Tariff Watch, July 3

• On Wednesday, July 2, President Trump announced on Truth Social that his administration had reached a trade deal with Vietnam. According to the post, the U.S. will impose a 20% tariff on Vietnamese imports, significantly lower than the 46% initially proposed when the reciprocal tariffs were first unveiled in April. Under the deal, the U.S. will have tariff-free access to Vietnam. Though the 20% tariff rate on Vietnamese imports is less than half the figure proposed under the reciprocal tariffs, it still represents a 100% increase over the current 10% levy on the Southeast Asian country. 

Tariff Watch, July 1

• On Sunday, June 29, President Trump said he has no plans to extend the 90-day pause on reciprocal tariffs announced in early April, set to expire July 9. He said his administration will soon begin sending letters to impacted countries notifying them the pause is ending and the April tariffs will take effect. Trump told Fox News’ “Sunday Morning Futures” host Maria Bartiromo the letters would go out “pretty soon.”

Tariff Watch, June 23

• On Friday, June 20, Canada’s leadership announced it would enact 100% tariff quotas on steel imports from other countries that do not have free trade agreements with it. The move aims to protect Canada’s domestic steel and aluminum industries, which have already seen layoffs as a result of recent U.S. tariff policies.

Tariff Watch, June 12

• On Tuesday, June 10, officials from the U.S. and China announced that, following two days of negotiations in London, the nations had settled on a preliminary framework for a new trade agreement. U.S. Commerce Secretary Howard Lutnick said that the agreement both sides had come to would ease the export restrictions China had imposed on rare earth elements (REEs) and related magnets. In return, the U.S. planned to lift some of their own trade restrictions in what Lutnick characterized as a “balanced way.” According to the commerce secretary, both sides will now return to their respective presidents to present the proposals. 

Tariff Watch, June 9

• On Monday, June 9, top officials from the U.S. and China will meet in London to continue discussing a potential trade deal that could bring major economic relief to the two superpowers. The Trump administration has sent Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, while the Chinese Community Party (CCP) is represented by He Lifeng, China’s vice premier for economic policy. Those familiar with the proceedings expect the trade talks to run through Tuesday.

Tariff Watch, June 6

• On Thursday, June 5, U.S. President Trump and Chinese President Xi Xinping finally held their long-awaited phone call, as both countries try to make progress on tariff talks and work toward a trade detente. Afterward, Trump characterized the call as “positive,” while Chinese state media reported that Xi continued to insist that the U.S. remove the detrimental trade restrictions imposed on China.

Tariff Watch, June 4

• On Wednesday, June 4, tariffs on foreign steel and aluminum doubled, increasing from 25 to 50%. The increased tariff rate on the metals are part of President Trump’s plans to provide a leg up for U.S. manufacturers and invigorate a domestic industry that has lost significant business to foreign competitors in recent decades. Trump originally announced the tariff increase while visiting a Pennsylvania steel mill last week. The Trump administration’s executive order noted that the new tariff rate was intended to “counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States market and thereby undercut the competitiveness of the United States steel and aluminum industries.”

Tariff Watch, June 2

• On Friday, May 30, President Trump announced at a U.S. Steel factory in Pennsylvania that he would be doubling the current tariff rate on steel and aluminum, from 25% to 50%. He later clarified his announcement through a post on Truth Social, specifying that the new 50% tariff rate would take effect on June 4. “It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!” he wrote. 
• On Monday, June 2, the Chinese Ministry of Commerce (MOFCOM) issued a statement accusing the United States of violating the recent trade agreement struck in Geneva, Switzerland, just a few weeks ago. MOFCOM said that the U.S. had implemented new guidelines on export controls for AI semiconductors, as well as restrictions on chip design software. “If the US insists on its own way and continues to damage China’s interests,” the Ministry said, “China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests.”

Tariff Watch, May 30

• On Thursday, May 29, a federal appeals court stayed the decision reached a day earlier, by the U.S. Court of International Trade, that deemed President Trump’s tariffs an act of “unbounded authority” and directed the Trump administration to end most of the so-called reciprocal tariffs. Thursday’s ruling, which was made by the U.S. Court of Appeals for the Federal Circuit, effectively pauses the USCIT’s decision. A panel of judges with the appeals court is currently considering the administration’s request for a longer postponement in the enforcement of the USCIT ruling. 

Tariff Watch, May 29

• On Wednesday, May 28, the U.S. Court of International Trade, a federal court that interprets, applies, and adjudicates on customs and international trade law, found that President Trump overstepped his bounds in implementing “reciprocal tariffs” on dozens of countries all over the world. The USCIT asserted that federal law did not grant the president “unbounded authority” to impose sweeping tariffs, and that Trump exceeded his powers when he administered them. What remains to be seen, however, is how the Trump administration is going to respond to this decision, and if and when the ruling will materially impact existing tariffs. The USCIT gave the Trump administration 10 days to carry out the bureaucratic steps necessary to cease many of its tariffs. The executive branch, meanwhile, has already begun the process of appealing the decision through the U.S. Court of Appeals. 

