Upon returning to office, U.S. President Donald Trump has launched numerous tariff threats. They range from broad ones - a universal tariff on foreign-imported goods - to ones aimed at specific sectors, regions, or at specific countries in an effort to get others to meet his policy demands.
However, Trump's threats have changed over time, ranging from small levies to ones exceeding 200%, leaving other nations and businesses unclear of what is to come next. Here is a roundup of Trump's trade-related threats.
BROAD TARIFF THREATS
A cornerstone of Trump's vision includes a phased rollout of universal tariffs on all U.S. imports. His recently confirmed Treasury Secretary Scott Bessent has been pushing for a modest 2.5% tariff rate that would climb each month, according to a Financial Times report.
However, Trump has suggested tariffs could be even higher. Whereas tariffs were once the mainstay of U.S. tax revenues, in recent decades they have dwindled to a fraction of U.S. tax receipts. Economists say Trump's policies will be inflationary as importing businesses, who pay tariffs, pass added costs to consumers.
Global trading partners could impose counter-tariffs, targeting U.S. exports like agricultural products, energy, and machinery. This could escalate into a trade war, creating uncertainty for businesses and investors.
THREATS ON SPECIFIC COUNTRIES
Trump's tariff proposals target several key trade partners.
MEXICO AND CANADA: The two countries were the largest trade partners of the U.S. in 2024 through November, with Mexico ranked first. Trump has said he was thinking about imposing 25% duties on imports from Mexico and Canada on Feb. 1, saying they may be necessary as retaliation for migration and fentanyl trafficking.
He did not immediately impose tariffs as he had promised during his election campaign. Canada primarily exports crude oil and other energy goods along with cars and car parts as part of the North American auto manufacturing chain. Mexico exports various goods to the U.S. in the industrial and auto sectors.
CHINA: Trump called a conversation he had with Chinese President Xi Jinping "friendly", but has continued to threaten tariffs against China. In Trump's first term, the two countries engaged in a long trade war that hurt both economies.
RUSSIA: Trump has threatened to hit Russia "and other participating countries" with taxes, tariffs and sanctions if a deal to end the war in Ukraine is not struck soon.
INDIA/BRICS NATIONS: During his campaign Trump called India a "very big abuser" on trade and vowed to use tariffs to correct trade imbalances. He has also threatened the broader BRICS group of nations with tariffs if they did not accept his demand of committing to not create a new currency.
COLOMBIA: Trump immediately said he would put 25% tariffs on Colombian goods after the country refused to take in flights carrying migrants to be deported from the U.S.; the two sides worked out an agreement.
THREATS ON PRODUCTS
SEMICONDUCTORS: Trump has said he wants to impose tariffs on imported computer chips, pointing to Taiwan, where Taiwan Semiconductor Manufacturing Co (2330.TW), the world's largest contract chipmaker, makes semiconductors for Nvidia, Apple and other U.S. clients. TSMC generated 70% of its revenue in 2024 from customers based in North America.
PHARMACEUTICALS: Trump has suggested tariffs on pharmaceutical supplies including medications, which would be a change. Over the last few decades, pharmaceuticals have generally been exempt from tariffs.
METALS: Trump also said he would impose tariffs on aluminum and copper - metals needed to produce U.S. military hardware - as well as steel, to entice producers to make them in the United States. That could raise costs for automakers and other manufacturers who use those raw materials. The U.S. imports 38% of its copper needs and is highly dependent on aluminium imports.
AUTOMOBILES: Trump is mulling 25% duties on imports from Canada and Mexico on Feb. 1, and he has floated the idea of heavy, 100% or greater tariffs on other vehicles, including potentially EVs. The automobile industry accounted for imports of more than $202 billion from Canada and Mexico combined in 2024.
