Keeping up with Trump's Tariffs - (Part 1: Jan-Jun 2025). Updated 01.07.25
- GMCCTradeteam
- Feb 24
- 14 min read
Updated: Jul 1
As US Trade Policy continues to shift causing global chaos, this page is regularly updated to reflect key announcements made throughout the year.
JANUARY & FEBRUARY 2025
1. Tariffs on Canada and Mexico
On February 1, 2025, President Trump signed executive orders imposing a 25% tariff on all imports from Canada and Mexico, with a 10% tariff specifically on Canadian energy resources, including oil, natural gas, and electricity. These tariffs were set to take effect on February 4, 2025. However, on February 3rd, after Canada and Mexico made their position clear, the Trump administration announced a 30-day suspension of these tariffs as Canada and Mexico agreed to enhance efforts to curb illegal immigration and drug trafficking into the United States. The suspension expired on the 4th March and the tariff will be imposed unless significant progress is demonstrated.
2. Tariffs on China
The same executive orders from 1st February imposed a 10% tariff on all imports from China, effective from 4th February. This action aimed to address ongoing trade imbalances and concerns over China's trade practices.
3. Restoration of Section 232 Tariffs
On 11th February, President Trump signed proclamations to restore a 25% tariff on steel and elevate the tariff on aluminium to 25%, closing existing loopholes and exemptions. This move intends to protect America's critical steel and aluminium industries from unfair trade practices and global excess capacity.
What is coming next?
25% Tariffs on imported automobiles are set to be also implemented although exact dates are yet to be announced.
Early in January, President Trump announced plans to introduce tariffs on imports of computer chips, semiconductors and pharmaceuticals, which are seen as critical to national security and technological leadership, and aimed to encourage big manufacturers to bring production to the US.
On 19th February, it was also announced fresh new tariffs to be applied in the next month or sooner on lumber and forest products, and initial thoughts are these may be about 25%.
Whilst the UK has not been targeted by the initial tariffs, the Prime Minister, Keir Starmer, is due to visit the White House to engage in discussions to preserve the strong trade ties between the two nations. On the other hand, the EU is opposed to the US Tariffs and has warned of potential retaliatory measure. EU's position is that these tariffs can escalate to a trade war which will negatively impact global markets. Many experts warn these tariffs will end up impacting primarily the poorest and consumers both in the US and across the world.
According to Tradlinx.com, US Customs and Border Protection (CBP) issued a notice on the first week of March confirming critical details regarding tariffs exemptions, processing changes and trade policy modifications. Some of the key takeaways from this notice include:
On 21st February, Trump signed a Memorandum targeting countries with the Digital Service Tax, including France, Austria, Italy, Spain, Turkey and the United Kingdom. This Memorandum calls for a review of these taxes and potential retaliatory measures, such as tariffs, to protect American companies from what the Trump Administration considers unfair and discriminatory practices.
Selected Canadian energy products will be subject to 10% tariffs instead of 25%
A general 25% tariff is to be applied to all other Canadian imports unless they qualified for an exemption
De Minimis Exemption still applies for now for shipments valued under $800 from Canada and Mexico, although this is expected to phase out once necessary enforcement systems are in place. (This was still in place as of 21st March 2025).
Businesses will no longer be able to duty drawbacks for tariffs paid on affected goods
Foreign Trade Zones (FTZ) Rules Changes for when Mexican and Chinese goods admitted to US FTZs and must now be classified as 'privileged foreign status) meaning tariffs will apply even if goods are further processed within the FTZ.
Enforcement of tariffs despite delay in notice - CBP begun enforcing tariffs prior to the Notice Schedule for the 6th March.