Tariff Watch, May 27

• On Sunday, May 25, President Trump announced that he had agreed to delay the 50% tariff on EU goods entering the U.S. until July 9. Trump had originally set forth the possibility of imposing a 50% tariff on EU imports earlier in the week, after denouncing on Truth Social a lack of progress in trade negotiations with the economic bloc. Following a call with European Commission President Ursula von der Leyen, however, Trump decided to push implementation by around five weeks. Speaking to reporters at Morristown Municipal Airport in New Jersey on Sunday, Trump said that the European Commission president “wants to get down to serious negotiation.” Immediately following the talk with reporters, Trump posted on Truth Social that “talks will begin rapidly.”

Tariff Watch, May 23

• On Friday, May 23, President Trump published several posts on Truth Social that threatened to resume a global trade war that had simmered in recent weeks. First, Trump asserted that Apple’s iPhones should be “manufactured and built in the United States, not India, or anyplace else.” If the company did not start onshoring its manufacturing, he said, the smartphones could face a tariff of 25%. Later Friday morning, the president took to the social media platform again to express his mounting frustrations with trade talks between the U.S. and the European Union, which he contended were “going nowhere.” In light of this lack of progress, Trump wrote that he was “recommending a straight 50% Tariff on the European Union, starting on June 1, 2025.” 

Tariff Watch, May 20

• On Tuesday, May 20, outlets began reporting that Chinese shipments of the Apple iPhone, as well as other mobile devices, dropped to their lowest levels in nearly 15 years during the month of April. Smartphones exported from China to the U.S. declined over 70% in the month, a decrease that was significantly more severe than the 21% drop in Chinese exports overall. The April statistics highlight just how impactful the Trump administration’s tariffs have already been on high-tech supply chains that rely on direct and subtier manufacturers based in China. 

Tariff Watch, May 15

• Earlier this week, the White House issued an executive order that reduced the “de minimis” tariff on Chinese goods to as low as 30%, depending on the carrier. The de minimis category covers imports that are valued at $800 or less, and the Trump administration had implemented a tariff rate between 120% and 145% for items below this valuation being imported from China. The U.S. government has also kept in place an alternative, $100 “flat-fee” tariff option for de minimis Chinese imports. A previously planned increase to $200 for that duty measure—originally slated for implementation on  June 1—has been scratched. 

Tariff Watch, May 12

• On Monday, May 12, the U.S. announced that it had reached a temporary trade deal with China after Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with the nation’s top trade official, He Lifeng, in Switzerland over the weekend. The world’s two largest economies agreed to substantially drop the reciprocal tariffs that have roiled the global economy and scrambled U.S. supply chains long reliant on Chinese manufacturing. The U.S. will lower the tariff President Trump imposed in April from 145% to 30%, while China will mirror the 115% drop by lowering its own tariff on U.S. goods from 125% to 10%. For now, the deescalation is only a reprieve, as the measures are set to last for 90 days. Bessent told CNBC on Monday that he expected to meet with trade negotiators from China again in the coming weeks to continue trade talks, with the goal of securing a more comprehensive, lasting agreement.

Tariff Watch, May 7

• On Wednesday, May 7, the Chinese government indicated that it would move forward with trade talks with the U.S. in an effort to ratchet down geopolitical tensions and assuage the prohibitively high tariffs currently being imposed by both countries. China said that its top trade official, He Lifeng, would meet with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer in Switzerland later this week. Having for weeks taken a hardline stance against capitulating to the Trump administration’s approach to trade relations, China announced that it had arrived at this decision with a “full consideration of global expectations, China’s interests and the calls of American industry and consumers.” The talks are scheduled to take place in Geneva on Saturday. 

Tariff Watch, May 5

• On Sunday, May 4, President Trump announced on social media plans to impose 100% tariffs on movies made in foreign countries. Trump’s post proclaimed that “The Movie Industry in America is DYING a very fast death,” and that he had authorized the United States Trade Representative, Jamieson Greer, to “immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.” Details at this point remain vague, with most reports unclear on the scope of Trump’s announced tariff, including whether it would impact American productions filmed internationally, independent foreign films, and/or streaming movies. 

Tariff Watch, May 2

• On Friday, May 2, the Trump administration officially closed a loophole that had been permitting imports valued at $800 or less to be exempted from tariffs and other customs duties. The loophole, known as the de minimis rule or the de minimis exception, helped lead to an unprecedented increase in the number of small, cheap packages shipped to the U.S. from countries like China. The Trump administration believes that closing this loophole will help domestic businesses grow more competitive by throttling the flood of cheap goods from overseas. 

Tariff Watch, May 1

• On Wednesday, April 30, Chinese state-run media reported that the Trump administration reached out to Beijing in an effort to begin tariff de-escalation talks. Yuyuantantian, a Weibo account affiliated with China Central Television (CCTV), reported in a post that the U.S. government has initiated contact via several different channels, citing anonymous sources with knowledge of the subject. 

Tariff Watch, April 30

• On Tuesday, April 29, President Trump signed two executive orders granting relief to the U.S. auto industry from a wave of costly tariffs. In the first and most consequential of the executive orders, Trump exempted automakers from any tariffs outside the 25% levy on imported vehicles that went into effect on April 3 (a related 25% tariff on auto parts is still set to be implemented on May 3). The second EO allows automakers to apply for tariff relief that could cover some of the costs associated with importing auto parts. This cost mitigation program is set to remain in effect for two years. Because the two 25% auto industry tariffs remain in effect, however, experts still expect the costs of vehicles, insurance, and repairs to rise markedly in the coming months.

