US President Donald Trump has threatened and imposed sweeping new tariffs.
The tariffs will target goods imported into the US.
Many major US trading partners could be affected.
본 내용은 세계경제포럼이 분석하여 2025년 4월 3일 세계경제포럼 홈페이지에 게재한 내용을 옮긴 것입니다.
Since returning to the White House in January, US President Donald Trump has threatened and imposed a series of new tariffs.
The tariffs, which target major US trading partners, could upend traditional trading relations, creating significant uncertainty in the global economy.
For a better visual understanding of the tariffs and their possible impact, see the following infographics and be sure to revisit this page for insights on future developments.
New tariff regime
On 2 April, the Trump administration unveiled a new tariff regime that applies a baseline additional tariff of 10% on US imports from all countries. Around 80 countries will face higher tariffs ranging from 10-50%, based on calculations conducted by the administration.
The baseline tariff will take effect from 5 April while the higher reciprocal tariffs apply from 9 April. According to the White House, the tariffs are imposed based on presidential authority under the International Emergency Economic Powers Act (IEEPA), and will not be additional to existing steel, aluminium and car tariffs imposed previously.
https://flo.uri.sh/visualisation/22455796/embed?auto=1
Goods traded under the United States-Mexico-Canada (USMCA) deal will not face these tariffs. The tariffs imposed on China, meanwhile, will be additional to 20% levies enacted in March.
Exceptions are made for bullion, energy and minerals not found in the US, as well as semi-conductors, pharmaceuticals, copper and lumber – though these may be subject to trade investigations at a later date. The exceptions may lessen the impact for certain trade partners with potentially high tariff rates where the bulk of their trade into the US is in those categories.
President Trump delivers remarks on tariffs at the White House on 2 April.Image: REUTERS
Tariffs on cars and parts
In late March, Trump issued an executive order imposing 25% tariffs on all imported cars and key parts, to take effect from 2 April. The levy will apply on top of other tariffs.
The executive order also indicates that cars and parts traded under the USMCA will face a tariff on non-US content – though only after customs has established a process to do so.
Analysts estimate about half the vehicles sold in the US are imported, while US-assembled cars contain around 60% foreign-sourced parts.
https://flo.uri.sh/visualisation/22349956/embed?auto=1
Tariffs on steel and aluminium
In February, President Trump announced plans to impose tariffs of 25% on all US steel and aluminium imports. The tariffs went into effect on 12 March, prompting retaliatory tariffs and escalating global trade tensions.
By contrast with the metals tariffs announced during the first Trump administration, the new tariffs do not include any country exemptions or product exclusions. The US imports about 25% of the steel it uses, and about 50% of its aluminium.
https://flo.uri.sh/visualisation/21661731/embed?auto=1
https://flo.uri.sh/visualisation/21660049/embed?auto=1
In response, the European Union announced that it would allow the suspension of existing countermeasures imposed during the first Trump presidency to lapse and would impose new retaliatory tariffs. The countermeasures will apply tariffs on roughly €26 billion of US good exports to the bloc.
The EU’s retaliatory tariffs are set to go into effect in two-stages in early and mid-April.
https://flo.uri.sh/visualisation/22069906/embed?auto=1
Have you read?
Tariffs on Canada, Mexico and China
On 4 March, the United States imposed tariffs of 25% on imports from Canada and Mexico. Imports of Canadian energy will face charges of 10%. Collectively, the tariffs affect over $900 billion worth of imports.
In response, Canadian Prime Minister Justin Trudeau said his country would retaliate with tariffs of 25% on CAN$155 billion (US$107 billion) worth of US goods, with a phased in approach. Retaliatory actions are also expected from Mexico.
On 5 March, the White House announced that automakers will be exempt from the 25% tariffs for one month. President Trump granted the exemption at the behest of major US automakers, according to the White House. A day later, on 6 March, the US announced a nearly one-month delay for tariffs on Mexican and Canadian products that are covered by North America’s free trade treaty.
https://flo.uri.sh/visualisation/21906049/embed?auto=1
President Trump also issued an executive order increasing tariffs on all imports from China by a further 10 percentage points, to 20% above their January levels. The US imported around $440 billion worth of goods from China in 2024.
In response, China announced tariffs of up to 15% on US agriculture goods, among other measures.
https://flo.uri.sh/visualisation/21919817/embed?auto=1
Together, the three targeted economies are the US’ top sources of imports.
Stock markets fell in response to the developments. Various experts expect the tariffs will curb growth and stoke inflation. Yet the full scale of the economic impact will in part depend on the retaliatory measures.
Reciprocal tariffs
In mid-February, President Trump announced plans for reciprocal tariffs and trade practices with partners. US officials will now be examining where trade partners charge higher tariffs on products than the US does for access to its market.
While these evaluations will most likely look at specific tariff lines, average applied tariffs are relatively symmetrical across major economies, with a few exceptions.
https://flo.uri.sh/visualisation/21692452/embed?auto=1
Trade experts have raised a few questions around how these changes will be implemented.
The current trade system is based on the “most-favoured nation” (MFN) principle where tariffs lowered for one World Trade Organization (WTO) member apply to all others. Nations can lower tariffs below MFN level for specific partners when they enter into a free trade deal. That becomes known as the applied tariff.
President Trump signs an executive orders for reciprocal tariffs.Image: REUTERS/Kevin Lamarque
To benefit from an available lower tariff, importers need to provide documentation demonstrating product origin. Nations can also increase tariffs above MFN level for specific countries using anti-dumping or other special measures.
Notably, the Trump administration has indicated they will evaluate reciprocal trade based not just on partners’ tariff levels, but also on non-tariff barriers. These includes measures like foreign-government subsidies, value-added taxes and digital taxes.
Have you read?
- 8 things we learned on trade this week in Davos
- Trade and Values: Navigating the Intersection of Policy and Principles