MARCH 2025
12th March - US announced 25% tariffs for all steel and aluminium expands to the rest of the world, directly impacting UK products worth hundreds of millions of pounds. According to Sky News, while two rounds of tariffs on China have been enacted, 25% duties on some Canadian and most Mexican cross-border trade have been withdrawn until 2 April at the earliest. Sky News also reported that the Business Secretary Jonathan Reynolds had said that while he was disappointed, there would be no immediate retaliation by the UK government as negotiations continue over a wider trade deal with the US. However, the EU has reiterated they will impose counter-measures which intend to impact €26bn worth of US products starting on 1st April 2025. The duties will cover not just steel and aluminium products, but also textiles, home appliances and agricultural goods. Trump's tariff will impact inflation in the EU and likely the UK.
12th March - Expansion of tariffs for steel and aluminium derivatives products: The US Secretary of Commerce will establish by12 May 2025 a system whereby the US will continue to extend the list of steel and aluminium derivatives products subject to additional duties of up to 25%.
12th March - Canada is expected to announce further retaliatory tariffs 12th March which are expected to impact $29.8bn worth of US goods will come into force on 13th March. Canada, which is the largest supplier of steel and aluminium to the USA, announced it is applying 25% reciprocal tariffs on steel and aluminium products as well as additional goods such as tools, computers, servers, display monitors, sports equipment and cast-iron products taking effect on the 13th March. Check the full list of impacted goods here
12th March - EU's Countermeasures to US Steel and Aluminium tariffs: The EU has issued a notice confirming the EU is imposing counter tariffs to what is estimated €26bn worth of US Imported goods from 1st April 2025. The countermeasures will be introduced in two stages, first by the imposition of the suspended 2018 and 2020 EU rebalancing measures, followed by the imposition additional measures package by mid April. The EU has issued a detailed explainer on their countermeasures which can be viewed here and has also called for stakeholders' views.
EU and Canada, in response to the steel and aluminium imports, have also announced potential tariffs applying to American whiskey imports as high as 50%.
Trump's reaction to EU's countermeasures: As expected President Trump took to social media to respond to EU's countermeasures with additional levies saying the White house will impose reciprocal tariffs in whatever the US is being charged with from 2nd April, and these will be reflected on tariffs and non-tariffs measures imposed on the US. For Canada this reciprocal measure may likely include dairy products and lumber, whilst for the EU Trump announced import tariffs as high as 200% on wines.
13th March - Global Freight Rates plunged due to global market uncertainty: The Global trade newsletter announced in its latest edition (13th March) that "freight rates across major lanes have plummeted due to shifting trade policies, geopolitical tensions, and carrier adjustments. Analysts warn a continued volatility as supply chain disruptions persist. They also indicated that recent data shows significant declines, specially on the trans-Pacific routes, where rates have dropped by 40% yoy, a trend that has been driven by a combination of reduced demand after Lunar New Year, carrier alliance reshuffles, and the ongoing crisis in the Red Sea, which has forced vessels take longer and costlier routes.
20th March - EU postpones tariff response as it awaits for second wave of US duty increases: The EU Commissioner for Trade and Economic Security announced the first set of EU's tariffs in response to Trump's steel and aluminium duties being delayed from 1st to the 13th April. This move effectively merges the two-phase retaliation into one single measure.
25th March - Tariffs on Venezuelan Energy: The US imposed a 25% tariff on imports from any country purchasing oil or gas from Venezuela, effective 2nd April. This move aims to pressure nations engaging with Venezuela's energy sector.
26th March - President Donald Trump announced a 25% tariff on all imported cars and certain automotive parts, effective 3rd April. The tariffs target passenger vehicles, including sedans, SUVs, crossovers, minivans, and light trucks, as well as key components such as engines, transmissions, powertrain parts, and electrical components. These tariffs aims to bolster domestic manufacturing and are projected to generate approximately $100million in tax revenue. These announcement had led to significant declines in the stock prices of major automakers including General Motors, Ford, Stellantis, Toyota, BMW, and Volkswagen. Canada's Prime Minister condemned the tariffs and hinted at potential retaliatory measures. The EU did not welcome the news either but expressed intention to seek negotiated solutions. This latest measure is likely to lead to increased prices for vehicles impacting consumers and disrupting global supply chains.