Tariff Watch, April 28

• On Monday, April 28, reports continued to surface that a number of Asian nations, including South Korea, India, and Japan, were actively engaged in trade talks with the U.S. In addition, corporations are telling major outlets that the impact of the 145% combined tariffs on China will soon start to reverberate through their businesses. So far, retailers like Walmart and Target have been able to insulate themselves from the effects of disproportionately high duty rates because of existing inventory. But those stockpiles will start running out by the middle of May, and both companies have said that the transition into the new trade environment could include higher prices and even empty shelves—presumably owing to the suspension of supply chains in China. 

Tariff Watch, April 25

• On Thursday, April 24, Chinese Commerce Ministry spokesperson He Yadong addressed comments made by U.S. President Donald Trump earlier in the week that the two nations—now engaged in an increasingly bitter and consequential trade conflict—are participating in discussions around deescalation. While firmly denying that any trade talks had been taking place, He called on the U.S. to remove the “unilateral tariff measures” imposed on China. "The person who tied the bell must untie it," the spokesperson told reporters during a press conference.

Tariff Watch, April 23

• On Tuesday, April 22, President Trump told reporters at a White House event that his administration’s prohibitively high tariffs on China will soon be lowered significantly. “145% is very high and it won’t be that high,” Trump said while answering questions from the media in the Oval Office. “It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.” The remarks signal a stark shift from the steadfast stance President Trump has held for the past several weeks. The softer approach was on display earlier in the day as well, when Treasury Secretary Scott Bessent told attendants at a conference held by JP Morgan Chase that the current trade dynamics between the U.S. and China were not sustainable. 

Tariff Watch, April 21

• On Monday, April 21, the Chinese government issued a sharp response to reports that the U.S. will offer tariff exemptions to other nations if they reduce their trade with China. Beijing called the actions economic coercion and warned other countries that embracing a policy of appeasement will only harm all parties involved in exchange for a temporary reprieve. 
• On Monday, April 21, outlets reported that U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with South Korea’s Finance Minister, Choi Sang-mok, and Industry Minister Ahn Duk-geun in Washington later this week to begin tariff and trade negotiations. South Korea’s acting President, Han Duck-soo, recently issued a statement saying that the nation will work to “find a win-win solution for both countries through calm and serious consultations.”

Tariff Watch, April 17

Following President Trump’s Liberation Day announcements, the past two weeks have seen a flurry of new developments, including retaliatory tariffs by other countries, last-minute pauses on Liberation Day tariffs, and even new exclusions impacting specific sectors.

• On Wednesday, April 9, a new reciprocal 84% tariff on all Chinese goods took effect, bringing the total tariff rate on Chinese goods to 104%. (Semiconductors remain exempt from the reciprocal tariffs for now, but they’re still subject to a 70% overall tariff rate.) In response to the tariff, China’s State Council Tariff Commission announced plans to levy an 84% tariff on all U.S. imports, effective April 10. Following this escalation, President Trump issued a 90-day pause on the implementation of most of his reciprocal tariffs—excluding those targeting China. Instead, the Trump administration declared that it would further raise tariffs on Chinese imports to 125%.
• On Friday, April 11, China continued the tit-for-tat escalation with the U.S. by raising its tariff rate on American imports to 125%. Later in the day, Customs and Border Protection issued a bulletin stating that a number of major electronics imports would be exempt from the Trump administration’s reciprocal tariffs. Smartphones, semiconductors, computer monitors, and a range of electronic components are now temporarily excluded from the 125% reciprocal tariffs. (The CBP bulletin listed 20 specific product categories.) The 20% across-the-board tariffs on all Chinese imports issued prior to Liberation Day—sometimes referred to as the “fentanyl tariffs”—are still in effect for these products.
• On Sunday, April 13, President Trump told reporters on Air Force One that he planned to announce new tariffs on foreign semiconductors being imported into the U.S. over the following week. The development came just two days after the Trump administration issued an exemption for 20 different electronic product categories, including semiconductors.
• On Tuesday, April 15, news outlets reported that China had begun directing its domestic airlines to stop sourcing jets from American aerospace manufacturer Boeing, and to cease purchasing aircraft parts from Boeing and other U.S. aerospace firms. These measures are in line with China’s efforts to utilize restrictions beyond tariffs in its ongoing trade conflict with the U.S.

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Tariff Watch, June 9

• On Monday, June 9, top officials from the U.S. and China will meet in London to continue discussing a potential trade deal that could bring major economic relief to the two superpowers. The Trump administration has sent Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, while the Chinese Community Party (CCP) is represented by He Lifeng, China’s vice premier for economic policy. Those familiar with the proceedings expect the trade talks to run through Tuesday.

Tariff Watch, June 6

• On Thursday, June 5, U.S. President Trump and Chinese President Xi Xinping finally held their long-awaited phone call, as both countries try to make progress on tariff talks and work toward a trade detente. Afterward, Trump characterized the call as “positive,” while Chinese state media reported that Xi continued to insist that the U.S. remove the detrimental trade restrictions imposed on China.

