US PRESIDENT Donald Trump has made trade tariffs front and centre of both his presidencies, using it freely as threats and as a weapon to tackle issues from immigration to the opioid fentanyl crisis.
He began making threats as early as even before getting on his campaign trail; days after his return to office, he signed three executive orders to launch tariffs on America’s top trading partners China, Mexico and Canada.
He then made good on his threat on Feb 1 by ordering 25 per cent tariffs on Canadian and Mexican imports, and 10 per cent on goods from China. That sent global markets spiralling.
Amid fears of a global trade war, Trump then abruptly took a pause, temporarily suspending the levies for Canada and Mexico, but not China.
Here’s a look at the twists and turns of the tariff war:
Feb 4, 2024 – Trump says he may launch tariffs of 60 per cent or more on Chinese goods if he is re-elected, Bloomberg reports. This would be in addition to blanket tariffs of 10 to 20 per cent on all other imports, Reuters reports.
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Nov 25, 2024 – Vows to impose tariffs on Canada, Mexico and China. He threatens to launch 25 per cent tariffs on Canadian and Mexican imports until the two countries address fentanyl smuggling and illegal border crossings. He also threatens to lay an additional 10 per cent tariff on China, on top of other tariffs on Chinese imports, AFP reports.
Nov 30, 2024 – Threatens to impose 100 per cent tariffs on the Brics nations that create or back alternative currencies to the US dollar, Bloomberg reports.
Dec 20, 2024 – Threatens the European Union (EU) with tariffs if it does not buy more American oil and gas, Bloomberg reports.
Jan 22, 2025 – Threatens further tariffs on Russia and countries involved in its conflict with Ukraine if Russia does not make a deal to end the war, AFP reports.
Jan 26, 2025 – Calls for tariffs against all Colombian imports after US planes carrying Colombian deportees are blocked from entering the country on Sunday morning, Reuters reports. Colombian President Gustavo Petro threatens retaliatory tariffs, but both sides reach an agreement the same day.
Jan 31, 2025 – Speaks of US plans to impose tariffs on chips, pharmaceuticals, steel and aluminium “fairly soon”.
Feb 1, 2025 – Signs three executive orders for 25 per cent tariffs on Canadian and Mexican imports, and 10 per cent tariffs on Chinese imports, Reuters reports.
In response, Mexico’s President Claudia Sheinbaum declares plans to launch tariff and non-tariff measures to defend Mexico’s interests, Reuters reports.
Feb 2, 2025 – Canada’s Prime Minister Justin Trudeau announces retaliatory counter tariffs against the US on C$155 billion (S$144 billion) of American goods that will be rolled out in phases to give companies time to adjust their supply chains, according to Bloomberg and Reuters.
Trump says the UK is “out of line”, but would be spared for now, AFP reports. China’s Commerce Ministry says it would file a complaint with the World Trade Organization and take countermeasures, Bloomberg reports.
Feb 3, 2025 – The day before they are due to take effect, Trump agrees to pause tariffs for Canada and Mexico for 30 days, and the parties agree to boost border-control efforts, AFP reports. The US President says he is exploring final deals with both countries. Tariffs for China are still set to take effect on Tuesday (Feb 4).
EU leaders warn that the bloc will hit back if Trump makes good on tariff threats in response to his vows to hit the EU with tariffs soon, AFP reports.
Feb 4, 2025 – China fires back with counter tariffs minutes after Trump’s 10 per cent tariffs on Chinese imports kick in at 12.01 am Eastern Time on Tuesday (1:01 pm Singapore time), Reuters reports. China’s Finance Ministry says levies of 15 per cent for US coal and liquefied natural gas, and 10 per cent for crude oil, farm equipment and some automobile vehicles start on Feb 10.
