Here are the latest updates on the U.S. President Donald Trump’s ongoing tariffs policy.

August 28, 2025 — Trump Threatens New Tariffs Over Digital Services Taxes

Donald Trump on Monday, August 26, threatened to impose additional tariffs and export restrictions on countries enforcing digital services taxes (DSTs). In a post on Truth Social, he warned that nations like the U.K. and European Union members with DST laws are “discriminating against American technology” and targeting U.S. tech giants like Alphabet, Meta, and Amazon.

Trump claimed the tax regimes were unfairly structured and accused them of letting Chinese tech companies off the hook. He said the U.S. would respond by blocking chip exports and raising tariffs on countries that do not roll back these digital taxation policies.

The U.K.’s digital services tax alone raises $1.1 billion annually through a 2% levy on revenues from large global tech firms. Supporters argue it ensures companies generating significant profits locally pay a fair share of taxes. But Trump argued these laws fail to tax Chinese tech firms, making them “outrageously” one-sided.

He ended his post with a warning:

“Show respect to America and our amazing Tech Companies or, consider the consequences!”

August 5, 2025 — Trump Threatens Higher Tariffs on India Over Russian Oil Purchases

President Donald Trump warned Monday that the United States will “substantially” raise tariffs on Indian goods in response to New Delhi’s continued imports of Russian oil. In a post on Truth Social, Trump accused India of reselling much of the oil on the open market “for big profits,” calling the practice unfair and harmful to U.S. interests.

The warning comes days after Trump announced a 25% tariff on Indian goods, set to take effect later this week, on top of the current 10% minimum rate. Trump did not specify the level of the proposed increase.

India Calls Tariff Threat ‘Unjustified’

India’s Ministry of External Affairs pushed back, describing the move as “unjustified and unreasonable.” Spokesperson Randhir Jaiswal said India began increasing Russian oil imports after traditional supplies were diverted to Europe following Russia’s 2022 invasion of Ukraine. “India’s imports are meant to ensure predictable and affordable energy costs to the Indian consumer,” he said in a statement.

New Delhi also criticized Washington for imposing tariffs while the U.S. itself maintains trade ties with Russia. According to official estimates, the U.S. traded $3.5 billion in goods with Russia last year, despite sanctions and existing tariffs.

August 1, 2025 — U.S. Markets Open Lower as Trump Raises Tariffs on 60+ Countries

President Donald Trump issued a new executive order late Thursday imposing tariffs on 66 countries, including the European Union, Taiwan, and the Falkland Islands, but pushed back their start date by a week. The duties, originally scheduled to begin Friday, will now take effect on August 7. Nations not listed in the order will face a baseline 10% tariff.

A senior U.S. official said the delay was needed to give agencies more time to harmonize the rates and ensure Customs and Border Protection could implement them effectively.

U.S. stocks fell sharply Friday morning as investors digested both the tariff extension and new economic data. The S&P 500 dropped 1.5%, while the Dow Jones Industrial Average fell 599 points, or 1.4%, and the Nasdaq slid 2%. Treasury yields also sank, reflecting rising concerns about slower growth.

The downturn was compounded by disappointing Labor Department figures showing a sharp slowdown in hiring, with revisions cutting 258,000 jobs from May and June payrolls. Economists warned the combined effect of weaker labor data and Trump’s expanded tariffs could further pressure the U.S. economy heading into the fall.

July 30, 2025 — Trump to Impose 25% Tariff on India, Adds Penalty for Russian Oil Purchases

President Donald Trump announced Wednesday that the United States will impose a 25% tariff on Indian goods, along with an additional import tax tied to India’s continued purchases of Russian oil. The new levies are set to take effect on Friday as part of the administration’s revised global tariff rollout.

In a post on Truth Social, Trump called India “our friend” but said its tariffs on U.S. goods are “far too high.” He added that India’s imports of Russian oil and military equipment have “enabled the war in Ukraine,” justifying what he termed a “penalty” tariff.

