% fall.{{cite news |title=Singapore stock index plunges over 8% on open in Asia market rout over Trump tariffs |url=https://www.straitstimes.com/business/companies-markets/singapore-stock-index-plunges-over-8-on-open-in-asia-market-rout-over-trump-tariffs |work=The Straits Times |date=April 7, 2025 |language=en}}

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,{{Cite news |last=Kaye |first=Danielle |date=May 2, 2025 |title=Stocks Erase Losses From April Tariff Chaos |url=https://www.nytimes.com/2025/05/02/business/stock-market-recovery-trump-tariffs.html |access-date=May 27, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} and turned positive for the year by May 13, 2025.{{Cite web |last=Towfighi |first=John |date=May 13, 2025 |title=Stocks just erased all of this year's losses as investors welcome trade progress {{!}} CNN Business |url=https://www.cnn.com/2025/05/13/business/stock-market-dow |access-date=May 27, 2025 |website=CNN |language=en}}

File:RichmondfedAETRgraph.png, as of April 9, 2025]]

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.{{cite news |last=Sherman |first=Natalie |date=February 5, 2025 |title=Here's how Trump's tariffs could impact you and your wallet |url=https://www.npr.org/2025/02/05/nx-s1-5284991/trump-tariffs-higher-prices-inflation-mexico-canada-china |access-date=February 11, 2025 |publisher=NPR}}{{Cite news |last=Swanson |first=Ana |date=March 10, 2025 |title=Trump Has Said 'No Exceptions' to His Tariffs. Will That Last? |url=https://www.nytimes.com/2025/03/10/business/economy/trump-tariffs-exceptions.html |access-date=March 19, 2025 |work=The New York Times |issn=0362-4331}} 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.{{Cite web |last1=York |first1=Erica |last2=Durante |first2=Alex |date=April 4, 2025 |title=Tracking the Economic Impact of the Trump Tariffs |url=https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/ |access-date=April 5, 2025 |website=Tax Foundation |language=en-US}}

