Tracking Trump Tariffs

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TRACKING TRUMP’S TARIFFS 1

Last week, the United States implemented new tariffs on Canada and Mexico. These are just two of the pending tariffs that have been announced by the White House. Given President Trump’s willingness to change tariff rates and delay implementation based on the actions of and negotiations with target countries, the tariffs below could be altered if circumstances change.

FIFTEEN ANNOUNCED OR INITIATED TARIFFS UNDER TRUMP

• Impacted Countries or Products: All Chinese products at 10% in addition to existing tariffs

• Announced: February 1, 2025

• Purpose: To bolster national security by stopping the flow of fentanyl and its components

• Status: Implemented on February 4, 2025, with an additional 10% levied on March 4, 2025 bringing the total to 20%

• AAF’S Take: China is an adversary and it’s appropriate to treat it as one. But the ideal response to CCP malfeasance would minimize collateral damage to the US and its allies by phasing in tariffs gradually on highly targeted industries such as robotics, biotechnology and artificial Intelligence.

• Impacted Countries or Products: All Canadian products at 25%, energy and potash at 10%

• Announced: February 1, 2025

• Purpose: To address the flow of drugs like fentanyl across the northern border of the U.S.

• Status: Implemented March 4, 2025, followed by a one-month exemption for anything covered by USMCA

• AAF’S Take: Canada is a NATO ally, with very little fentanyl traffic.

TRACKING TRUMP’S TARIFFS 2

• Impacted Countries or Products: All Mexican products at 25% and potash at 10%

• Announced: February 1, 2025

• Purpose: To address the flow of drugs like fentanyl and illegal immigration across the southern border of the U.S.

• Status: Implemented March 4, 2025, followed by a one-month exemption for anything covered by USMCA

• AAF’S Take: Mexico needs to curb illegal immigration and the flow of drugs.

• Impacted Countries or Products: Ending exclusions and exemptions on existing 25% tariffs on imported steel and expanding the application to more derivative products

• Announced: February 10, 2025

• Purpose: National security under Section 232 of the Trade Expansion Act of 1962

• Status: Will take effect March 12, 2025

• AAF’S Take: The U.S. enjoys sufficient excess steel producing capacity to cover wartime needs. While certain businesses may benefit, downstream manufacturers will be negatively impacted by rising input costs.

• Impacted Countries or Products: Raising the existing tariff on imported aluminum from 10% to 25%, ending exclusions and exemptions, and expanding the application to more derivative products

• Announced: February 10, 2025

• Purpose: National security under Section 232 of the Trade Expansion Act of 1962

• Status: Will take effect March 12, 2025

• AAF’S Take: Aluminum tariffs will result in net jobs losses and higher prices with no national security benefit.

TRACKING TRUMP’S TARIFFS 3

• Impacted Countries or Products: All nations with a tariff on American goods to be set at an equal rate

• Announced: February 13, 2025

• Purpose: To reduce a persistent annual trade deficit and to address unfair treatment by trading partners

• Status: The Secretary of Commerce and the United States Trade Representative are tasked with investigating the harm to the U.S. and offer recommendations. The director of the Office of Management and Budget shall assess the fiscal impacts on the federal government by August 12, 2025.

• AAF’S Take: While these tariffs may be useful to address unfair trade practices, true reciprocity would require an overall reduction of our tariffs.

• Impacted Countries or Products: Imported vehicles at 25%

• Announced: February 14, 2025

• Purpose: To boost domestic auto manufacturing

• Status: Suggested to start on April 2, 2025, except one-month exemption for North American vehicles that comply with USMCA

• AAF’S Take: Tariffs only exacerbate rising car prices. Moreover, vehicle and vehicular parts manufacturing has risen 75% since NAFTA’s passage.

America First Trade Policy Tariffs

• Impacted Countries or Products: All nations with whom the U.S. has a trade deficit, and any products currently exempted or excluded from existing tariffs.

• Announced: January 20, 2025

• Purpose: To address “unfair and unbalanced trade” and national security

• Status: Agency investigations, reports, and recommendations are due by April 1, 2025

• AAF’S Take: Trade deficits are not a national security threat. The surplus dollars flow back to the United States in the form of investments and purchasing of our government debt—holding down interest rates.

TRACKING TRUMP’S TARIFFS 4

• Impacted Countries or Products: Chip imports at potential rates of 25%, 50%, or 100%

• Announced: January 27, 2025

• Purpose: To return chip manufacturing to the United States

• AAF’S Take: U.S. tariff policy should discriminate between the semiconductor industries of our allies and those of our adversaries like China.

• Impacted Countries or Products: Imported pharmaceuticals at a rate of 25% and “substantially higher” over the course of a year

• Announced: February 18, 2025

• Purpose: To return pharmaceutical manufacturing to the United States

• AAF’S Take: Tariffs will only further drive out-of-control health costs.

Digital Services Tax Tariffs

• Impacted Countries or Products: France, Austria, Italy, Spain, Turkey, the United Kingdom, or any other country with digital service taxes (DST) that may discriminate against American companies

• Announced: February 21, 2025

• Purpose: To protect from foreign governments that have “increasingly exerted extraterritorial authority” over American technology companies

• Status: Results of agency investigations are to be included in a report due by March 20, 2025 as outlined by the Organization for Economic Co-Operation and Development (OECD) Global Tax Deal and reports due by April 1, 2025 as outlined by the America First Trade Policy Memorandum

• AAF’S Take: These are good for negotiations, but bad as permanent policy.

TRACKING TRUMP’S TARIFFS 5

• Impacted Countries or Products: Imported lumber and wood products at 25%

• Announced: February 20, 2025

• Purpose: To boost domestic industry

• Status: Suggested to start around April 2, 2025

• AAF’S Take: Tariffing lumber will only drive up construction costs.

• Impacted Countries or Products: Imports of copper in all forms

• Announced: February 25, 2025

• Purpose: National security under Section 232 of the Trade Expansion Act of 1962

• Status: Agency investigations are due by November 25, 2025

• AAF’S Take: The copper manufacturing of our friends and allies should not be treated equally with that of our adversaries.

• Impacted Countries or Products: All European Union products at 25%

• Announced: February 26, 2025

• Purpose: To counter an unfair trade relationship with the EU

• AAF’S Take: Most of the EU are NATO partners. We should promote free trade with free nations, not punish our closest allies with tariffs.

• Impacted Countries or Products: Imported agricultural products

• Announced: March 3, 2025

• Purpose: To boost domestic agriculture

• Status: Will take effect April 2, 2025

• AAF’S Take: This will hurt American farmers and result in massive bailouts.

For any questions, reach out to John Shelton (john@advancingamericanfreedom.com).