APRIL 2025
2nd April - Liberation Day - President Donald Trump announced a comprehensive tariff strategy termed "Liberation Day," introducing a baseline 10% tariff on nearly all imported goods, with specific higher rates targeting certain countries. The key tariffs unveiled are as follows:
European Union (EU): 20% tariff on imports
Japan: 24% tariff on imports
China: 54% tariff on imports
Vietnam: 46% tariff on imports
Taiwan: 32% tariff on imports
South Korea: 25% tariff on imports
Israel: 17% tariff on imports
Cambodia: 49% tariff on imports
Sri Lanka: 44% tariff on imports
Indonesia: 32% tariff on imports
Switzerland: 31% tariff on imports
South Africa: 30% tariff on imports
Pakistan: 29% tariff on imports
India: 26% tariff on imports
The full list of individualised tariffs can be found here
Whilst the US Trump Administration has yet to release a detailed list of HS Codes impacted, we suspect many goods within manufacturing and machinery (which make the main bulk of the UK's exports to the US) will be affected.
4th April - UK draws a list of US goods which could be subject to tariffs and ask for input from UK traders. Have your say here
4th April - China Strikes back: According to Politico, China has announced that all US imports will be subject to a 34% import tariff and also raise the bar for exports to the US of critical raw materials such as samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium - these metals are used in magnets, nuclear technology, cancer research, oil drilling and other high tech sectors. China has also sue to US at the World Trade Organisation, describing US trade practices as a unilateral bullying mechanism, however they have also said they are open to negotiate and resolve these trade differences in an equal, respectful and mutually beneficial manner. The Chinese's government decision to delay the tariffs until the 10th April, one day before Chinese imports see an increase above the 54% level, is aimed at giving Trump's administration the chance to seek a temporary truce, however Washington has not shown any signs of having further negotiations.
7th April - Trump does not hold back either and threatens with higher tariffs: Trump pledged to impose an additional 50% levy on China, if they fail to withdraw their retaliatory tariffs, which could lead with China facing 104% tariff, according to The Times, and this will be expected to be effective from the 9th April.
9th April - New tariffs for Chinese Goods are in effect 104%, and China has responded imposing 84% in all U.S Goods. US responded to this retaliatory actions by increasing again tariffs on Chinese imports to 145%.
10th April: President Trump announced a 90-day pause on most of the newly imposed tariffs targeting U.S trading partners, whilst simultaneously escalating tariffs on Chinese imports reaching a brand new high of 125%. Key points of the latest announcement include:
Pause on Global Tariffs: The administration suspended most reciprocal tariffs for 90 days, maintaining a 10% baseline tariff on imports from most countries. However, existing duties on steel, aluminium, and automobiles remained in effect. This decision was influenced by significant market volatility and concerns over economic instability, with former Treasury Secretary Janet Yellen warning of potential recession risks .
Market Reactions: Following the announcement, U.S. markets experienced a sharp rebound, with the S&P 500 rising by 9.5% and global stock indices recording significant gains. Despite this temporary relief, analysts cautioned about continued unpredictability and potential recession risks linked to these trade policies.
11th April - China has announced that it will raise tariffs on U.S Goods from 84% to 125% - sending further shockwaves across the world's economies as their tensions increased. These tariffs are targeting key exports such as soybeans, aircraft, and pharmaceuticals. Additionally, imports of sorghum, poultry, and bonemeal from certain U.S. firms have been suspended, and further restrictions on rare earth mineral exports have been imposed.