At the start of his second term, confusion over rapidly fluctuating tariff levels and other economic policies created significant uncertainty for businesses and economists,{{Cite news |last=Neuman |first=Scott |date=March 11, 2025 |title=As Trump downplays economic fears, this data shows people feel differently |url=https://www.npr.org/2025/03/11/nx-s1-5323098/trump-economy-uncertainty-tariffs-confidence |access-date=March 19, 2025 |publisher=NPR}}{{Cite magazine |last=Cassidy |first=John |date=March 10, 2025 |title=Will Trumpian Uncertainty Knock the Economy Into a Recession? |url=https://www.newyorker.com/news/the-financial-page/will-trumpian-uncertainty-knock-the-economy-into-a-recession |access-date=March 19, 2025 |magazine=The New Yorker|issn=0028-792X}} creating a chaotic environment for investment, business planning, and pricing, and posing serious concerns for consumers as well.{{Cite web |last1=Cook |first1=Lynn |first2=Alison |last2=Sider |first3= Caitlin |last3=McCabe |date=April 25, 2025 |title=Corporate giants shred outlooks over tariff uncertainty |url=https://www.wsj.com/business/company-earnings-tariffs-outlooks-2025-2ff68cd7?mod=livecoverage_web |access-date=May 3, 2025 |website=Wall Street Journal |language=en-US}} US GDP grew by 2.8% in 2024, the year before Trump's inauguration.{{cite news |last1=Cohen |first1=Patricia |date=March 17, 2025 |title=Trump's Trade War Will Slow Global Economic Growth, OECD Says |url=https://www.nytimes.com/2025/03/17/business/trump-trade-war-global-economy.html |access-date=March 17, 2025 |work=The New York Times}} In March 2025, the Federal Reserve lowered its 2025 growth forecast from 2.1% to 1.7%,{{Cite web |last=Harring |first=Alex |date=March 19, 2025 |title=Here's what changed in the new Fed statement |url=https://www.cnbc.com/2025/03/19/march-fed-meeting-heres-what-changed-in-the-new-statement.html |access-date=March 19, 2025 |publisher=CNBC}} while the OECD projected a decline to 2.2% in 2025 and 1.6% in 2026. The Federal Reserve also increased average inflation expectations from 2.5% to 2.7%. The US dollar value also decreased massively following the announcement compared to other currencies.{{Cite web |last=Low |first=Justin |date=March 4, 2025 |title=Deutsche Bank warns of a dollar confidence crisis |url=https://www.forexlive.com/news/deutsche-bank-warns-of-a-dollar-confidence-crisis-20250403/ |website=Forexlive | Forex News, Technical Analysis & Trading Tools}}{{Cite web|url=https://www.businessinsider.com/why-dollar-is-down-dxy-trump-tariff-trade-war-economy-2025-4|title=The dollar is spiraling amid a 'confidence crisis' sparked by Trump's trade war|first=Filip De|last=Mott|website=Business Insider}}{{Cite web |date=April 3, 2025 |title=Investors brace for life after the US dollar |url=https://www.top1000funds.com/2025/04/investors-brace-for-life-after-the-us-dollar/ |access-date=April 3, 2025 |website=Top1000funds.com}}{{Cite news |last1=Matthews |first1=Laura |last2=Shabong |first2=Yadarisa |date=April 3, 2025 |title=Euro, yen surge vs dollar as investors grapple with tariff aftermath |url=https://www.reuters.com/markets/currencies/dollar-slides-traders-rush-into-safe-havens-after-us-tariffs-2025-04-03/ |access-date=April 3, 2025 |work=Reuters}} 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.{{Cite web |last=Roush |first=Ty |date=April 22, 2025 |title=Tariff layoff tracker: Mack Trucks, Volvo cut hundreds of jobs as Trump's levies pose 'market uncertainty' |url=https://www.forbes.com/sites/tylerroush/2025/04/22/tariff-layoff-tracker-mack-trucks-volvo-cut-hundreds-of-jobs-as-trumps-levies-pose-market-uncertainty/ |access-date=May 3, 2025 |website=Forbes |language=en}} By April 4, JPMorgan Chase forecasted a recession within the year.{{Cite news |last=Fields |first=Ashleigh |date=April 4, 2025 |title=JP Morgan predicts 2025 recession as Trump tariffs rattle market |url=https://thehill.com/business/5233486-jp-morgan-trump-tariffs-recession/ |access-date=April 4, 2025 |work=The Hill}}

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." 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.

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.{{Cite web |last=Light |first=Joe |date=April 24, 2025 |title=Supply shortages loom as U.S. shipments from China plummet |url=https://www.barrons.com/articles/tariffs-shortages-china-shipping-c159487f |access-date=May 3, 2025 |website=Barron's |language=en-us}} Supply chain problems also loom for medicines such as the blood thinner heparin.{{Cite news |last=Malhi |first=Sabrina |date=April 11, 2025 |title=Millions in the U.S. take this drug: Tariffs might complicate their care |url=https://www.washingtonpost.com/health/2025/04/11/tariffs-pharmaceuticals-china-heparin/ |newspaper=Washington Post}} 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.{{Cite news |last=Foster |first=Peter |date=April 24, 2025 |title=Donald Trump's tariffs choke vital medical device supply chain |url=https://www.ft.com/content/31402296-753c-4fa9-b5bb-0c8c25ccff04 |access-date=May 3, 2025 |work=Financial Times}} 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.{{Cite news |last1=Speed |first1=Madeleine |last2=Meyer |first2=Gregory |date=April 24, 2025 |title=Consumer giants ring warning bells over Donald Trump's trade war |url=https://www.ft.com/content/5dc1758c-8847-49ca-9bd4-e42211f10840 |access-date=May 6, 2025 |work=Financial Times}} 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.{{Cite news |last1=Wells |first1=Peter |last2=Smyth |first2=Jamie |last3=Munir |first3=Zehra |last4=Sevastopulo |first4=Demetri |last5=Schmitt |first5=Will |last6=Steer |first6=George |last7=Meyer |first7=Gregory |date=April 24, 2025 |title=Corporate America puts Wall Street on alert over damage from trade war |url=https://www.ft.com/content/4a94bdc9-b3fd-4e6b-910d-926ee1c53083 |access-date=May 6, 2025 |work=Financial Times}} Thrift retailers reported an improved economic outlook as a result of tariff pressures on other retailers.{{Cite news |last=Stacey |first=Stephanie |date=April 21, 2025 |title=US thrift stores bank on windfall from Donald Trump's tariffs |url=https://www.ft.com/content/699843b3-90f3-42c0-8ab3-0b5c3e5706bf |access-date=May 12, 2025 |work=Financial Times}} 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.{{cite news |title=How much will Donald Trump's tariffs cost US families? |url=https://www.aljazeera.com/news/2025/5/6/how-much-will-donald-trumps-tariffs-cost-us-families |agency=Al-Jazeera |date=May 6, 2025}}

