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Express Tribune
08-07-2025
- Business
- Express Tribune
Trump's tariff timeline: Key decisions from February to July 2025
US President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy. Here is a timeline of the major developments: February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China, demanding they curb the flow of fentanyl and illegal immigrants into the United States. February 3 - Trump suspends his threat of tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement. The US does not reach such a deal with China. February 7 - Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue. February 10 - Trump raises tariffs on steel and aluminum to a flat 25% "without exceptions or exemptions". March 3 - Trump says 25% tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20%. March 5 - He agrees to delay tariffs for one month on some vehicles built in Canada and Mexico after a call with the CEOs of General Motors GM.N and Ford F.N and the chair of Stellantis March 6 - Trump exempts goods from Canada and Mexico under a North American trade pact for a month from the 25% tariffs. March 26 - Trump unveils a 25% tariff on imported cars and light trucks. April 2 - He announces global tariffs with a baseline of 10% across all imports and significantly higher duties on some of the United States' biggest trading partners. April 9 - Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier following an upheaval in financial markets that erased trillions of dollars from bourses around the world. The 10% blanket duty on almost all US imports stays in place. Trump says he will raise the tariff on Chinese imports to 125% from the 104% level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145%, including the fentanyl-related tariffs imposed earlier. April 13 - The US administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China. April 22 - The Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors. May 4 - Trump imposes a 100% tariff on all movies produced outside the US. May 9 - Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive US duties on British car exports. May 12 - The US and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the US will cut the extra tariffs it imposed on Chinese imports to 30% from 145%, while China's duties on U.S. imports will be slashed to 10% from 125%. May 13 - The US cuts the low value "de minimis" tariff on China shipments, reducing duties for items valued at up to $800 to 54% from 120%. May 23 - Trump says he is recommending a straight 50% tariff on goods from the European Union starting on June 1. He also warns Apple AAPL.O it would face a 25% tariff if the phones it sold in the US were manufactured outside of the country. May 25 - Trump backpedals on his threat to slap 50% tariffs on EU imports, agreeing to extend the deadline for talks until July 9. May 28 - A US trade court blocks Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from US trade partners. The Trump administration says it will appeal the ruling. May 29 - A federal appeals court temporarily reinstates the most sweeping of Trump's tariffs, pausing the lower court's ruling to consider the government's appeal, and orders the plaintiffs in the cases to respond by June 5 and the administration by June 9. June 3 - Trump signs an executive proclamation activating a hike in the tariffs on imported steel and aluminum to 50% from 25%. June 12 - Trump warns at the White House event that he may soon hike auto tariffs, arguing that it could prod automakers to speed up US investments. July 3 - Trump says the US will place a 20% tariff on many Vietnamese exports, with trans-shipments from third countries through Vietnam facing a 40% levy. July 6 - He says on Truth Social that countries aligning themselves with the "Anti-American policies" of BRICS will be charged an additional 10% tariff. July 7 - Trump says on Truth Social that the additional higher duties announced in earlier months will kick in with a delay on August 1, as the US closes in on the completion of several trade deals. In letters sent to 14 countries including Japan, South Korea and Serbia, he says he will introduce tariffs between 25% and 40% from August 1.
Yomiuri Shimbun
07-06-2025
- Automotive
- Yomiuri Shimbun
China issues rare earth licenses to suppliers of top 3 US automakers, sources say
Reuters file photo Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. BEIJING/WASHINGTON, June 6 (Reuters) – China has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, two sources familiar with the matter said, as supply chain disruptions begin to surface from Beijing's export curbs on those materials. At least some of the licenses are valid for six months, the two sources said, declining to be named because the information is not public. It was not immediately clear what quantity or items are covered by the approval or whether the move signals China is preparing to ease the rare-earths licensing process, which industry groups say is cumbersome and has created a supply bottleneck. China's decision in April to restrict exports of a wide range of rare earths and related magnets has tripped up the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. China's dominance of the critical mineral industry, key to the green energy transition, is increasingly viewed as a key point of leverage for Beijing in its trade war with U.S. President Donald Trump. China produces around 90% of the world's rare earths, and auto industry representatives have warned of increasing threats to production due to their dependency on it for those parts. Suppliers of three big U.S. automakers, General Motors, GM.N, Ford F.N and Jeep-maker Stellantis got clearance for some rare earth export licenses on Monday, one of the two sources said. GM and Ford each declined to comment. Stellantis said it is working with suppliers 'to ensure an efficient licensing process' and that so far the company has been able to 'address immediate production concerns without major disruptions.' China's Ministry of Commerce did not immediately respond to a faxed request for comment. China's critical-mineral export controls have become a focus on Trump's criticism of Beijing, which he says has violated the truce reached last month to roll back tariffs and trade restrictions. On Thursday, Trump and Chinese President Xi Jinping had a lengthy phone call to iron out trade differences. Trump said in social-media post that 'there should no longer be any questions respecting the complexity of Rare Earth products.' Both sides said teams will meet again soon. U.S. auto companies are already feeling the impact of the restrictions. Ford F.N shut down production of its Explorer SUV at its Chicago plant for a week in May because of a rare-earth shortage, the company said. The approval for the auto suppliers follows a green light granted to a U.S. electronics firm's suppliers last week and another one issued earlier this week to suppliers of a U.S. non-auto company, the first person said, declining to name the companies. 'We have to give the Chinese the benefit of the doubt that they're working through this. It's up to them to show that they are not weaponizing it,' said the person. Reuters reported on Wednesday that China has introduced a tracking system for its rare earth magnet sector in a move to improve its control over the sector and crackdown on smuggling.
