Since returning to office on January 20, U.S. President Donald Trump has initiated numerous tariffs threats.
They range from broad ones – a universal tariff on foreign-imported goods – to ones aimed at specific sectors, regions, or countries in an effort to get others to meet his policy demands.
Trump’s threats have changed over time, leaving other nations and businesses unclear of what is to come next.
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.
Earlier this month, Trump tasked his economics team with devising plans for reciprocal tariffs on every country that taxes U.S. imports, and 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 U.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 could impose counter-tariffs, targeting U.S. agricultural, energy, and machinery exports. This could escalate into a worldwide trade war, creating uncertainty for businesses and investors.
SPECIFIC COUNTRIES
Trump’s tariff proposals target several key trade partners.
MEXICO AND CANADA: The two countries were the largest trade partners of the U.S. in 2024 through November, with Mexico ranked first. Trump announced plans to impose duties on imports from Mexico and Canada to go into effect Feb. 4 as retaliation for migration and fentanyl trafficking. The proposed tariffs included a 25% levy on most goods from Mexico and Canada, with a 10% tariff on energy imports from Canada.
Just before those tariffs were imposed, however, Trump paused them until March 4, pending negotiations with those two nations.
Trump said on Monday that tariffs on Canadian and Mexican imports are “on time and on schedule” despite efforts by the countries to beef up border security and halt the flow of fentanyl into the U.S. ahead of a March 4 deadline.
Canada primarily exports crude oil and other energy goods along with cars and car parts as part of the North American auto manufacturing chain. Mexico exports various goods to the U.S. in the industrial and auto sectors.
CHINA: Trump imposed an additional 10% tariff across all Chinese imports into the U.S., which came into effect on February 4, after he repeatedly warned Beijing it was not doing enough to halt the flow of illicit drugs into the United States.
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.
RUSSIA: Trump has threatened to hit Russia “and other participating countries” with taxes, tariffs and sanctions if a deal to end the war in Ukraine is not struck soon.
INDIA/BRICS NATIONS: Indian Prime Minister Narendra Modi met with Trump in Washington mid-February and offered to talk about easing tariffs, buying more U.S. oil, gas and combat aircraft, and potential concessions.
India imposes the highest tariffs on U.S. exports of any major U.S. trading partner.
Trump also threatened the broader BRICS group of nations with tariffs if they did not commit to not create a new currency.
COLOMBIA: Trump said he would put 25% tariffs on Colombian goods after the country refused to take in flights carrying migrants to be deported from the U.S.; the two sides worked out an agreement.
PRODUCTS
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, according to World Bank data. It has had a trade deficit in steel for a decade, according to the International Trade Administration. It is the second largest steel importer worldwide, with more than half of those volumes coming from Canada, Mexico and Brazil.
Trump on Tuesday 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.
PHARMACEUTICALS: Imposing 25% or higher tariffs on imported pharmaceuticals could weigh on Japan, home of major drugmakers such as Takeda, Astellas, Daiichi Sankyo and Eisai.
India would also be impacted as most domestic generic drugmakers count the U.S. as their largest market, with exports to the country accounting for about 31% of the industry’s overall exports.
AUTOMOBILES: Trump said levies on automobiles would come as soon as April 2. The European Union, for instance, collects a 10% duty on vehicle imports, four times the U.S. passenger car tariff rate of 2.5%. However, the U.S. currently collects a 25% tariff on pickup trucks from countries other than Mexico and Canada.
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.