Tariff Watch, June 4

• On Wednesday, June 4, tariffs on foreign steel and aluminum doubled, increasing from 25 to 50%. The increased tariff rate on the metals are part of President Trump’s plans to provide a leg up for U.S. manufacturers and invigorate a domestic industry that has lost significant business to foreign competitors in recent decades. Trump originally announced the tariff increase while visiting a Pennsylvania steel mill last week. The Trump administration’s executive order noted that the new tariff rate was intended to “counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States market and thereby undercut the competitiveness of the United States steel and aluminum industries.”

Tariff Watch, June 2

• On Friday, May 30, President Trump announced at a U.S. Steel factory in Pennsylvania that he would be doubling the current tariff rate on steel and aluminum, from 25% to 50%. He later clarified his announcement through a post on Truth Social, specifying that the new 50% tariff rate would take effect on June 4. “It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!” he wrote. 
• On Monday, June 2, the Chinese Ministry of Commerce (MOFCOM) issued a statement accusing the United States of violating the recent trade agreement struck in Geneva, Switzerland, just a few weeks ago. MOFCOM said that the U.S. had implemented new guidelines on export controls for AI semiconductors, as well as restrictions on chip design software. “If the US insists on its own way and continues to damage China’s interests,” the Ministry said, “China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests.”

Tariff Watch, May 30

• On Thursday, May 29, a federal appeals court stayed the decision reached a day earlier, by the U.S. Court of International Trade, that deemed President Trump’s tariffs an act of “unbounded authority” and directed the Trump administration to end most of the so-called reciprocal tariffs. Thursday’s ruling, which was made by the U.S. Court of Appeals for the Federal Circuit, effectively pauses the USCIT’s decision. A panel of judges with the appeals court is currently considering the administration’s request for a longer postponement in the enforcement of the USCIT ruling. 

Tariff Watch, May 29

• On Wednesday, May 28, the U.S. Court of International Trade, a federal court that interprets, applies, and adjudicates on customs and international trade law, found that President Trump overstepped his bounds in implementing “reciprocal tariffs” on dozens of countries all over the world. The USCIT asserted that federal law did not grant the president “unbounded authority” to impose sweeping tariffs, and that Trump exceeded his powers when he administered them. What remains to be seen, however, is how the Trump administration is going to respond to this decision, and if and when the ruling will materially impact existing tariffs. The USCIT gave the Trump administration 10 days to carry out the bureaucratic steps necessary to cease many of its tariffs. The executive branch, meanwhile, has already begun the process of appealing the decision through the U.S. Court of Appeals. 

Tariff Watch, May 27

• On Sunday, May 25, President Trump announced that he had agreed to delay the 50% tariff on EU goods entering the U.S. until July 9. Trump had originally set forth the possibility of imposing a 50% tariff on EU imports earlier in the week, after denouncing on Truth Social a lack of progress in trade negotiations with the economic bloc. Following a call with European Commission President Ursula von der Leyen, however, Trump decided to push implementation by around five weeks. Speaking to reporters at Morristown Municipal Airport in New Jersey on Sunday, Trump said that the European Commission president “wants to get down to serious negotiation.” Immediately following the talk with reporters, Trump posted on Truth Social that “talks will begin rapidly.”

Tariff Watch, May 23

• On Friday, May 23, President Trump published several posts on Truth Social that threatened to resume a global trade war that had simmered in recent weeks. First, Trump asserted that Apple’s iPhones should be “manufactured and built in the United States, not India, or anyplace else.” If the company did not start onshoring its manufacturing, he said, the smartphones could face a tariff of 25%. Later Friday morning, the president took to the social media platform again to express his mounting frustrations with trade talks between the U.S. and the European Union, which he contended were “going nowhere.” In light of this lack of progress, Trump wrote that he was “recommending a straight 50% Tariff on the European Union, starting on June 1, 2025.” 

Tariff Watch, May 20

• On Tuesday, May 20, outlets began reporting that Chinese shipments of the Apple iPhone, as well as other mobile devices, dropped to their lowest levels in nearly 15 years during the month of April. Smartphones exported from China to the U.S. declined over 70% in the month, a decrease that was significantly more severe than the 21% drop in Chinese exports overall. The April statistics highlight just how impactful the Trump administration’s tariffs have already been on high-tech supply chains that rely on direct and subtier manufacturers based in China. 

Tariff Watch, May 15

• Earlier this week, the White House issued an executive order that reduced the “de minimis” tariff on Chinese goods to as low as 30%, depending on the carrier. The de minimis category covers imports that are valued at $800 or less, and the Trump administration had implemented a tariff rate between 120% and 145% for items below this valuation being imported from China. The U.S. government has also kept in place an alternative, $100 “flat-fee” tariff option for de minimis Chinese imports. A previously planned increase to $200 for that duty measure—originally slated for implementation on  June 1—has been scratched. 

