Facts-Trump's tariffs and threatened trade actions

U.S. President Donald Trump has made numerous tariff threats since returning to office on January 20, ranging from a universal duty on imports to targeted tariffs on specific sectors or countries, in a bid to get others to meet his policy demands.

Trump's threats have changed over time, leaving other nations and businesses unclear about what is to come next and creating uncertainty for consumers, triggering a recent stock market selloff.

Here is a roundup of Trump's trade-related steps and threats.

BROAD TARIFFS

A cornerstone of Trump's vision includes a phased rollout of universal tariffs on all U.S. imports.

Last month, Trump tasked his economics team with devising plans for reciprocal tariffs on every country that taxes U.S. imports, as well as to counteract non-tariff barriers such as vehicle safety rules that exclude U.S. autos, and value-added taxes that increase their cost.

Whereas tariffs were once the mainstay of U.S. tax revenues, in recent decades they have dwindled to a fraction of the country's tax receipts. Economists say Trump's policies will be inflationary as importing businesses, which pay tariffs, will likely pass added costs to consumers.

Global trading partners' potential counter-tariffs targeting U.S. agricultural, energy and machinery exports could escalate into a worldwide trade war, creating uncertainty for businesses and investors.

SPECIFIC COUNTRIES

Trump's tariff proposals target several key trade partners; some are listed below.

MEXICO AND CANADA: The two countries were the largest trade partners of the U.S. in 2024 through November, with Mexico ranked first. Trump's new 25% tariffs on imports from Mexico and Canada took effect on March 4 as a retaliation for migration and fentanyl trafficking.

The tariffs included a 25% levy on most goods from Mexico and Canada, along with a 10% duty on energy imports from Canada. Canada primarily exports crude oil and other energy goods, as well as cars and auto parts within the North American auto manufacturing chain. Mexico also exports various goods to the U.S. in the industrial and auto sectors.

Canada hit back with 25% tariffs on C$30 billion ($20.7 billion) worth of U.S. imports, including orange juice, peanut butter, beer, coffee, appliances and motorcycles.

The Canadian government added that it would impose additional tariffs on C$125 billion of U.S. goods if Trump's tariffs were still in place in 21 days, with the potential inclusion of vehicles, steel, aircraft, beef and pork.

Trump, in his March 4 address to Congress, said further tariffs would follow on April 2, including "reciprocal tariffs" and non-tariff actions to address trade imbalances.

U.S. Commerce Secretary Howard Lutnick said U.S. officials might still work out a partial resolution with the two neighbors, adding that they needed to do more on the fentanyl front.

Trump on March 11 walked back planned 50% tariffs on steel and aluminum products from Canada, after a Canadian official withdrew plans for a 25% surcharge on electricity exports to the United States.

On March 12, Canada, the biggest foreign supplier of steel and aluminum to the United States, said it would impose retaliatory tariffs on U.S. imported goods worth C$29.8 billion ($20 billion) in response to Trump's steel and aluminum tariffs.

CHINA: Trump levied 10% tariffs across all Chinese imports into the U.S., effective on February 4, following repeated warnings to Beijing about insufficient measures to halt the flow of illicit drugs into the United States.

He followed that up with another 10% duty on Chinese goods, effective March 4, stacking on top of tariffs of up to 25% imposed on Chinese imports during Trump's first term.

China responded by announcing additional tariffs of 10% to 15% on certain U.S. imports from March 10 and a series of new export restrictions for designated U.S. entities. Later it raised complaints about the U.S. tariffs with the World Trade Organization.

China said on March 12 that it would take all necessary measures to safeguard its rights and interests, after U.S. President Donald Trump increased tariffs on all U.S. steel and aluminum imports.

EUROPE: Trump said the EU and other countries have troubling trade surpluses with the United States. He has said the countries' products will either be subject to tariffs or he will demand they buy more oil and gas from the U.S., even though U.S. gas export capacity is near its limits.

The European Commission said in a statement on February 14 that it viewed the "reciprocal" trade policy as a step in the wrong direction.

Trump has threatened a 25% "reciprocal" rate on European goods. Among vulnerable industries is pharmaceuticals, as U.S. firms such as Johnson & Johnson and Pfizer have large plants in Ireland, which is also a major exporter of medical devices.

The European Union on March 12 said it would impose counter-tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month, in response to blanket U.S. tariffs on steel and aluminum.

On March 13, Trump threatened to slap a 200% tariff on European wine and spirits in response to a EU plan to impose tariffs on American whiskey and other products next month.

PRODUCTS

AUTOMOBILES: Trump said on March 5 that he will exempt some automakers such as the Detroit Three — Ford, General Motors and Jeep-owner Stellantis — from his punishing 25% tariffs on Canada and Mexico for one month as long as they comply with an existing free trade agreement.

Vehicles, as per those rules, require 75% North American content in order to get duty-free access to the U.S. market.

The exemption also would benefit some foreign brand automakers with large U.S. production footprints, including Honda and Toyota, but some competitors that don't comply would have to pay the full 25% tariffs.

Trump had also floated the idea of 100% or greater tariffs on other vehicles, including potentially EVs. The automobile industry accounted for imports of more than $202 billion from Canada and Mexico combined in 2024.

METALS: On February 9, Trump said he was going to put tariffs on imports of all steel and aluminum, used by automakers, aerospace companies, and in construction and infrastructure.

The U.S. is the world's largest aluminum importer and the second-largest steel importer, with more than half of those volumes coming from Canada, Mexico and Brazil.

Trump on February 25 ordered a new probe into possible new tariffs on copper imports to rebuild U.S. production of the metal critical in electric vehicles, military hardware, semiconductors and a wide range of consumer goods.

The U.S. produces domestically just over half the refined copper it consumes each year.

SEMICONDUCTORS: Trump said tariffs on semiconductor chips would also start at "25% or higher," rising substantially over the course of a year, but didn't clarify when these will come into effect.

Taiwan Semiconductor Manufacturing Co, the world's largest contract chipmaker, makes semiconductors for Nvidia, Apple and other U.S. clients, and generated 70% of its revenue in 2024 from customers based in North America.

LUMBER: Trump on March 1 ordered a new trade investigation that could heap more tariffs on imported lumber, adding to existing duties on Canadian softwood lumber and 25% tariffs on all Canadian and Mexican goods.

ALCOHOL: Trump on March 13 threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, in response to a European Union plan to impose tariffs on American whiskey and other products next month — which itself is a retaliation to Trump's 25% tariffs on steel and aluminum imports that took effect the day before.

(Reporting by Anjana Anil, Seher Dareen, Puyaan Singh, Anmol Choubey, Arasu Kannagi Basil and Aatreyee Dasgupta in Bengaluru; Editing by Maju Samuel, Lincoln Feast, Sriraj Kalluvila, Marguerita Choy and Alan Barona)