Following Trump's global tariff announcements and worldwide trade war on April 3,{{Cite news |last=Cohen |first=Patricia |date=April 3, 2025 |title=Trump's Trade War Risks Forfeiting America's Economic Primacy |url=https://www.nytimes.com/2025/04/03/business/trump-tariffs-dollar.html |url-access=subscription |access-date=April 3, 2025 |work=The New York Times |issn=0362-4331 |quote=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.}}{{Cite news |last1=Liu |first1=John |last2=McCarthy |first2=Simone |date=April 3, 2025 |title=China vows to counter Trump's 'bullying' tariffs as global trade war escalates |url=https://www.cnn.com/2025/04/02/business/china-trump-tariffs-intl-hnk/index.html |url-access=subscription |access-date=April 3, 2025 |publisher=CNN}} 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. Inflation Insights stated the weighted average tariff rate was set to rise to around 25% to 30%, up from 2% in the prior year.{{Cite news |last=Guida |first=Victoria |date=April 3, 2025 |title='This Could Get Much Uglier': The Fatal Flaw in Trump's Trade War |url=https://www.politico.com/news/magazine/2025/04/03/trump-tariffs-manufacturing-confusion-00267945 |access-date=April 3, 2025 |work=Politico}} The Cato Institute and other economists stated that the tariffs would "approach levels not seen since the Smoot-Hawley Tariff Act of 1930",{{Cite news |last1=Rappeport |first1=Alan |last2=Smith |first2=Colby |date=April 2, 2025 |title=Americans' Reactions to Trump's Tariffs Range From Worried to Enthusiastic |url=https://www.nytimes.com/2025/04/02/business/economy/trump-tariffs-us-business-groups-response.html |url-access=subscription |access-date=April 3, 2025 |work=The New York Times |issn=0362-4331}} which The Wall Street Journal put at roughly 20% and lasted until the General Agreement on Tariffs and Trade in 1947.{{cite news |last1=Douglas |first1=Jason |last2=Fairless |first2=Tom |date=March 24, 2025 |title=Trade War Explodes Across World at Pace Not Seen in Decades |url=https://www.wsj.com/economy/trade/trade-war-explodes-across-world-at-pace-not-seen-in-decades-0b6d6513?mod=hp_lead_pos7 |access-date=April 3, 2025 |website=The Wall Street Journal |quote=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.}} 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.{{Cite news |last=Isidore |first=Chris |date=March 31, 2025 |title=Trump aide says tariffs will raise $6 trillion, which would be largest tax hike in US history |url=https://www.cnn.com/2025/03/31/economy/tariffs-largest-tax-hike/index.html |access-date=April 3, 2025 |publisher=CNN}}

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.{{Cite web |last=Hudson |first=Michael |date=January 25, 2025 |title=Michael Hudson: Trump's tariff threats could destabilize the global economy |url=https://geopoliticaleconomy.com/2025/01/25/michael-hudson-trump-tariffs-global-economy/ |access-date=February 11, 2025 |website=Geopolitical Economy Report}}