Tariff Watch, May 12

• On Monday, May 12, the U.S. announced that it had reached a temporary trade deal with China after Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with the nation’s top trade official, He Lifeng, in Switzerland over the weekend. The world’s two largest economies agreed to substantially drop the reciprocal tariffs that have roiled the global economy and scrambled U.S. supply chains long reliant on Chinese manufacturing. The U.S. will lower the tariff President Trump imposed in April from 145% to 30%, while China will mirror the 115% drop by lowering its own tariff on U.S. goods from 125% to 10%. For now, the deescalation is only a reprieve, as the measures are set to last for 90 days. Bessent told CNBC on Monday that he expected to meet with trade negotiators from China again in the coming weeks to continue trade talks, with the goal of securing a more comprehensive, lasting agreement.

Tariff Watch, May 7

• On Wednesday, May 7, the Chinese government indicated that it would move forward with trade talks with the U.S. in an effort to ratchet down geopolitical tensions and assuage the prohibitively high tariffs currently being imposed by both countries. China said that its top trade official, He Lifeng, would meet with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer in Switzerland later this week. Having for weeks taken a hardline stance against capitulating to the Trump administration’s approach to trade relations, China announced that it had arrived at this decision with a “full consideration of global expectations, China’s interests and the calls of American industry and consumers.” The talks are scheduled to take place in Geneva on Saturday. 

Tariff Watch, May 5

• On Sunday, May 4, President Trump announced on social media plans to impose 100% tariffs on movies made in foreign countries. Trump’s post proclaimed that “The Movie Industry in America is DYING a very fast death,” and that he had authorized the United States Trade Representative, Jamieson Greer, to “immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.” Details at this point remain vague, with most reports unclear on the scope of Trump’s announced tariff, including whether it would impact American productions filmed internationally, independent foreign films, and/or streaming movies. 

Tariff Watch, May 2

• On Friday, May 2, the Trump administration officially closed a loophole that had been permitting imports valued at $800 or less to be exempted from tariffs and other customs duties. The loophole, known as the de minimis rule or the de minimis exception, helped lead to an unprecedented increase in the number of small, cheap packages shipped to the U.S. from countries like China. The Trump administration believes that closing this loophole will help domestic businesses grow more competitive by throttling the flood of cheap goods from overseas. 

Tariff Watch, May 1

• On Wednesday, April 30, Chinese state-run media reported that the Trump administration reached out to Beijing in an effort to begin tariff de-escalation talks. Yuyuantantian, a Weibo account affiliated with China Central Television (CCTV), reported in a post that the U.S. government has initiated contact via several different channels, citing anonymous sources with knowledge of the subject. 

Tariff Watch, April 30

• On Tuesday, April 29, President Trump signed two executive orders granting relief to the U.S. auto industry from a wave of costly tariffs. In the first and most consequential of the executive orders, Trump exempted automakers from any tariffs outside the 25% levy on imported vehicles that went into effect on April 3 (a related 25% tariff on auto parts is still set to be implemented on May 3). The second EO allows automakers to apply for tariff relief that could cover some of the costs associated with importing auto parts. This cost mitigation program is set to remain in effect for two years. Because the two 25% auto industry tariffs remain in effect, however, experts still expect the costs of vehicles, insurance, and repairs to rise markedly in the coming months.

Tariff Watch, April 28

• On Monday, April 28, reports continued to surface that a number of Asian nations, including South Korea, India, and Japan, were actively engaged in trade talks with the U.S. In addition, corporations are telling major outlets that the impact of the 145% combined tariffs on China will soon start to reverberate through their businesses. So far, retailers like Walmart and Target have been able to insulate themselves from the effects of disproportionately high duty rates because of existing inventory. But those stockpiles will start running out by the middle of May, and both companies have said that the transition into the new trade environment could include higher prices and even empty shelves—presumably owing to the suspension of supply chains in China. 

Tariff Watch, April 25

• On Thursday, April 24, Chinese Commerce Ministry spokesperson He Yadong addressed comments made by U.S. President Donald Trump earlier in the week that the two nations—now engaged in an increasingly bitter and consequential trade conflict—are participating in discussions around deescalation. While firmly denying that any trade talks had been taking place, He called on the U.S. to remove the “unilateral tariff measures” imposed on China. "The person who tied the bell must untie it," the spokesperson told reporters during a press conference.

Tariff Watch, April 23

• On Tuesday, April 22, President Trump told reporters at a White House event that his administration’s prohibitively high tariffs on China will soon be lowered significantly. “145% is very high and it won’t be that high,” Trump said while answering questions from the media in the Oval Office. “It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.” The remarks signal a stark shift from the steadfast stance President Trump has held for the past several weeks. The softer approach was on display earlier in the day as well, when Treasury Secretary Scott Bessent told attendants at a conference held by JP Morgan Chase that the current trade dynamics between the U.S. and China were not sustainable. 

Tariff Watch, April 21

• On Monday, April 21, the Chinese government issued a sharp response to reports that the U.S. will offer tariff exemptions to other nations if they reduce their trade with China. Beijing called the actions economic coercion and warned other countries that embracing a policy of appeasement will only harm all parties involved in exchange for a temporary reprieve. 
• On Monday, April 21, outlets reported that U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with South Korea’s Finance Minister, Choi Sang-mok, and Industry Minister Ahn Duk-geun in Washington later this week to begin tariff and trade negotiations. South Korea’s acting President, Han Duck-soo, recently issued a statement saying that the nation will work to “find a win-win solution for both countries through calm and serious consultations.”