The U.S. Census Bureau reported that America ran a $45.8 billion trade deficit with India in goods last year, underscoring the imbalance that Trump said the tariffs aim to address. While the administration argues the new duties will support U.S. factories and help offset budget deficits created by recent tax cuts, economists warn they could raise inflation and slow growth by increasing costs for American businesses and consumers.

July 18, 2025 — Trump Announces 30% Tariffs on EU, Mexico Starting August 1

President Donald Trump unveiled new 30% tariffs on imports from Mexico and the European Union, escalating trade tensions with two of America’s largest partners. The levies are set to take effect August 1 and are part of Trump’s broader tariff campaign, which he says will “rebuild” U.S. economic strength.

In a letter to Mexican President Claudia Sheinbaum, Trump acknowledged Mexico’s role in reducing border crossings and fentanyl smuggling, but said it hasn’t done enough. “What Mexico has done is not enough,” he wrote, referring to the region as a “Narco-Trafficking Playground.”

The European Union responded with concern, as the U.S. is one of the top markets for several high-value European exports. Champagne producers in France warned that a 30% U.S. tariff would make their product unaffordable for American consumers. The U.S. currently accounts for 10% of champagne exports by volume and 15% by value, according to French industry data.

Producers are now exploring alternative markets in Brazil, Southeast Asia, and South Africa.

Trump Tells Putin: Make Peace or Face Tariffs

Separately, Trump gave Russian President Vladimir Putin a 50-day ultimatum to resolve the war in Ukraine or face further consequences. During a meeting with NATO Secretary General Mark Rutte on July 14, Trump announced that the U.S. will impose 100% tariffs on Russian oil buyers, including China, starting in early September, if no deal is reached.

“I use trade for a lot of things … it’s good for settling wars,” Trump said, citing prior examples involving India and Pakistan.

July 10, 2025 — Trump Targets Brazil With 50% Tariff, Adds Copper Levy

President Donald Trump on Wednesday announced a 50% tariff on Brazilian goods, citing what he called Brazil’s unfair treatment of former President Jair Bolsonaro. The tariff will take effect August 1, the same deadline set for other new trade measures under Trump’s broader tariff push.

In a letter to Brazilian President Luiz Inácio Lula da Silva, Trump described Bolsonaro’s ongoing trial as an “international disgrace” and called for it to stop. Bolsonaro faces charges linked to an alleged plot to overturn his 2022 election loss.

In response, Lula warned that Brazil will respond under its Law of Economic Reciprocity, signaling possible matching tariffs on U.S. goods. Brazil also summoned the U.S. chargé d’affaires earlier this week to protest Trump’s criticism of the trial.

Separately, Trump confirmed the U.S. will impose a new 50% “national security” tariff on copper imports starting August 1. The White House says the measure aims to protect domestic supply chains for key industries like clean energy and electronics.

July 8, 2025 — Trump Expands Tariffs to 14 Countries, Sets August Deadline

U.S. President Donald Trump on Monday expanded his global tariff campaign, notifying 14 nations — including Japan and South Korea — that they will face new 25% tariffs on all goods exported to the United States starting August 1. The move widens the trade pressure that began in April and now targets both major and smaller trading partners.

In letters released on his Truth Social platform, Trump warned that any retaliation would trigger equal U.S. measures. “If you decide to raise your tariffs, whatever the number you choose will be added on to the 25% we charge,” he wrote. The new tariffs will apply broadly but will not combine with earlier sector-specific tariffs on items like automobiles, steel, or aluminum.

White House Extends ‘Reciprocal’ Tariff Timeline

Trump also signed an executive order Monday pushing back the start date for the “reciprocal” tariffs to August 1, giving countries more time to reach individual deals with Washington. China remains exempt from this extension. When asked if the new date is final, Trump said, “I would say firm, but not 100% firm,” suggesting further talks are possible.