11th April - U.S has placed smartphones and computers on the list of exempted goods on the 125% levies imposed to all Chinese imports for 90-days. Although it was also hinted these goods may face new tariffs under the forthcoming semiconductor-focused policy. According to Politico, President Trump has requested an investigation into Section 232 under his 'national security protection banner', which could lead to imposition of new tariffs to new semiconductor technologies (estimated to start at 25%). China is the largest semiconductor market in the world, with South Korea, Malaysia, Taiwan and Japan also considered to be key players. The announcement caused confusion over existing tariffs but President Trump settled the debate by clarifying iphones and other Chinese-made devices are not 'exempt' but rather have moved to a different tariff 'bucket' - so these are still subject to the already existing 20% Fentanyl Tariffs, bringing US tariffs on Chinese goods to 145%, although some Chinese imports face up to 245% in total tariffs when combining reciprocal + fentanyl + 203+ sector specific tariff measures which range between 7.5% and 100%)
11th April: China hits back imposing 125% on US Imports and export controls on earth magnets and critical materials.
14th April - EU announces pause on countermeasures against US Tariffs to allow room for negotiations. The suspended countermeasures cover €21bn of US Exports.
17th April - China files complaint at WTO declaring it has no intention to pay further attention to Trump's tariffs impositions and further 'discussions' are on paused unless further negotiations are carried out on mutual respect.
17th April - Decision from US Trade Representative Office on shipping landing charges – potentially new charges of $1.5m per landing for shipping lines at US ports which have China made boats in their fleets or on order. Will impact on logistics around exports.
29th April - Trump Issues Executive Order to Prevent Cumulative Tariffs on Overlapping Trade Measures: the order clarifies that tariffs apply to the same article, should not all have a cumulative effect (or “stack” on top of one another) because the rate of duty resulting from such stacking exceeds what is necessary to achieve the intended policy goals.
29th April - Trump Modifies Auto Tariffs, Offers Offset Credits to Boost U.S. Vehicle Assembly and National Security. For more information check the Executive Order
MAY 2025
2nd May - Trump Ends De Minimis Exemption for China, triggering tariffs and e-commerce disruption. This will effectively make goods from giants like Temu and Shein more expensive for US consumers as the loophole allow for low-value goods to be exempt of taxes ends.
2nd May - U.S. Department of Commerce's Bureau of Industry and Security (BIS) published an interim final rule establishing the Section 232 Steel and Aluminium Tariff Inclusions Process. This action implements Presidential Proclamations 10895 and 10896, issued on February 10, 2025, which extended existing Section 232 tariffs to certain derivative steel and aluminium articles. The new inclusions process allows the Secretary of Commerce to unilaterally include additional derivative steel or aluminium articles within the scope of the tariffs. Additionally, U.S. producers or industry associations can request the inclusion of specific derivative articles. For more information, check the Federal Register
3rd May – 25% duties to apply to automotive parts imported for use in US-made vehicles (estimated $460bn of cars and car parts covered by new duties) – engines, lithium batteries, tyres, shock absorbers, computers.
8th May - US-UK Economic Prosperity Landmark Deal is Announced. Check Key takeaways from the deal in our US Tariff Hub Section. Also, read more in our blog here
12th May - US-China Trade Deal. After a weekend of conversations in Geneva, both nations have agreed for a 90-day tariff reductions whilst negotiations continue. Read more about this on our Blog.
23rd May - Trump makes threats of 50% tariffs on EU Goods following complaint on 'slow and difficult negotiations with the bloc', however these tariffs were then delayed from 1st June till July to 'buy' time for negotiations with the EU, adding new layers of uncertainty to current global markets.