Tariff Watch, April 17

Following President Trump’s Liberation Day announcements, the past two weeks have seen a flurry of new developments, including retaliatory tariffs by other countries, last-minute pauses on Liberation Day tariffs, and even new exclusions impacting specific sectors.

• On Wednesday, April 9, a new reciprocal 84% tariff on all Chinese goods took effect, bringing the total tariff rate on Chinese goods to 104%. (Semiconductors remain exempt from the reciprocal tariffs for now, but they’re still subject to a 70% overall tariff rate.) In response to the tariff, China’s State Council Tariff Commission announced plans to levy an 84% tariff on all U.S. imports, effective April 10. Following this escalation, President Trump issued a 90-day pause on the implementation of most of his reciprocal tariffs—excluding those targeting China. Instead, the Trump administration declared that it would further raise tariffs on Chinese imports to 125%.
• On Friday, April 11, China continued the tit-for-tat escalation with the U.S. by raising its tariff rate on American imports to 125%. Later in the day, Customs and Border Protection issued a bulletin stating that a number of major electronics imports would be exempt from the Trump administration’s reciprocal tariffs. Smartphones, semiconductors, computer monitors, and a range of electronic components are now temporarily excluded from the 125% reciprocal tariffs. (The CBP bulletin listed 20 specific product categories.) The 20% across-the-board tariffs on all Chinese imports issued prior to Liberation Day—sometimes referred to as the “fentanyl tariffs”—are still in effect for these products.
• On Sunday, April 13, President Trump told reporters on Air Force One that he planned to announce new tariffs on foreign semiconductors being imported into the U.S. over the following week. The development came just two days after the Trump administration issued an exemption for 20 different electronic product categories, including semiconductors.
• On Tuesday, April 15, news outlets reported that China had begun directing its domestic airlines to stop sourcing jets from American aerospace manufacturer Boeing, and to cease purchasing aircraft parts from Boeing and other U.S. aerospace firms. These measures are in line with China’s efforts to utilize restrictions beyond tariffs in its ongoing trade conflict with the U.S.

‍

Tariff Watch, June 9

• On Monday, June 9, top officials from the U.S. and China will meet in London to continue discussing a potential trade deal that could bring major economic relief to the two superpowers. The Trump administration has sent Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, while the Chinese Community Party (CCP) is represented by He Lifeng, China’s vice premier for economic policy. Those familiar with the proceedings expect the trade talks to run through Tuesday.

Tariff Watch, June 6

• On Thursday, June 5, U.S. President Trump and Chinese President Xi Xinping finally held their long-awaited phone call, as both countries try to make progress on tariff talks and work toward a trade detente. Afterward, Trump characterized the call as “positive,” while Chinese state media reported that Xi continued to insist that the U.S. remove the detrimental trade restrictions imposed on China.

Tariff Watch, June 4

• On Wednesday, June 4, tariffs on foreign steel and aluminum doubled, increasing from 25 to 50%. The increased tariff rate on the metals are part of President Trump’s plans to provide a leg up for U.S. manufacturers and invigorate a domestic industry that has lost significant business to foreign competitors in recent decades. Trump originally announced the tariff increase while visiting a Pennsylvania steel mill last week. The Trump administration’s executive order noted that the new tariff rate was intended to “counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States market and thereby undercut the competitiveness of the United States steel and aluminum industries.”

Tariff Watch, June 2

• On Friday, May 30, President Trump announced at a U.S. Steel factory in Pennsylvania that he would be doubling the current tariff rate on steel and aluminum, from 25% to 50%. He later clarified his announcement through a post on Truth Social, specifying that the new 50% tariff rate would take effect on June 4. “It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!” he wrote. 
• On Monday, June 2, the Chinese Ministry of Commerce (MOFCOM) issued a statement accusing the United States of violating the recent trade agreement struck in Geneva, Switzerland, just a few weeks ago. MOFCOM said that the U.S. had implemented new guidelines on export controls for AI semiconductors, as well as restrictions on chip design software. “If the US insists on its own way and continues to damage China’s interests,” the Ministry said, “China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests.”

Tariff Watch, May 30

• On Thursday, May 29, a federal appeals court stayed the decision reached a day earlier, by the U.S. Court of International Trade, that deemed President Trump’s tariffs an act of “unbounded authority” and directed the Trump administration to end most of the so-called reciprocal tariffs. Thursday’s ruling, which was made by the U.S. Court of Appeals for the Federal Circuit, effectively pauses the USCIT’s decision. A panel of judges with the appeals court is currently considering the administration’s request for a longer postponement in the enforcement of the USCIT ruling. 