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.{{Cite web |last=Burgat |first=Casey |title=Trump has seized unprecedented tariff powers. What Congress could do. |url=https://www.barrons.com/articles/congress-tariff-power-over-trump-5f38665b |access-date=April 10, 2025 |website=Barron's |language=en-us}} However, the law has not yet reached a consensus. Senate Majority Leader John Thune referred dismissively, "I don't think that has a future."{{Cite web |last=Wolf |first=Zachary B. |date=April 8, 2025 |title=Analysis: Congress gave presidents power over tariffs. They could aways take it back |url=https://edition.cnn.com/2025/04/08/politics/tariffs-trump-power-constitution-congress/index.html |access-date=April 10, 2025 |publisher=CNN |language=en}} 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.{{Cite web |title='This Is a Moment of Truth' for Republican Lawmakers, Sen. Warren Says |url=https://www.wsj.com/livecoverage/stock-market-trump-tariffs-trade-war-04-09-25/card/-this-is-a-moment-of-truth-for-republican-lawmakers-sen-warren-says-JRp1pEQJKvCTe1q3Va97 |access-date=April 10, 2025 |website=The Wall Street Journal |language=en-US}} 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.{{Cite web |date=April 10, 2025 |title=U.S. Rep. Don Bacon proposes taking back Congress's tariff power from Trump |url=https://www.aol.com/u-rep-don-bacon-proposes-000017944.html |access-date=April 10, 2025 |website=AOL |language=en-US}}

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.{{Cite web |date=April 9, 2025 |title=Relief sweeps Capitol Hill after Trump's tariff U-turn |url=https://www.politico.com/news/2025/04/09/trump-tariffs-pause-relief-congress-gop-00281973 |access-date=April 10, 2025 |website=Politico |language=en}} 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. 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.{{Cite web |last=Collinson |first=Stephen |date=April 10, 2025 |title=Analysis: Trump's day of tariff mayhem contains a scary lesson for his second term |url=https://edition.cnn.com/2025/04/10/politics/trump-tariffs-china-recession-bond-market-navarro-bessent/index.html?iid=cnn_buildContentRecirc_end_recirc |access-date=April 10, 2025 |publisher=CNN |language=en}}{{Cite news |last=Smith |first=Colby |date=April 9, 2025 |title=Bond Sell Off Raises Questions About U.S. Safe Haven Status |url=https://www.nytimes.com/2025/04/09/business/economy/bonds-tariffs-safe-haven.html |access-date=April 10, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}