Japan’s Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung confirmed they received Trump’s letters and said they plan to continue negotiations to avoid the full tariffs. Additional letters were sent to Malaysia, Kazakhstan, South Africa, Myanmar, Laos, Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand, bringing the total number of countries covered to 14. Some countries face new tariffs as high as 40%.

The announcement rattled Wall Street, with the S&P 500 falling sharply on Monday. Asian markets were mostly steady as governments weighed their options before the new August deadline. Countries that do not finalize separate deals with the U.S. risk facing the full tariff rates in less than a month.

June 25, 2025 — Canada Passes Dairy Tariff Shield as U.S. Trade Talks Approach; EU and China Brace for More Trump Moves

Canada has passed legislation to protect its dairy industry from future trade concessions just as it prepares for high-stakes negotiations with U.S. President Donald Trump. The Canadian Senate last week approved a bill preventing the government from offering any reductions in dairy tariff-rate quotas during trade agreements. The move comes ahead of planned talks on revising the United States-Mexico-Canada Agreement (USMCA), where Trump is expected to demand significant market access. With this new legal constraint, Canada has drawn a hard line, potentially complicating discussions.

European Union Warns of Retaliation If U.S. Tariffs Remain

The European Union has signaled it will impose retaliatory tariffs on key American goods, including Boeing aircraft, if the U.S. maintains baseline levies after trade negotiations conclude. EU industry chief Stephane Séjourné stated that any “asymmetrical deal” will trigger countermeasures. The bloc is pushing to finalize a deal before Trump’s 50% tariff hike on EU exports takes effect on July 9. Currently, about 70% of EU exports to the U.S. face tariffs, amounting to roughly €380 billion ($439 billion) in affected trade.

Trump Signals Shift on Iranian Oil, But Sanctions Stay

In a Tuesday social media post, President Trump stated that “China can now continue to purchase oil from Iran,” a move that appeared to contradict long-standing U.S. sanctions. The White House later clarified that the post reflected recent geopolitical developments and did not indicate a policy change. Officials said the U.S. will maintain secondary sanctions on countries importing Iranian oil. Despite sanctions, China is believed to be buying over 90% of Iran’s crude exports through unregulated shipping routes and off-book transactions settled in yuan.

June 18, 2025 — Japan Posts Trade Deficit as Auto Exports to U.S. Drop 25% Under Trump Tariffs

Japan recorded a trade deficit of ¥637.6 billion (approximately $4.4 billion) in May as exports to the United States fell sharply under the weight of U.S. tariffs. According to Japan’s Finance Ministry, exports dropped 1.7% year-over-year, led by a nearly 25% decline in automotive shipments to the U.S. The figures reflect the ongoing impact of President Donald Trump’s additional 25% tariff on Japanese autos and a 24% duty on other goods.

Imports also declined 7.7% in May, deeper than April’s 2% fall, signaling weakening domestic demand. Despite recent discussions between Trump and Japanese Prime Minister Shigeru Ishiba at the G7 summit in Canada, no agreement has been reached to resolve the tariff dispute. Ishiba confirmed that differences remain unresolved following his meeting with the U.S. president.

Trump has warned that the auto tariff could rise further if Japan does not reach a deal. As Japan continues to resist U.S. demands, its export-dependent sectors are increasingly exposed to economic strain.

June 17, 2025 — Trump, Starmer Finalize UK Trade Deal; Irish Exports Hit by Tariffs

US President Donald Trump and UK Prime Minister Keir Starmer formally agreed on Monday to implement key elements of a bilateral trade deal that will lower tariffs on UK car exports and grant higher quotas for American agricultural goods entering the UK. The deal was signed on the sidelines of the G7 summit in Kananaskis, Canada, and marks the most concrete progress in Trump’s ongoing tariff negotiations.

Under the new agreement, tariffs on UK auto exports to the US will be cut from 27.5% to 10% for an annual quota of 100,000 vehicles. Additionally, Trump signed an executive order exempting the UK civil aerospace sector from the White House’s 10% baseline tariffs. However, the deal did not include the promised rollback of tariffs on British steel, currently set at 25%, though the UK remains exempt from Trump’s recently announced 50% steel tariff affecting other nations.

