US President Donald Trump’s sweeping tariffs have rocked financial markets and caused a surge in business uncertainty, even as he temporarily held off higher rates for dozens of countries except China.
Here is a rundown of what Trump has implemented in his second presidency, as a trade tussle between Washington and Beijing again escalates.
China focus
China faces the harshest of Trump’s tariffs, with a staggering rate of 145 percent imposed this year.
A new 125 percent levy on Chinese goods took effect Thursday — a move meant to address practices Washington deemed as unfair.
Coupled with an earlier 20 percent duty this year over China’s alleged role in the fentanyl supply chain, the total figure rises to 145 percent.
The steep escalation came after Beijing matched Trump’s initial plans for “reciprocal tariffs” to take effect Wednesday.
Washington had tailored rates to specific countries and China faced an 84 percent levy that it has since mirrored.
Trump’s fresh tariffs on Chinese imports stack atop those from previous administrations.
Global tariffs
While Trump reserved his heaviest blow for rival China, other US allies and partners have not been spared.
On April 5, US trading partners were slapped with a 10 percent tariff. This remains in effect for dozens of economies including the European Union, Japan and Vietnam, which were originally due to see higher rates from Wednesday.
Trump has since paused the steeper levels until July 9.
There are notable exceptions to this duty.
Immediate US neighbors Canada and Mexico, which were earlier targeted over illegal immigration and fentanyl, are not affected by the 10 percent global tariff.
Also off the hook from these are copper, pharmaceuticals, semiconductors and lumber — although these are sectors that Trump is mulling levies on.
Gold and silver, as well as energy commodities, are excluded too.
Autos, metals
Trump has also targeted individual business sectors in his second term.
In March, he imposed a 25 percent levy on steel and aluminum imports.
And early this month, a 25 percent tariff on imported autos took effect, with the rate to eventually affect vehicle parts also.
But autos imported under the US-Mexico-Canada Agreement (USMCA) can qualify for a lower levy, while compliant auto parts are tariff-free until a process is set up to target non-US content.
Canada, Mexico
Canadian and Mexican imports were initially hard hit by 25 percent US tariffs — with a lower rate for Canadian energy.
Trump targeted both neighbors saying they did not do enough on illegal immigration and the flow of illicit drugs across borders.
But he eventually announced exemptions for goods entering his country under the USMCA, covering large swathes of products. Potash, used as fertilizer, got a lower rate as well.
Retaliation
Besides its 84 percent duty on US goods, Beijing earlier retaliated with counter tariffs on American agricultural products like poultry, wheat and cotton.
Canada has countered Trump’s initial duties and metals tariffs with its own levies on some Can$60 billion in US goods, including steel and computers.
Although the EU adopted countermeasures against US metals tariffs, the bloc said Thursday it would put the planned duties — hitting more than 20 billion euros ($22.3 billion) in US goods — on hold for 90 days.
Other threats
Beyond expansive tariffs on Chinese products, Trump recently ordered the closure of a duty-free exemption for low-value parcels from the country as well. This will likely raise the cost of importing items like clothing and small electronics.
Trump has opened the door for 25 percent tariffs too on goods from countries importing Venezuelan oil. He has threatened similar “secondary tariffs” involving Russian oil.
He has raised the possibility of tariffs on sectors like pharmaceuticals and semiconductors also, and ordered investigations into copper and lumber imports.
Washington meanwhile has an ongoing investigation into China’s practices in the maritime and shipbuilding sector, which could bring new punitive action.