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.{{Cite web |last=Palmer |first=Doug |date=April 4, 2025 |title=Trump's tariffs could face more than one legal challenge |url=https://www.politico.com/news/2025/04/04/first-lawsuit-filed-against-trumps-tariffs-00273646 |access-date=April 9, 2025 |website=Politico |language=en}}{{Cite web |last=Del Rey |first=Jason |title=Exclusive: The U.S. Chamber of Commerce is considering suing the Trump administration to halt global tariff assault |url=https://fortune.com/2025/04/07/chamber-of-commerce-lawsuit-trump-tariffs-liberation-day/ |access-date=April 9, 2025 |website=Fortune |language=en}}{{Cite news |last=Tait |first=Robert |date=April 7, 2025 |title=Rightwing group backed by Koch and Leo sues to stop Trump tariffs |url=https://www.theguardian.com/us-news/2025/apr/07/trump-tariffs-lawsuit |access-date=April 9, 2025 |work=The Guardian |language=en-GB |issn=0261-3077}}{{Cite news |title=Trump administration sued over Chinese import tariffs |url=https://www.reuters.com/legal/trump-administration-sued-over-chinese-import-tariffs-2025-04-03/ |archive-url=http://web.archive.org/web/20250405220722/https://www.reuters.com/legal/trump-administration-sued-over-chinese-import-tariffs-2025-04-03/ |archive-date=April 5, 2025 |access-date=April 9, 2025 |work=Reuters |language=en-US}}{{Cite news |date=April 4, 2025 |title=China responds to Trump's tariffs with trade measures and a WTO lawsuit |url=https://www.lemonde.fr/en/international/article/2025/04/04/china-responds-to-trump-s-tariffs-with-trade-measures-and-a-wto-lawsuit_6739839_4.html |access-date=April 9, 2025 |language=en}} 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).{{Cite web |last=Katzenberger |first=Tyler |date=April 16, 2025 |title=California is first state to sue Trump on tariffs |url=https://www.politico.com/news/2025/04/16/california-is-first-state-to-sue-trump-on-tariffs-00292637 |access-date=April 16, 2025 |website=POLITICO |language=en}}{{Cite web |last=Luna |first=Taryn |date=April 16, 2025 |title=Newsom to announce California lawsuit against Trump's tariffs |url=https://www.latimes.com/california/story/2025-04-16/newsom-announces-lawsuit-against-trump-over-tariffs |access-date=April 16, 2025 |website=Los Angeles Times |language=en-US}}{{Cite web |title=State of California v. Trump, 3:25-cv-03372 - CourtListener.com |url=https://www.courtlistener.com/docket/69900063/state-of-california-v-trump/ |access-date=May 21, 2025 |website=CourtListener |language=en-us}} 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).{{cite news |last1=Hughes |first1=Trevor |title=Citing financial uncertainty, 12 Democratic states sue Trump over international tariffs |url=https://www.usatoday.com/story/news/nation/2025/04/23/democratic-states-sue-trump-tariffs/83238488007/ |access-date=April 24, 2025 |work=USA TODAY}}{{Cite web |title=The State of Oregon v. Trump, 1:25-cv-00077 - CourtListener.com |url=https://www.courtlistener.com/docket/69931546/the-state-of-oregon-v-trump/ |access-date=May 21, 2025 |website=CourtListener |language=en-us}}

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).{{Cite web |last=Li |first=Katherine |title=A wine importer, pipe-maker, and fishing gear shop want to take down Trump's tariffs |url=https://www.businessinsider.com/small-businesses-suing-lawsuit-trump-liberation-day-tariffs-ieepa-2025-4 |access-date=April 18, 2025 |website=Business Insider |language=en-US}}{{Cite web |title=V.O.S. Selections, Inc. v. Donald J. Trump, 1:25-cv-00066 - CourtListener.com |url=https://www.courtlistener.com/docket/69888953/vos-selections-inc-v-donald-j-trump/ |access-date=May 21, 2025 |website=CourtListener |language=en-us}} The firm requested a Temporary Restraining Order (TRO),{{Cite web |last=Jenkins |first=Mike |date=April 18, 2025 |title=Small Businesses Seek Emergency Halt To Trump's "Liberation Day" Tariffs |url=https://www.tampafp.com/small-businesses-seek-emergency-halt-to-trumps-liberation-day-tariffs/ |access-date=April 18, 2025 |website=www.tampafp.com |language=en-US}} which was denied by the United States Court of International Trade.{{Cite web |title=International Trade Court Won't Block Tariffs In Small Biz Case - Law360 |url=https://www.law360.com/articles/2328972/international-trade-court-won-t-block-tariffs-in-small-biz-case |access-date=April 24, 2025 |website=www.law360.com |language=en}} 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.{{Cite web |title=Procedural Order – #13 in V.O.S. Selections, Inc. v. Donald J. Trump (Ct. Intl. Trade, 1:25-cv-00066) – CourtListener.com |url=https://www.courtlistener.com/docket/69888953/13/vos-selections-inc-v-donald-j-trump/ |access-date=April 29, 2025 |website=CourtListener |language=en}} 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."{{Cite web |last=Fanelli |first=James |title=This Obscure New York Court Is Set to Decide Fate of Trump's Tariffs |url=https://www.wsj.com/us-news/law/court-of-international-trade-edb2da94 |access-date=May 12, 2025 |website=WSJ |language=en-US}}

