 "As Trump announces tariffs on cars, here's complete tariffs' timeline")
US President Donald Trump has fired the latest salvo on his trade war on the world.
In the latest salvo, Trump on Wednesday (March 26) announced 25 per cent tariffs on all imported automobiles. Earlier in the week, he had announced tariffs on countries buying oil and gas from Venezuela and pledged tariffs on pharmaceuticals.
The development comes less than two weeks of 25 per cent tariffs on steel and aluminium imports coming into effect on March 12 with no exceptions.
Previously, Trump’s 25 per cent tariffs on Canada and Mexico and 10 per cent additional tariffs on China went into effect on March 4 — these tariffs on China were on top of 10 per cent tariffs implemented last month. Canada's retaliatory tariffs of 25 per cent on goods worth C$150 billion came into effect immediately.
Two days later, on March 6, Trump paused many tariffs on Canada and Mexico for one month. However, while headlines suggested that Trump had paused all tariffs, the reality was that only goods covered under the US-Mexico-Canada Agreement (USMCA) were exempted. This meant that the majority of goods from Canada and Mexico still face tariffs .
Since winning the election, Trump has announced tariffs of various types but he has often been vague with the timelines. Late last month, Trump said tariffs on Canada and Mexico will go into effect on April 2, but said a day later that it will happen on March 4.
Impact Shorts
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Trump’s tariffs have led to market volatility and markets have fallen sharply this month. The fears of a recession are such that even Trump has refused to rule out one. The flip-flop decision-making has led to loss of confidence in the US government. There are also concerns of inflation as a result of increased costs for American manufacturers and consumers depending on imports.
In less than two months, Trump has unleashed a bouquet of tariffs on the world: specific tariffs on Canada, Mexico, and China; general tariffs on steel and aluminium; and reciprocal tariffs that will be tailor-made for every country. So far, only tariffs on China, Canada, and Mexico have gone into effect, and China and Canada have retaliated with their own tariffs.
Amid so many tariffs and uncertainties around timeline, here we list all the tariffs that Trump has announced and when they are set go into effect:
Tariffs on Canada & Mexico — March 4 (partially delayed to April 2)
Trump’s 25 per cent tariffs on Canada and Mexico came into effect on March 4.
Shortly after winning the election, Trump announced he will impose 25 per cent tariffs on Canada and Mexico for their failure to check the flow of illegal immigrants and fentanyl into the United States from their soil. He also announced 10 per cent tariff on China as fentanyl is often sourced from China.
Even though Trump signed executive actions regarding these tariffs soon after assuming office, Canada and Mexico secured monthlong reprieves in early February. After the expiry of waivers, tariffs came into effect on Tuesday.
As industries outraged, Trump on March 5 paused tariffs affecting automobiles for month and a day later extended the pause to all goods covered under the USMCA. However, The New York Times reported a White House official as saying that only 38 per cent of Canadian imports will be covered under the USMCA pause and just 50 per cent of Mexican imports.
Moreover, Canadian potash, needed for fertilisers, and oil are being tariffed at 10 per cent.
Tariffs on China — implemented on Feb. 4, 2nd tranche on March 4
While Canada and Mexico secured one-month reprieves last month, the 10 per cent tariff for China came into effect on Feb. 4. On top of these tariffs, 10 per cent additional tariff came into effect on March 4.
Within minutes of Trump’s tariffs coming into effect on Feb. 4, China announced retaliatory 15 per cent tariff on certain types of US coal and liquefied natural gas (LNG) and a 10 per cent tariff on crude oil, agricultural machinery, large cars, and pick-up trucks. These tariffs came into effect on Feb. 10.
In response to the second tranche of tariffs, China announced 15 per cent tariffs on US chicken, wheat, corn, and cotton, and 10 per cent tariff on US soybeans, sorghum, pork, beef, aquatic products, fruits, vegetables, and dairy imports. These tariffs will come into effect on March 10. China also put 25 US firms under export and investment restrictions.
ALSO READ: Is China the real target of Trump's 25% tariff on steel, aluminum?
Separately, Trump on Monday (March 24) imposed indirect tariff on China with his announcement of 25 per cent tariff on any country purchasing oil and gas from Venezuela. China is the biggest buyer of Venezuelan oil and purchased around 55 per cent of all Venezuelan oil exports last month.
Tariffs on steel and aluminium — March 12
Trump’s 25 per cent tariffs on steel and aluminium imports came into effect on March 12 without exceptions.
The tariffs will hit Canada the hardest as these tariffs will be on top of 25 per cent Canada-specific tariffs and Canada is the largest exporter of steel and aluminium to the United States.
In the run-up to the tariffs’ implementation, Trump had declared he would hit Canada even harder by raising these 25 per cent tariffs to 50 per cent for Canada. However, hours before tariffs went into effect, Trump backtracked the hike and Canada now faces 25 per cent tariffs like the rest of the world.
Reciprocal tariffs — April 2 onward
Trump’s reciprocal tariffs can go into effect starting April 2.
Reciprocal tariffs mean that the United States would impose the same tariffs on a country’s products that the country imposes on US products. These tariffs will be therefore country-specific.
As per the executive order signed on Feb. 14, Commerce Secretary Howard Lutnick will study all countries’ tariffs by April 1 and submit a report to the White House and then Trump can theoretically start imposing tariffs on April 2, according to Yahoo Finance.
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However, tariffs from April 2 are unlikely as countries, such as India and the United Kingdom, are negotiating to avoid a trade war by reaching a middle ground.
In line with his topsy turvy approach to tariffs, Trump on Monday (March 24) said he “may give a lot of countries breaks” but added that he may not just match tariffs imposed by others but even apply higher rates in rolling out reciprocal tariffs.
Agricultural products, cars, semiconductors, and pharmaceuticals are expected to be the focus of these tariffs, according to Yahoo Finance.
Separately, tariffs on lumber are also expected.
Trump has particularly singled out the European Union (EU) and India to be targeted.
Tariffs on European Union — no clear timeline
Trump has been very critical of the EU has said he would impose tariffs, possibly to the tune of 25 per cent, on the bloc.
These tariffs may be part of the reciprocal tariffs regime or may be imposed separately.
Trump said, “We have made a decision. We’ll be announcing it very soon, and it’ll be 25 per cent generally speaking, and that’ll be on cars and all of the things.”
Tariffs on copper — no clear timeline
Trump has ordered an investigation into copper imports.
Once the report is completed and submitted, Trump is expected to announce tariffs on copper imports. He has neither said anything about the scope of tariffs nor the timeline.
Venezuela-related tariffs — Starting April 2
Trump on Monday (March 24) announced that any country buying Venezuelan oil and gas will face 25 per cent trade on their trade with the United States.
Trump said these 25 per cent tariffs will be on top of any existing tariffs and will come into effect on April 2.
As the largest buyer of Venezuelan oil, China will be hit hardest from the tariff. In two tranches, Trump has imposed 20 per cent tariff on China on top of a host of tariffs previously imposed by the Joe Biden administration.
Tariffs on automobiles — starting April 2
Trump on Wednesday (March 26) announced 25 per cent tariffs on automobiles.
The tariffs will come into effect on April 2. The Trump administration looks forward to collecting $100 billion in revenue from these tariffs.
Tariffs on pharmaceuticals — no clear timeline
Trump on Monday (March 24) pledged tariffs on pharmaceuticals.
Trump said pharmaceuticals tariffs will be announced “in the very near future, not the long future, the very near future”.
Trump also said that tariffs would be imposed on lumber and semiconductors “down the road”.
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