Tariff Watch, May 29

• On Wednesday, May 28, the U.S. Court of International Trade, a federal court that interprets, applies, and adjudicates on customs and international trade law, found that President Trump overstepped his bounds in implementing “reciprocal tariffs” on dozens of countries all over the world. The USCIT asserted that federal law did not grant the president “unbounded authority” to impose sweeping tariffs, and that Trump exceeded his powers when he administered them. What remains to be seen, however, is how the Trump administration is going to respond to this decision, and if and when the ruling will materially impact existing tariffs. The USCIT gave the Trump administration 10 days to carry out the bureaucratic steps necessary to cease many of its tariffs. The executive branch, meanwhile, has already begun the process of appealing the decision through the U.S. Court of Appeals. 

Tariff Watch, May 27

• On Sunday, May 25, President Trump announced that he had agreed to delay the 50% tariff on EU goods entering the U.S. until July 9. Trump had originally set forth the possibility of imposing a 50% tariff on EU imports earlier in the week, after denouncing on Truth Social a lack of progress in trade negotiations with the economic bloc. Following a call with European Commission President Ursula von der Leyen, however, Trump decided to push implementation by around five weeks. Speaking to reporters at Morristown Municipal Airport in New Jersey on Sunday, Trump said that the European Commission president “wants to get down to serious negotiation.” Immediately following the talk with reporters, Trump posted on Truth Social that “talks will begin rapidly.”

Tariff Watch, May 23

• On Friday, May 23, President Trump published several posts on Truth Social that threatened to resume a global trade war that had simmered in recent weeks. First, Trump asserted that Apple’s iPhones should be “manufactured and built in the United States, not India, or anyplace else.” If the company did not start onshoring its manufacturing, he said, the smartphones could face a tariff of 25%. Later Friday morning, the president took to the social media platform again to express his mounting frustrations with trade talks between the U.S. and the European Union, which he contended were “going nowhere.” In light of this lack of progress, Trump wrote that he was “recommending a straight 50% Tariff on the European Union, starting on June 1, 2025.” 

Tariff Watch, May 20

• On Tuesday, May 20, outlets began reporting that Chinese shipments of the Apple iPhone, as well as other mobile devices, dropped to their lowest levels in nearly 15 years during the month of April. Smartphones exported from China to the U.S. declined over 70% in the month, a decrease that was significantly more severe than the 21% drop in Chinese exports overall. The April statistics highlight just how impactful the Trump administration’s tariffs have already been on high-tech supply chains that rely on direct and subtier manufacturers based in China. 

Tariff Watch, May 15

• Earlier this week, the White House issued an executive order that reduced the “de minimis” tariff on Chinese goods to as low as 30%, depending on the carrier. The de minimis category covers imports that are valued at $800 or less, and the Trump administration had implemented a tariff rate between 120% and 145% for items below this valuation being imported from China. The U.S. government has also kept in place an alternative, $100 “flat-fee” tariff option for de minimis Chinese imports. A previously planned increase to $200 for that duty measure—originally slated for implementation on  June 1—has been scratched. 

Tariff Watch, May 12

• On Monday, May 12, the U.S. announced that it had reached a temporary trade deal with China after Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with the nation’s top trade official, He Lifeng, in Switzerland over the weekend. The world’s two largest economies agreed to substantially drop the reciprocal tariffs that have roiled the global economy and scrambled U.S. supply chains long reliant on Chinese manufacturing. The U.S. will lower the tariff President Trump imposed in April from 145% to 30%, while China will mirror the 115% drop by lowering its own tariff on U.S. goods from 125% to 10%. For now, the deescalation is only a reprieve, as the measures are set to last for 90 days. Bessent told CNBC on Monday that he expected to meet with trade negotiators from China again in the coming weeks to continue trade talks, with the goal of securing a more comprehensive, lasting agreement.

Tariff Watch, May 7

• On Wednesday, May 7, the Chinese government indicated that it would move forward with trade talks with the U.S. in an effort to ratchet down geopolitical tensions and assuage the prohibitively high tariffs currently being imposed by both countries. China said that its top trade official, He Lifeng, would meet with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer in Switzerland later this week. Having for weeks taken a hardline stance against capitulating to the Trump administration’s approach to trade relations, China announced that it had arrived at this decision with a “full consideration of global expectations, China’s interests and the calls of American industry and consumers.” The talks are scheduled to take place in Geneva on Saturday. 

Tariff Watch, May 5

• On Sunday, May 4, President Trump announced on social media plans to impose 100% tariffs on movies made in foreign countries. Trump’s post proclaimed that “The Movie Industry in America is DYING a very fast death,” and that he had authorized the United States Trade Representative, Jamieson Greer, to “immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands.” Details at this point remain vague, with most reports unclear on the scope of Trump’s announced tariff, including whether it would impact American productions filmed internationally, independent foreign films, and/or streaming movies. 

Tariff Watch, May 2

• On Friday, May 2, the Trump administration officially closed a loophole that had been permitting imports valued at $800 or less to be exempted from tariffs and other customs duties. The loophole, known as the de minimis rule or the de minimis exception, helped lead to an unprecedented increase in the number of small, cheap packages shipped to the U.S. from countries like China. The Trump administration believes that closing this loophole will help domestic businesses grow more competitive by throttling the flood of cheap goods from overseas. 

Tariff Watch, May 1

• On Wednesday, April 30, Chinese state-run media reported that the Trump administration reached out to Beijing in an effort to begin tariff de-escalation talks. Yuyuantantian, a Weibo account affiliated with China Central Television (CCTV), reported in a post that the U.S. government has initiated contact via several different channels, citing anonymous sources with knowledge of the subject. 

