Factbox-Trump's tariffs and threatened trade actions

A global trade war, sparked by U.S. President Donald Trump, has intensified as he ramped up levies on China while reversing sweeping tariffs on most trading partners, stoking fears of a recession, sending jitters across global financial markets and drawing condemnation from leaders around the world.

Over the weekend, Trump pledged tariffs on imported semiconductors that could kick in this week, and hinted at exemptions for some companies in the sector.

The move means that the exclusion of smartphones and computers from his reciprocal tariffs on China likely will be short-lived.

Last Wednesday, Trump had announced a temporary reprieve for levies on dozens of countries in a dramatic U-turn while ratcheting up tariffs on Chinese imports effectively to 145%.

The initial 10% "baseline" tariff on all imports from many countries took effect at U.S. seaports, airports and customs on April 5.

Meanwhile, Trump's tariff threats have changed over time, leaving other nations and businesses unclear about what is to come next and rattled consumer and business confidence.

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.

Trump had 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.

According to Trump, the reciprocal tariffs are a response to barriers put on U.S. goods, while administration officials said the tariffs would create manufacturing jobs at home and open up export markets abroad, although they cautioned it would take time to see results.

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 levies, will likely pass added costs to consumers.

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 Canada's energy imports. 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 ($21.13 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.

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.

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.

While the two countries are currently exempt from the "Liberation Day" tariffs announced on April 2, they do face a separate set of 25% tariffs on auto imports.

Canada has requested WTO dispute consultations with the U.S. over its imposition of import duties on certain steel and aluminium products, as well as the levies on cars and car parts from Canada.

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 U.S.

He followed that up with another 10% duty on Chinese goods, effective March 4.

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 WTO.

On April 2, Trump imposed an additional 34% tariff on China, bringing the total new levy to 54%, which prompted the world's second-biggest economy to retaliate with a duty of 34% on all U.S. goods.

Trump responded that the U.S. would impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the U.S., and said "all talks with China concerning their requested meetings with us will be terminated."

Washington's fresh round of tariffs lifted duties on China to an eye-watering 145%, prompting Beijing to jack up levies on U.S. goods by 125% in an intensifying trade war between the world's two biggest economies.

EUROPE: Trump said the EU and other countries have troubling trade surpluses with the U.S. 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 27-nation bloc faces 25% import tariffs on steel, aluminium and cars, as well as broader tariffs of 20% from April 9 for almost all other 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 said on April 7 it had offered a "zero-for-zero" tariff deal to avert a trade war, with EU ministers agreeing to prioritise negotiations while striking back with targeted countermeasures next week.

The EU 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 Trump's metals tariffs. The bloc is expected to produce a larger package of countermeasures by the end of April as a response to U.S. car and broader tariffs.

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

PRODUCTS

AUTOS: On March 26, Trump unveiled a 25% tariff on imported cars and light trucks. The 25% levy would be imposed on top of previous duties on imports of finished vehicles starting on April 3.

Trump's directive included temporary exemptions for auto parts that are compliant with the U.S.-Mexico-Canada Agreement (USMCA) on trade that Trump negotiated during his first term.

Other major automotive parts imports, identified in Trump's proclamation as "engines and engine parts, transmissions and powertrain parts, and electrical components," will be subject to the tariffs on a date to be specified in a Federal Register notice, "but no later than May 3, 2025."

METALS: On March 12, Trump increased tariffs on all steel and aluminum imports to 25%, and extended the duties to hundreds of downstream products, from nuts and bolts to bulldozer blades and soda cans.

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.

PHARMACEUTICALS: While Trump's "Liberation Day" announcement spared pharmaceutical products from reciprocal tariffs, the president later said duties for the sector were "under review" and warned that it could come in "at a level that you haven't really seen before."

ELECTRONICS: Trump granted smartphones, computers and some other electronics imported largely from China exclusions from steep tariffs, coming as a welcome relief to major technology firms such as Apple, Dell Technologies and many other importers.

The move excludes the specified electronics from Trump's 10% baseline tariffs on goods from most countries other than China.