Sweeping tariffs issued by President Donald Trump this week upended relations with top U.S. trading partners, roiled the stock market and stoked diplomatic tensions.
The Trump administration slapped 25% tariffs on goods from Mexico and Canada, as well as 10% tariffs on imports from China. The fresh round of duties on Chinese goods doubled an initial set of tariffs placed on China last month.
A day later, Trump issued a one-month delay for tariffs on auto-related goods from Mexico and Canada. The carve-out expanded soon afterward with an additional one-month pause for goods from Mexico and Canada compliant with the United States-Mexico-Canada Agreement, or USMCA, a free trade agreement.
The tariffs reprised — and, in some ways, escalated — a policy approach pursued during Trump’s first term in office.
Below is a timeline of Trump’s recent effort to impose far-reaching tariffs, and what has happened since they took effect.
Oct. 15, 2024 – In an appearance at the Economic Club of Chicago, then-presidential nominee Donald Trump voiced enthusiasm for tariffs. “To me, the most beautiful word in the dictionary is ‘tariff,'” Trump said. The comments exemplified the fervor with which Trump backed tariffs during the 2024 presidential campaign.
Nov. 25, 2024 – Less than three weeks after his election victory, Trump announced on Truth Social plans to place 25% tariffs on all imports from Canada and Mexico, citing an alleged failure to secure their respective borders with the U.S. Trump also said he would put 10% tariffs on goods from China, calling on the country to stop production of illegal fentanyl bound for the U.S.
Jan. 20 – Trump signed a memo calling on Cabinet members to “assess the unlawful migration and fentanyl flows” from Canada, Mexico and China. Afterward, officials should “recommend appropriate trade and national security measures to resolve that emergency,” the memo said.
Feb. 1 – Trump ordered 25% tariffs on goods from Mexico and Canada, as well as 10% tariffs on imports from China. The White House said the tariffs would take effect on Feb. 4.
Feb. 3 – Trump announced a one-month pause of tariffs on Canada and Mexico after reaching agreements with each country that included commitments to bolster border enforcement.
Feb. 4 – The U.S. imposed 10% tariffs on goods from China.
Feb. 27 – Trump affirmed plans to impose 25% tariffs on Canada and Mexico when the one-month delay expires on March 4. He also announced that an additional 10% tariff on goods from China will also take effect the same day.
March 3 – Speaking at the White House, Trump reiterated plans to move forward with a fresh round of tariffs the following day. Within minutes, the stock market tumbled. The S&P 500 closed down 1.7%, its worst trading day since December.
March 4 – Tariffs on goods from Canada, Mexico and China took effect at 12:01 a.m. ET. A near-instant trade war broke out. China and Canada each responded with retaliatory tariffs, vowing additional measures. Mexican President Claudia Sheinbaum slammed Trump’s tariffs but said she would hold off on retaliatory measures until after a conversation with him. U.S. stocks extended their losses from the previous day.
March 5 – Trump ordered a one-month delay of auto tariffs after a request from the “Big 3” U.S. automakers: Ford, General Motors and Stellantis, the parent company of Jeep and Chrysler. The reprieve triggered a stock market surge, resulting in gains for each of the major indexes by the end of the trading day.
March 6 – Trump signed executive orders temporarily pausing tariffs on Canadian and Mexican goods compliant with the United States-Mexico-Canada Agreement, or USMCA, a free trade agreement. Despite the easing of tariffs, U.S. stocks resumed their previous plunge. The S&P 500 dropped about 2%, while the tech-heavy Nasdaq fell 2.5%.
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