Timeline: How Trump's tariffs have upended the global economy

Straits Times

5 hours ago

US President Donald Trump's tariff decisions since he took office on Jan 20 have shocked financial markets. PHOTO: AFP
US President Donald Trump's tariff decisions since he took office on Jan 20 have shocked financial markets and sent a wave of uncertainty through the global economy.
Here is a timeline of the major developments:
Feb 1 - Mr Trump imposes 25 per cent tariffs on Mexican and most Canadian imports and 10 per cent on goods from China, demanding that the countries curb the flow of fentanyl and illegal immigrants into the US.
Feb 3 - By suspending his threat of tariffs on Mexico and Canada, the President agrees to a 30-day pause in return for concessions on border and crime enforcement. No such deal is reached with China.
Feb 7 - Mr Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue.
Feb 10 - Tariffs on all steel and aluminium imports are raised to a flat 25 per cent 'without exceptions or exemptions'.
March 3 - Mr Trump says the 25 per cent tariffs on Mexican and Canadian imports will take effect from March 4. He also doubles fentanyl-related tariffs on all Chinese imports to 20 per cent.
March 5 - The president agrees to delay tariffs for one month on some vehicles built in Canada and Mexico, after a call with the chief executives of General Motors and Ford and the chair of Stellantis.
March 6 - Goods from Canada and Mexico covered by the North American trade pact are exempted from the 25 per cent tariffs for one month.
March 26 - The President unveils a 25 per cent tariff on imported cars and light trucks.
April 2 - The administration announces global tariffs with a baseline of 10 per cent across all imports and significantly higher duties on some of the US' biggest trading partners.
April 9 - Most country-specific tariffs are paused for 90 days, less than 24 hours after they take effect, following a plunge in financial markets that wipes out trillions of dollars. However, the 10 per cent blanket tariff remains in force.
Mr Trump says he will raise the tariff on Chinese imports to 125 per cent from the 104 per cent that took effect a day earlier. This pushes the extra duties on Chinese goods to 145 per cent, including the fentanyl-related tariffs.
April 13 - The US administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China.
April 22 - National security probes are launched under Section 232 of the Trade Act of 1962 into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors.
May 4 - Mr Trump threatens to impose a 100 per cent tariff on all movies produced outside the US.
May 9 - Mr Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement. It retains 10 per cent tariffs on British exports, modestly expands agricultural access for both countries and lowers US duties on British car exports.
May 12 - The US and China agree to slash reciprocal tariffs under a 90-day truce. The US will cut its extra tariffs on Chinese imports to 30 per cent from 145 per cent, while China's duties on US imports will be slashed to 10 per cent from 125 per cent.
May 13 - The US cuts low-value or de minimis tariffs on China shipments, reducing duties on items valued up to US$800 (S$1,030) to 54 per cent from 120 per cent.
May 23 - Mr Trump proposes a 50 per cent tariff on goods from the European Union starting on June 1. He also warns Apple that it will face a 25 per cent tariff if the phones it sells in the US are manufactured abroad.
May 25 - Backpedalling on his threat to slap 50 per cent tariffs on EU imports, the president agrees to extend the deadline for talks between the US and the bloc until July 9.
May 28 - A US trade court blocks Mr Trump's sweeping tariffs, ruling that the president has overstepped his authority by imposing across-the-board import duties on US trade partners. The Trump administration says it will appeal the ruling.
May 29 - A federal appeals court temporarily reinstates the most sweeping of Mr Trump's tariffs, saying it is pausing the lower court's ruling to consider the government's appeal. It also orders the plaintiffs to respond by June 5 and the administration by June 9.
June 4 - Mr Trump signs an executive proclamation that activates a hike in the tariffs on imported steel and aluminium to 50 per cent from the 25 per cent rate introduced in March.
June 11 - US and Chinese officials reach a preliminary deal on how to implement the consensus that the two sides reached in Geneva in May. The agreement comes after two days of talks in London, with the details of the deal to be sent back to Mr Trump and Chinese President Xi Jinping.
Key dates ahead
June 15-17: Mr Trump attends the annual summit of the Group of Seven nations at the Rocky Mountain resort town of Kananaskis in Canada. Tariffs are expected to be a major topic of discussion.
July 8: 'Liberation Day' tariffs kick in following the 90-day suspension period, potentially affecting imports from multiple countries.
July 9: Deadline for the US and EU to negotiate a deal to avert a 50 per cent tariff on all EU imports.
July 14: The EU's 90-day pause on retaliatory tariffs expires. REUTERS
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