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.{{Cite news |last=Romm |first=Tony |last2=Swanson |first2=Ana |date=May 28, 2025 |title=Trump Tariffs Blocked by U.S. Court of International Trade |url=https://www.nytimes.com/2025/05/28/business/trump-tariffs-blocked-federal-court.html |access-date=May 29, 2025 |work=The New York Times |language=en-US |issn=0362-4331}}

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.{{Cite web |last=Mangan |first=Dan |date=April 23, 2025 |title=Dozen states sue Trump in bid to block new tariffs |url=https://www.cnbc.com/2025/04/23/states-sue-trump-in-bid-to-block-new-tariffs.html |access-date=April 30, 2025 |website=CNBC |language=en}}{{Cite web |last=Gottlieb |first=Isabel |date=April 17, 2025 |title=The Legal Arguments Challenging Trump's Tariffs: Explained |url=https://news.bloomberglaw.com/in-house-counsel/the-legal-arguments-challenging-trumps-tariffs-explained |access-date=April 29, 2025 |website=bloomberglaw.com}}{{Cite web |date=April 25, 2025 |title=A CEO with 500 workers explains why he's suing Trump over tariffs: "This path is catastrophic" - CBS News |url=https://www.cbsnews.com/news/tariffs-economy-trump-ceo-lawsuit-learning-resources-ceo-rick-woldenberg/ |access-date=April 30, 2025 |website=www.cbsnews.com |language=en-US}}

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.

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". 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. 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. 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.{{Cite news |date=February 28, 2025 |title=Chinese importers' tactic for beating US tariffs: pile it high |url=https://www.ft.com/content/d3d3be51-da2c-4f65-afcb-535234350c0e |access-date=May 5, 2025 |work=Financial Times}}

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. The exemption is expected to be closed again on May 3, 2025.{{Cite web |date=April 2, 2025 |title=Fact Sheet: President Donald J. Trump Closes De Minimis Exemptions to Combat China's Role in America's Synthetic Opioid Crisis |url=https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-closes-de-minimis-exemptions-to-combat-chinas-role-in-americas-synthetic-opioid-crisis/ |access-date=April 2, 2025 |website=The White House}}

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.{{cite web |title=Trump tariffs: DPM Gan warns of 'rough waters'; Singapore reassessing growth forecast |url=https://www.channelnewsasia.com/singapore/trade-minister-gan-kim-yong-says-singapore-disappointed-us-donald-trump-reciprocal-tariffs-5042211 |website=CNA |access-date=April 3, 2025 |language=en}}{{cite web |title=US tariffs could set off global trade war, dampen S'pore's economic growth: DPM Gan |url=https://www.straitstimes.com/business/singapore-disappointed-with-tariffs-will-engage-us-to-clarify-calculations-dpm-gan |website=The Straits Times |access-date=April 3, 2025 |date=April 3, 2025 |language=en}} 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.{{cite web |title=Trump tariffs: Singapore economy could be hit hard by trade slowdown but there may be a silver lining, say analysts |url=https://www.channelnewsasia.com/singapore/trump-tariffs-trade-slowdown-singapore-benefits-5041671 |website=CNA |access-date=April 3, 2025 |language=en}}

In response to Trump's vehicle tariffs, some automobile companies suspended exports to the U.S., including Audi, Jaguar, and Land Rover.{{cite news |title=Massive car company stops all US imports |url=https://www.news.com.au/technology/motoring/motoring-news/lamborghini-prepares-major-us-tariff-threat/news-story/3d269665a1a6307d7d241beab9a9b282 |access-date=April 10, 2025 |work=news}}

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.{{cite web |last=Yin-Poole |first=Wesley |date=April 4, 2025 |title=Nintendo Delays Switch 2 Pre-Order Date in the U.S. to Assess Impact of Trump's Tariffs |url=https://www.ign.com/articles/nintendo-delays-switch-2-pre-order-date-in-the-us-to-assess-impact-of-trumps-tariffs |access-date=April 8, 2025 |website=IGN |language=en}}

