In April 2025, former President Donald Trump reignited his hardline trade agenda by imposing sweeping tariffs on nearly all U.S. imports. Citing persistent trade imbalances, unfair foreign competition, and the need to revive domestic manufacturing, Trump invoked emergency powers to introduce a baseline 10% tariff, excluding Canada and Mexico. Framing the move as a bold effort to protect American jobs and industries, the administration aimed to pressure trading partners into renegotiating terms more favorable to the U.S. The decision quickly reshaped global trade dynamics and triggered intense diplomatic negotiations.
April 2: President Trump announced a 10% universal tariff on nearly all imports, excluding Canada and Mexico, under the International Emergency Economic Powers Act (IEEPA). This move aimed to address trade deficits and perceived unfair trade practices. (hbkcpa.com)
April 5: The 10% baseline tariff took effect. (hbkcpa.com)
April 9: Country-specific "reciprocal" tariffs were scheduled to commence, targeting nations with significant trade surpluses with the U.S. (hbkcpa.com)
April 10: Executive Order 14257 temporarily suspended country-specific tariffs (excluding China), maintaining the 10% universal tariff until July 9. (glc-inc.com)
May: The U.S. trade deficit narrowed sharply to $61.6 billion, the lowest since September 2023, primarily due to a significant drop in imports as businesses adjusted to the new tariff regime. (money.usnews.com)
June 30: The U.S. and the United Kingdom finalized a partial trade agreement, maintaining a 10% base tariff with certain preferential terms. (theguardian.com)
Throughout June: Negotiations continued with several countries. Vietnam agreed to a 20% tariff and 40% on transshipped goods, while talks with Canada resumed after it withdrew a digital services tax. (businessinsider.com)
July 6: President Trump extended the tariff negotiation deadline from July 9 to August 1, providing countries additional time to reach agreements. (theguardian.com)
July 7: The administration sent tariff notification letters to 12 countries, indicating new tariffs up to 70% effective August 1. (time.com)
July 8: President Trump announced a 50% tariff on copper imports to boost domestic production. This led to a significant increase in U.S. copper futures prices. (reuters.com)
July 8: Additional tariff letters were prepared for 15 to 20 more countries, with a general notice for those not receiving individual letters. (marketwatch.com)
The U.S. trade landscape remains in flux as negotiations, tariff adjustments, and policy shifts continue to unfold under the Trump administration. With key deadlines extended and new measures announced weekly, global markets and trading partners are closely watching for the next move. As these developments evolve, this article will be regularly updated to reflect the most current information on U.S. and global trade policies. Stay tuned for the latest updates, insights, and implications impacting businesses, supply chains, and international relations.
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