Tariffs in the second Trump administration

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Tariffs implemented during the second presidency of Donald Trump have marked a sharp escalation in protectionist trade policies in the United States, with President Donald Trump announcing a series of steep tariffs on nearly all goods imported to the US. From January to April 2025, the US trade-weighted average tariff rose from 2% to an estimated 24%, the highest level in over a century.^[2]

Trump escalated an ongoing trade war with China, raising baseline tariffs on Chinese imports to an effective 145% after April 9, 2025.^[3] He also initiated a new trade war with Canada and Mexico by imposing a 25% tariff on most goods from the countries, though he later granted indefinite exemptions for goods compliant with the USMCA. Trump framed these actions as a way to hold the countries accountable for contraband drug trafficking and illegal immigration while supporting domestic manufacturing.^[4][5] He later imposed a 25% tariff on imported steel, aluminum, and automobiles from all countries, with tariffs on auto parts expected to follow.

On April 2—a day he called "Liberation Day"—Trump signed an executive order imposing a minimum 10% tariff on all U.S. imports effective April 5. Higher tariffs on imports from 57 countries, ranging from 11% to 50%, were scheduled to take effect on April 9 but were almost immediately suspended for 90 days for all countries except China. The 10% tariff remains in effect.^[6]

The announcement of these controversially^{[7][8][9][10]} termed "reciprocal tariffs" prompted retaliation from trade partners and triggered a stock market crash.^[11][12] According to the Trump administration's reciprocal tariff formula, trade deficits are viewed as inherently harmful and should be eliminated.^[13] Economists cited by the administration said their research had been misinterpreted and that the administration's formula and goals were simplistic and illogical.^[14][15] Media outlets argued the tariffs were not reciprocal but rather unilateral protective tariffs.^[16] The tariffs have contributed to lowered GDP growth projections by the Federal Reserve and OECD and rising expectations of a recession.