US President Donald Trump promised in his inaugural address this year to “tariff and tax foreign countries to enrich our citizens.”
By setting new tariff rates, Trump aimed at reducing the country’s trade deficit, which is when the US imports more from a country than it exports to that country, and first announced plans for a “reciprocal” tariff on February 13.
But experts have warned that tariffs could cause chaos for global markets and disrupt the US economy at home.
The timeline so far
April 2: Trump’s so-called “Liberation Day” when he announces long-promised “reciprocal” tariffs, declaring a 10% baseline tax on imports across the board starting April 5, as well as higher rates for dozens of countries that have a high trade deficit with the US. The calculations for the tariff rates cause widespread confusion.
April 5: Trump’s 10% minimum tariff on nearly all countries and territories takes effect.
April 9: Trump’s higher “reciprocal” rate goes into effect, but his administration says just hours later it is pausing higher rates while maintaining the 10% levy on most global imports.
April 10: EU suspends its steel and aluminium tariff retaliation measures for 90 days — those measures were a response to Trump’s 25% tariffs on imported steel and aluminium that took effect in March.
May 23: Trump threatens a 50% tax on all imports from the EU as well as a 25% tariff on smartphones unless those products are made in America.
Trump says frustrated by lack of progress in talks with EU, writing on Truth Social: “Our discussions with them are going nowhere!”
May 26: Trump says the US will delay implementation of a 50% tariff on goods from the EU from June 1 until July 9 to buy time for negotiations with the bloc.
July 7: Trump signs an executive order to push the deadline for higher tariffs to August 1 and sends his first letters telling 14 countries’ leaders that their exports to the US would face a new tariff rate.
July 8: Trump says he’s not going back on his word and insists that the August 1 deadline is the final one.
July 9: Trump sends more letters, hitting Brazil with a 50% tariff rate. Brazil’s President Luiz Inacio Lula da Silva promises to reciprocate.
July 12: Trump announces a 35% tariff on Canadian goods, claiming Canada had “financially retaliated” to earlier duties. He says the EU will receive a similar letter soon.
July 13: Trump announces a 30% tariff rate on the EU and Mexico, telling both that “whatever the number you choose to raise them by, will be added on to the 30% that we charge.”
July 31: Trump signs an for the EU and other partners from August 1 to August 7.
August 6: Trump announces a further 25% tariff rate on , bringing the total to 50%.
The post Trump tariffs: India faces 25% hike as deadline looms appeared first on Deutsche Welle.
