- Trump has proposed and implemented a slew of tariffs in an effort to achieve his policy aims.
- Some tariffs have already started; others have been changed or paused to allow for negotiations.
- Here's where all of Trump's trade plans stand, and what could come in the future.
While some of President Donald Trump's so-called "Liberation Day" tariffs have already started, others have been paused or rolled back while the president conducts negotiations with trade partners.
All the back and forth makes it difficult to keep track of where they all stand and how they might influence prices.
On a broad scale, the price jumps economists and companies have predicted aren't showing up in the data yet; overall inflation slowed in April, but economists expect the coming months to reflect more price increases.
Trump has said the long-term benefits of tariffs will be worth some short-term pain. He aims to use tariffs to increase revenue for the US government, right trade imbalances, and achieve other policy goals, such as cracking down on drugs and border policy.
Companies are bracing for impact. Sean Stein, president of the US-China Business Council, told NBC in late April that "starting in a couple of weeks, we are just going to start running out of stuff, and if the administration waits to resolve the problem until we have shortages and hoarding, that is just too late."
Here's where it all stands more than a month after Trump's Liberation Day announcement.
Tariffs already in place
25% tariff on imported steel and aluminum started in March
A 25% tariff on all imported steel and aluminum has been in effect since March. However, Trump's trade deal with the UK reduced tariff rates on British steel, aluminum, and cars in exchange for the UK buying $10 billion worth of Boeing planes, among other things.
25% tariff on most goods from Mexico and Canada started in March
Trump first announced a 25% tariff on goods from Mexico and Canada in February to combat drug trafficking and strengthen border control. It went into effect after a month's delay. Exempted goods include those with complex supply chains, like cars and car parts. In additional, energy imports from Canada have a lower, 10% tariff.
10% baseline tariff on most imports since April
The 10% baseline tariff Trump announced on April 2 remains in effect for most countries. A slew of major brands have already said they would be raising prices, either due to the tariffs in place or anticipation of those to come. One Republican business owner previously told Business Insider that he has started adding a "tariff tax" on his bikes, expecting that producing electric bikes will be 10% more expensive.
White House Press Secretary Karoline Leavitt said during a press conference on May 9 that Trump "is determined to continue with that 10% baseline tariff" as part of any deal he may strike with other countries.
Postponed tariffs
"Reciprocal" tariffs are mostly on pause until July 9
Some of the biggest headlines following April 2 were the double-digit tariffs on over a hundred countries that would layer on top of the baseline 10%, including a 49% additional tariff for Cambodia and a 46% tariff for Vietnam.
Trump later announced that most of the tariffs would be paused for 90 days, until July 9, and that he is open to making deals with countries to bring down rates. His deal with the United Kingdom is the first agreement to result from the tariffs.
Tariffs on China are lowered for 90 days
After a lot of back and forth over whether China and the US would engage in trade talks, Treasury Secretary Scott Bessent said in Geneva on Monday that the US and China reached an agreement to "substantially" lower tariffs. Bessent said Trump's 145% tariff on Chinese goods will decrease from 145% to 30% for 90 days. China will also lower its tariffs on American goods from 125% to 10% over the same time period.
US Customs and Border Protection had previously exempted smartphones, computers, and other technology in order to minimize price increases on those products in the US. The most significant price impact from tariffs will likely be felt on goods imported from China, especially toys and vehicle parts.
Other possible tariffs floated by Trump
Lumber
On March 1, Trump directed Commerce Secretary Howard Lutnick to investigate US lumber imports and determine if any imports threaten national security. Potential tariffs were recommended to mitigate any threats.
Alcohol
Responding to a plan from the European Union to place tariffs on American whiskey, Trump wrote on a March 13 Truth Social post that the US would place a 200% tariff on wine, Champagne, and other alcoholic products coming out of the EU.
Pharmaceutical products
In April, Trump told reporters that he would impose tariffs on imported pharmaceutical products at levels "you haven't really seen before" and would announce the measures in "the near future."
Semiconductors
Trump told reporters on April 13 that tariffs on semiconductors would be coming soon: "We wanted to uncomplicate it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country," he said.