28th May 28 - the U.S. Court of International Trade ruled that President Donald Trump exceeded his authority by imposing broad global tariffs under the International Emergency Economic Powers Act (IEEPA). The court found that the IEEPA does not grant the president unilateral power to levy sweeping tariffs without congressional approval, effectively invalidating many of the tariffs imposed earlier this year. The ruling was a response to lawsuits filed by small business owners and a coalition of 12 states, who argued that the tariffs harmed their operations and exceeded executive authority. The court ordered the administration to vacate the tariffs within 10 days. Read more in our latest blog
30th May 30 - U.S. President Donald Trump announced a significant escalation in trade policy by doubling tariffs on steel and aluminium imports from 25% to 50%, effective June 4. The move aims to bolster domestic metal production and protect U.S. manufacturers from foreign competition. The announcement has reverberated through global markets, with major stock indices experiencing declines amid investor concerns over escalating trade tensions. Automotive stocks, in particular, have been affected due to the anticipated increase in manufacturing costs. Read more about the latest announcement here
June 2025
3rd Jun 2025 - Court rules against the Administration on IEEPA, the use of Section 232. Despite two court rulings against President Trump's use of tariffs under IEEPA, the appeals court has granted to continue to collect tariffs while the case is under appeal, and Trump's team is currently considering a plan B should court appeals fail, using other trade tools such as using the Section 122 as replacement - which deals with balance of payments issues and allows of up to 15% for 150 days. Read more on the court ruling here
4th Jun 2025 - President Trump has officially doubled up tariffs on most imported steel and aluminium goods, raising them from 25% to 50%. The UK, however, has been spared of such escalation which gives UK traders at least be the confidence that there will not be any changes until 9th July pending on finalizing the US-UK bilateral trade agreement. Read more from the Trump's Exec Order here
9th-10th June - US-China Talks: A fragile truce was announced agreeing on a framework to implement the Geneva 90-day truce on heavy tariffs. Tariffs frozen, with U.S. maintaining a 55% rate on Chinese goods and China a 10% rate on U.S. imports.
17th Jun - US-UK Finalised New Trade Deal: US President Trump and UK Prime Minister Starmer announced at the G7 Summit they had effectively signed the agreement which was originally announced last month. The Agreement effectively lowered tariffs of American agricultural products and British-made cars - going from 25% to 10%, and aerospace imports will be spared of Trump's 10% reciprocal tariff - both of which will be kicking at the end of the month. US levies on steel and aluminium, as well as pharmaceuticals are still being worked out. Read more in our latest Trump's News article. Also check our US Tariffs Resources Hub with updated FAQ Sheet and Explainer from BCC.
20th June - US Supreme Court has refused to speed up the Learning Resources v. Trump which challenges the legality of the tariffs under the IEEPA
26th June - EU & Canada Trade Talks with US intensify: Bloomberg reported that EU and Canada have announced they will have retaliate if the U.S. maintains its 10% baseline tariffs, as they need to rebalance the impact in some key sectors if the US insists on an unbalance deal. If a deal is not achieved by 9th Jul, EU could be facing 50% tariffs.
30th Jun - US-UK EPD: a Tariff‑Rate Quota (TRQ) came into effect allowing up to 100,000 UK-made passenger cars to enter the U.S. annually at a reduced 10% tariff, down from the prior 27.5%+ level. UK auto parts do not have any volume limits and will now also benefit from a flat 10% tariff but only applies only to UK-originating auto parts intended for UK-origin vehicles, otherwise these will be subject to 25% tariffs. Also effective June 30, 2025, tariffs on British aerospace goods (civil aircraft, engines, parts, simulators) have been eliminated, reverting to Most‑Favoured‑Nation (MFN) levels.
JULY ONWARD - COMING UP
What Should UK Exporters do under the new EPD?
Confirm origin and correct HTSUS codes (notably 9903.94.32 and related headings)
Ensure parts are for UK-used vehicles, as per EPD definitions
Check imports are entered post–June 23, 2025, to benefit from the lower tariff
Next Steps to Monitor
Customs & Border Protection (CBP) may issue further guidance on qualifying procedures (certificates or EPD origin proofs).
Watch for Federal Register notices or Customs rulings adding or clarifying part categories beyond 9903.94.32.
Double-check any HTS code updates reflecting this change in late-June 2025.
Further information & Resources:
GMCC US Tariffs Resources Hub - Hand picked guidance from US and UK official sources, free resources from the British Chambers of Commerce (FAQ Sheets, Explainers, etc), GMCC How to Guide to Navigate US Tariffs volatility, Events and support for traders.
Training: Check our calendar of events for upcoming workshop 'Understanding US Tariffs and Customs'. Our next one is below. Members access preferential rates.
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