Trump's second-term tariffs, from 'Liberation Day' to the trade deals

The broadest turn came on April 2, 2025, when Trump announced a 10% tariff on many imports and higher rates for numerous trading partners.^[3] Markets fell sharply after the announcement and during the ensuing retaliation.^[11] The higher country-specific rates briefly took effect, then were mostly replaced with the 10% baseline for 90 days while negotiations continued. The steel and automobile duties stayed in place, and China was treated separately.^[12]

The administration extended the pause into August^[13] as negotiations produced a series of announcements. The United States and Britain published general terms that kept the U.S. 10% tariff on British goods while planning relief for some cars, steel and aluminum, parts of which required later implementation.^[4] Trump announced a lower threatened rate for Japan.^[14] A U.S.-EU deal was announced around a 15% rate for most goods, which the governments described as a framework requiring further steps.^[5]

The deadline for revised rates moved again, to August 7,^[15] and new rates for named trading partners then took effect, subject to exceptions.^[16] A U.S. inflation report at the end of July showed goods prices rising in a month when tariffs contributed to the increase.^[17] Product-specific measures continued separately: in January 2026, the administration imposed a 25% duty on certain advanced computing chips, with exceptions.^[18]

In February 2026, the Supreme Court held that the emergency economic law used for the broad tariffs did not authorize them.^[6] The administration ended those duties and responded with new across-the-board tariffs under other laws, and the EU sought clarity about the effect on its trade agreement.^[6] Trump later threatened higher EU tariffs if the bloc did not approve the earlier framework by his deadline.^[19]

Product and country tariffs kept coming through 2026. On the anniversary of "Liberation Day," Trump announced new levies on pharmaceuticals and steel,^[20] signing an order for tariffs of up to 100% on some branded drugs and their ingredients that exempted generics and companies building U.S. plants.^[7] The drug tariffs took effect at the end of September, as experts questioned whether they would bring more manufacturing home,^[8] and in July he proposed tariffs on generic drug imports of 100% from 2028 and 200% a year later.^[21] He said he would lift some tariffs on Scotch whisky after a visit by King Charles III,^[22] raised tariffs on European cars to 25% in May, saying the EU was not complying with its trade deal,^[23] and threatened 100% tariffs on countries that tax U.S. digital services.^[24] In August he ordered a 15% tariff on products made from polysilicon, a material used in chips and solar panels that China mainly produces,^[25] and temporarily paused tariffs on imported beef to bring prices down, over objections from U.S. cattle producers.^[26][27]

The tariffs' record became an issue before the November 2026 midterm elections. The trade deficit, which the tariffs were meant to shrink, narrowed only slightly in 2025, to just over $901 billion from $904 billion, as imports reached a record,^[28] and it widened again in August 2026, driven by imports of petroleum, gold and chips for artificial intelligence.^[29] At a Trump rally in Michigan, even some supporters said prices were too high and that tariffs had caused short-term pain.^[30] Trump stuck with the tariffs as voters turned against them,^[9] and an Associated Press fact check found that his claims about new auto factories were off.^[31] Beef became its own fight. Trump signed a deal for beef from Brazil and Argentina in August 2026 and paused beef tariffs to bring down record prices, then signed orders in September to help ranchers after a backlash; ranchers remained rattled as the midterms neared.^{[32][33][34][35]}

The court fight over the emergency tariffs, the tariff war with China and the tariffs on Canada and Brazil are followed in separate arcs.