Tariff Watch, April 30

• On Tuesday, April 29, President Trump signed two executive orders granting relief to the U.S. auto industry from a wave of costly tariffs. In the first and most consequential of the executive orders, Trump exempted automakers from any tariffs outside the 25% levy on imported vehicles that went into effect on April 3 (a related 25% tariff on auto parts is still set to be implemented on May 3). The second EO allows automakers to apply for tariff relief that could cover some of the costs associated with importing auto parts. This cost mitigation program is set to remain in effect for two years. Because the two 25% auto industry tariffs remain in effect, however, experts still expect the costs of vehicles, insurance, and repairs to rise markedly in the coming months.

Tariff Watch, April 28

• On Monday, April 28, reports continued to surface that a number of Asian nations, including South Korea, India, and Japan, were actively engaged in trade talks with the U.S. In addition, corporations are telling major outlets that the impact of the 145% combined tariffs on China will soon start to reverberate through their businesses. So far, retailers like Walmart and Target have been able to insulate themselves from the effects of disproportionately high duty rates because of existing inventory. But those stockpiles will start running out by the middle of May, and both companies have said that the transition into the new trade environment could include higher prices and even empty shelves—presumably owing to the suspension of supply chains in China. 

Tariff Watch, April 25

• On Thursday, April 24, Chinese Commerce Ministry spokesperson He Yadong addressed comments made by U.S. President Donald Trump earlier in the week that the two nations—now engaged in an increasingly bitter and consequential trade conflict—are participating in discussions around deescalation. While firmly denying that any trade talks had been taking place, He called on the U.S. to remove the “unilateral tariff measures” imposed on China. "The person who tied the bell must untie it," the spokesperson told reporters during a press conference.

Tariff Watch, April 23

• On Tuesday, April 22, President Trump told reporters at a White House event that his administration’s prohibitively high tariffs on China will soon be lowered significantly. “145% is very high and it won’t be that high,” Trump said while answering questions from the media in the Oval Office. “It won’t be anywhere near that high. It’ll come down substantially. But it won’t be zero.” The remarks signal a stark shift from the steadfast stance President Trump has held for the past several weeks. The softer approach was on display earlier in the day as well, when Treasury Secretary Scott Bessent told attendants at a conference held by JP Morgan Chase that the current trade dynamics between the U.S. and China were not sustainable. 

Tariff Watch, April 21

• On Monday, April 21, the Chinese government issued a sharp response to reports that the U.S. will offer tariff exemptions to other nations if they reduce their trade with China. Beijing called the actions economic coercion and warned other countries that embracing a policy of appeasement will only harm all parties involved in exchange for a temporary reprieve. 
• On Monday, April 21, outlets reported that U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with South Korea’s Finance Minister, Choi Sang-mok, and Industry Minister Ahn Duk-geun in Washington later this week to begin tariff and trade negotiations. South Korea’s acting President, Han Duck-soo, recently issued a statement saying that the nation will work to “find a win-win solution for both countries through calm and serious consultations.”

Tariff Watch, April 17

Following President Trump’s Liberation Day announcements, the past two weeks have seen a flurry of new developments, including retaliatory tariffs by other countries, last-minute pauses on Liberation Day tariffs, and even new exclusions impacting specific sectors.

• On Wednesday, April 9, a new reciprocal 84% tariff on all Chinese goods took effect, bringing the total tariff rate on Chinese goods to 104%. (Semiconductors remain exempt from the reciprocal tariffs for now, but they’re still subject to a 70% overall tariff rate.) In response to the tariff, China’s State Council Tariff Commission announced plans to levy an 84% tariff on all U.S. imports, effective April 10. Following this escalation, President Trump issued a 90-day pause on the implementation of most of his reciprocal tariffs—excluding those targeting China. Instead, the Trump administration declared that it would further raise tariffs on Chinese imports to 125%.
• On Friday, April 11, China continued the tit-for-tat escalation with the U.S. by raising its tariff rate on American imports to 125%. Later in the day, Customs and Border Protection issued a bulletin stating that a number of major electronics imports would be exempt from the Trump administration’s reciprocal tariffs. Smartphones, semiconductors, computer monitors, and a range of electronic components are now temporarily excluded from the 125% reciprocal tariffs. (The CBP bulletin listed 20 specific product categories.) The 20% across-the-board tariffs on all Chinese imports issued prior to Liberation Day—sometimes referred to as the “fentanyl tariffs”—are still in effect for these products.
• On Sunday, April 13, President Trump told reporters on Air Force One that he planned to announce new tariffs on foreign semiconductors being imported into the U.S. over the following week. The development came just two days after the Trump administration issued an exemption for 20 different electronic product categories, including semiconductors.
• On Tuesday, April 15, news outlets reported that China had begun directing its domestic airlines to stop sourcing jets from American aerospace manufacturer Boeing, and to cease purchasing aircraft parts from Boeing and other U.S. aerospace firms. These measures are in line with China’s efforts to utilize restrictions beyond tariffs in its ongoing trade conflict with the U.S.

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