WASHINGTON, May 27 — US President Donald Trump’s tariff decisions since taking office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy.
Here is a timeline of the major developments:
February 1 — Trump imposes 25 per cent tariffs on Mexican and most Canadian imports and 10 per cent on goods from China, demanding they curb the flow of fentanyl and illegal immigrants into the US.
February 3 — Trump suspends his threat of tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement. The US does not reach such a deal with China.
February 7 — Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue.
February 10 — Trump raises tariffs on steel and aluminium to a flat 25 per cent “without exceptions or exemptions”.
March 3 — Trump says 25 per cent tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20 per cent.
March 5 — The president agrees to delay tariffs for one month on some vehicles built in Canada and Mexico after a call with the CEOs of General Motors and Ford and the chair of Stellantis.
March 6 — Trump exempts goods from Canada and Mexico under a North American trade pact for a month from the 25 per cent tariffs.
March 26 — Trump unveils a 25 per cent tariff on imported cars and light trucks.
April 2 — Trump announces global tariffs with a baseline of 10 per cent across all imports and significantly higher duties on some of the US’ biggest trading partners.
April 9 — Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier following an upheaval in financial markets that erased trillions of dollars from bourses around the world.
The 10 per cent blanket duty on almost all US imports stays in place. Trump says he will raise the tariff on Chinese imports to 125 per cent from the 104 per cent level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145 per cent, including the fentanyl-related tariffs imposed earlier.
April 13 — The US administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China.
April 22 — The Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors.
May 4 — Trump imposes a 100 per cent tariff on all movies produced outside the US.
May 9 — Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10 per cent tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive US duties on British car exports.
May 12 — The US and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the US will cut the extra tariffs it imposed on Chinese imports to 30 per cent from 145 per cent, while China’s duties on US imports will be slashed to 10 per cent from 125 per cent.
May 13 — The US cuts the low-value de minimis tariff on China shipments, reducing duties for items valued at up to US$800 to 54 per cent from 120 per cent.
May 23 — Trump says he is recommending a straight 50 per cent tariff on goods from the European Union starting on June 1.
He also warned Apple it would face a 25 per cent tariff if phones it sold in the US were manufactured outside of the country.
May 25 — Trump backpedals on his threat to slap 50 per cent tariffs on imports from the EU, agreeing to extend the deadline for talks between the US and the bloc until July 9. — Reuters
