While some of President Donald Trump’s so-called Liberation Day tariffs have already started, others have been paused or rolled back amid 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. Stated goals for the tariffs include raising revenue for the US government, righting trade imbalances, and achieving other policy goals, such as cracking down on drugs and border policy.
Companies are bracing for impact. Sean Stein, the president of the US-China Business Council, told NBC News 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 over a month after Trump’s big tariffs 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. Trump’s trade deal with the UK, however, reduced tariff rates on British steel, aluminum, and cars in exchange for the UK buying $10 billion worth of Boeing planes, among other things.
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25% tariff on some goods from Mexico and Canada started in March
Trump’s tariffs on goods from Mexico and Canada that are not compliant with the United States-Mexico-Canada Agreement are meant to compel those countries to combat drug trafficking and strengthen border control. Exempted goods include those with complex supply chains, like cars and car parts. In addition, energy imports from Canada have a 10% tariff.
10% baseline tariff on most imports started in 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, citing the tariffs in place or anticipation of more to come. One Republican business owner previously told Business Insider that he had started adding a “tariff tax” on his bikes, expecting that producing electric bikes would be 10% more expensive.
The White House press secretary, Karoline Leavitt, said at a press conference in early May that Trump was “determined to continue with that 10% baseline tariff” as part of any deal he might strike with other countries.
Postponed tariffs
“Reciprocal” tariffs were mostly paused 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% 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 said he was open to making deals with countries to bring down rates. His deal with the United Kingdom was the first major agreement after the tariffs.
Tariffs on China were 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 had reached an agreement to “substantially” lower tariffs. Bessent said Trump’s 145% tariff on Chinese goods would decrease to 30% for 90 days. China in turn said it would lower its tariffs on American goods to 10% from 125% over the same time period.
US Customs and Border Protection had previously exempted smartphones, computers, and other technology to minimize price increases on those products in the US. The most significant price impact from tariffs will most likely be felt on other goods imported from China, especially toys and vehicle parts.
Other tariffs floated by Trump
Lumber
On March 1, Trump directed Commerce Secretary Howard Lutnick to investigate US lumber imports and determine whether any imports threatened national security. Tariffs were recommended as a possibility 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 200% tariffs 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.
