Since the beginning of his campaign, Donald Trump has vowed to "protect" the United States (US) with a new weapon: tariffs!
Winning the election on November 5, 2024 and officially becoming president on January 20, 2025, the promise was not only fulfilled - but spiced up, doused with oil, and set on fire until it flared up into the global trade war that we can see now.
With the same style as a night market vendor who does not tolerate low prices, Trump raises and lowers tariffs at will.
Here is the chronology of tariffs that Trump has implemented:
February 2025
February 1 Trump announced a 25% tariff on Canada & Mexico and a 10% tariff on China that will begin on February 4.
February 3 The US postponed the implementation of tariffs on Canada and Mexico for a month after both countries agreed to step up efforts to address the fentanyl and immigration issues.
February 4
The 10% tariff on China came into effect.
Tax-free import privileges for small packages (“de minimis”) from China are ended.
China retaliates with 15% tariffs on US energy & agricultural products effective February 10.
China launches antitrust investigation into Google, bans exports of key minerals for lithium batteries, lists PVH and Illumina on list of untrusted entities, and files joint complaint with Hong Kong against US at WTO.
February 5 Logistics disruptions cause US to withdraw end of “de minimis” tax privileges and issue order for review by Commerce Department.
February 10 Trump announces 25% tariffs on global steel and aluminum imports, effective March 12.
February 13 White House clears way for retaliatory tariffs on countries with trade deals deemed unfair by US.
March 2025
March 4
US adds another 10% tariff on Chinese imports.
25% tariffs on imports from Mexico and Canada take effect.
China retaliates with tariffs of up to 15% on US agricultural products, anti-circumvention investigation into US optical fibers, ban on US timber imports, adds 15 entities to export controls, bans imports from Illumina, files another complaint with WTO, adds 10 companies to list of untrusted entities.
6 March US grants tariff exemptions for imports from Canada & Mexico that comply with USMCA agreement.
12 March 25% tariffs on steel and aluminum take effect.
24 March Trump announces 25% tariffs on Venezuelan oil buyers starting April 2 — indirectly targeting China & India.
25 March US expands trade blacklist — targeting China's supercomputer program, hypersonic weapons and other strategic technologies.
26 March Trump announces 25% tariffs on foreign cars and light trucks.
April 2025
April 2 – “Liberation Day”Trump announces massive “reciprocal” tariff strategy:
10% base tariff on all countries starting April 5.
Additional tariffs on 60 countries based on trade deficits & non-tariff barriers.
China is hit with an additional 34% tariff, bringing total tariffs on China to 54%.
Highest tariffs: Thailand (36%), Vietnam (46%), Cambodia (49%), Indonesia (32%), India (26%), South Korea (25%).
April 4China retaliates with an additional 34% tariff on US products.
April 8Trump raises tariffs on Chinese products to 104%.
April 9
China retaliates with additional tariffs, bringing tariffs on US products to 84%.
Trump announces a 90-day reprieve from high tariffs for most countries, except China whose tariffs are raised to 125%.
Trump expresses willingness to negotiate within the next 3 months.
April 10
US stocks surge, with the S&P 500 up 9.5%, its biggest gain since 2008.
April 14Trump announces tariff exemptions for smartphones, laptops, semiconductor chips, and solar cells from China. These goods are subject to only a 10% base tariff.
April 15Trump signals possible exemption from 25% tariff on imported cars, giving manufacturers time to move production to the US. Global carmaker stocks rise.
April 16Trump signs an Executive Order for a Section 232 investigation into imports of critical minerals. It paves the way for retaliatory tariffs, causing China's tariffs to rise by up to 245%. At the same time, he closes existing loopholes and reinstates 25% tariffs on steel and aluminium.
What began as a promise to "protect American jobs" has turned into a global economic reality show with Trump as the main character, who loves surprises.
Every proclamation, every tariff, every tweet is enough to shake the stock market, send central banks into a panic, and economists are scrambling to change their forecasts.
Global markets are getting chills, and economists are scratching their heads. But one thing is for sure, the world can't stop watching the next "episode".