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.{{Cite news |last=Kaye |first=Danielle |date=February 1, 2025 |title=Here's What to Know About Trump's Tariffs |url=https://www.nytimes.com/2025/02/01/business/trump-tariffs-canada-mexico-china.html |url-status=live |archive-url=https://web.archive.org/web/20250203162720/https://www.nytimes.com/2025/02/01/business/trump-tariffs-canada-mexico-china.html |archive-date=February 3, 2025 |access-date=February 2, 2025 |work=The New York Times |language=en-US |issn=0362-4331}} 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.{{Cite web |last1=Devlin |first1=Kayleen |last2=Ma |first2=Yi |date=March 4, 2025 |title=How does fentanyl get into the US? |url=https://www.bbc.com/news/articles/cvg93nn1e6go |access-date=March 4, 2025 |website=BBC News |language=en-GB}} 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.{{cite news |title=Can Latin America Find Consensus in the Age of Trump? |first=Catherine |last=Osborn |work=Foreign Policy |date=March 6, 2025 |access-date=March 7, 2025 |url=https://foreignpolicy.com/2025/03/06/mexico-tariffs-oas-election-aid-trump-latin-america/}}

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.{{cite web |last=Rudderham |first=Hannah |date=April 29, 2025 |title=Close races, Trump and 2-party support: Political scientists react to federal election results |url=https://www.cbc.ca/news/canada/new-brunswick/federal-election-political-science-two-party-1.7521498 |access-date=April 30, 2025 |publisher=CBC}}{{cite news|date=May 2, 2025|url=https://www.bbc.com/news/live/cevdw14r1mgt|archive-url=https://web.archive.org/web/20250503112907/https://www.bbc.com/news/live/cevdw14r1mgt|archive-date=May 3, 2025|url-status=live|title=Australian opposition party reeling after Albanese's landslide election win|website=BBC News|access-date=May 3, 2025|editor-first=Gavin|editor-last=Butler}}{{Cite news |date=May 4, 2025 |title=GE2025: Results signal voters' trust in PAP to steer Singapore through uncertainty, say analysts |url=https://www.straitstimes.com/singapore/politics/ge2025-pap-the-clear-choice-to-steer-singapore-through-uncertainty-say-analysts |access-date=May 4, 2025 |work=The Straits Times |language=en }}

• Chicken tax
• Hands Off protests
• List of the largest trading partners of the United States
• {{Section link|Movements for the annexation of Canada to the United States|Proposals to annex Canada by President Donald Trump}}
• Smoot–Hawley Tariff Act
• Tariffs in the first Trump administration
• U.S. economic performance by presidential party
• Donald Trump administration's Mar-a-Lago Accord
• Foreign policy of the second Donald Trump administration
• 2025 United States boycott
• Trump Always Chickens Out

{{Reflist}}

• {{cite web |title=Fact Sheet: President Donald J. Trump imposes tariffs on imports from Canada, Mexico and China |url=https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-imposes-tariffs-on-imports-from-canada-mexico-and-china/ |publisher=The White House |date=February 1, 2025}}
• {{cite web |title=Executive Order: Imposing duties to address the flow of illicit drugs across our northern border |url=https://www.whitehouse.gov/presidential-actions/2025/02/imposing-duties-to-address-the-flow-of-illicit-drugs-across-our-national-border/ |publisher=The White House |date=February 1, 2025}}
• {{Cite web| title=Reciprocal Tariff Calculations| url=https://ustr.gov/issue-areas/reciprocal-tariff-calculations| publisher=Office of the United States Trade Representative| date= April 2025| access-date = April 3, 2025}}

{{China–United States relations|state=collapsed}}

{{Donald Trump}}

{{Second presidency of Donald Trump}}

{{US tax acts}}

{{Authority control}}

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