While Trump praised the agreement and described the UK as “very well protected,” trade friction persists elsewhere. The president said the European Union has not offered a fair deal and called Japan “tough” in negotiations, adding that formal tariff letters will soon be sent to countries failing to finalize agreements. He also reiterated that pharmaceutical tariffs would be announced soon.

Meanwhile, Ireland’s goods exports dropped sharply in April as companies grappled with the impact of Trump’s new tariffs. After a record €26 billion in exports to the US in March, shipments plunged to €10 billion in April—a 62% decline month-on-month. The broader export total also fell to €22 billion from €37 billion, though figures remain higher than April 2024 levels.

June 11, 2025 — Trump Claims Legal Victory as Appeals Court Allows Tariffs to Stand Temporarily

President Donald Trump welcomed a federal appeals court decision on Tuesday that allows his administration’s tariffs to remain in effect while litigation continues. Calling it “a great and important win for the US,” Trump praised the ruling from the U.S. Court of Appeals for the Federal Circuit, which temporarily upholds the tariffs, including the widely discussed “Liberation Day” duties imposed on a range of imported goods.

The ruling enables the continuation of Trump’s tariff regime, despite a lower court ruling last month that declared many of the measures illegal. The administration had argued that lifting the tariffs would harm U.S. foreign policy interests and weaken its negotiating leverage.

Trump Says Rare Earths Deal with China Reached in Trade Talks

Separately, Trump announced that the U.S. and China have reached a provisional agreement on rare earth mineral exports following two days of negotiations in London. He said China has agreed to supply “magnets, and any necessary rare earths,” resolving one of the key issues in the ongoing trade dispute.

In return, Trump said the U.S. would allow Chinese students to remain at American universities — a point of concern for Beijing following recent visa restrictions. The deal remains subject to final approval by both Trump and Chinese President Xi Jinping.

June 6, 2025 — Elon Musk Warns Trump Tariffs May Lead to Recession; Tesla Shares Drop $150 Billion

Tesla CEO Elon Musk said that U.S. President Donald Trump’s new tariffs could lead to a recession in the second half of 2025. “The Trump tariffs will cause a recession,” Musk posted on X. The statement comes amid growing disagreements between Musk and the Trump administration over recent policy changes.

Following Musk’s comment, Tesla’s stock declined more than 14%, resulting in a loss of nearly $150 billion in market value. The drop occurred shortly after President Trump told reporters he was “very disappointed in Elon,” claiming the CEO had previously expressed support for a new tax and spending bill.

Musk denied the claim, stating on X that he had never seen the bill and had not been consulted. “This bill was never shown to me even once and was passed in the dead of night,” Musk wrote. He also posted, “Without me, Trump would have lost the election,” referring to his previous support during the campaign.

June 4, 2025: Trump Doubles Steel and Aluminum Tariffs to 50%, Deepening Global Economic Strain

U.S. President Donald Trump officially raised steel and aluminum tariffs to 50% on Tuesday, doubling down on his “reciprocal” trade strategy amid ongoing negotiations with multiple countries ahead of a July 9 deadline. The new rates, despite pending court challenges over the legality of Trump’s broader tariff powers, remain in force for now.

The tariff escalation comes as global economic indicators continue to weaken. Market analysts warn that Trump’s tariff-driven brinkmanship is accelerating a broader downturn, with the U.S. itself facing heightened risks. Though traders often anticipate reversals in Trump’s trade tactics—a pattern dubbed “Trump Always Chickens Out” (TACO)—the uncertainty is already disrupting global trade flows and investor sentiment.

June 3, 2025: Trump-Xi Phone Call Expected This Week Amid Renewed Tariff Disputes, Says White House

The White House has confirmed that President Donald Trump and Chinese President Xi Jinping are likely to hold a phone call this week to address growing trade tensions. Press Secretary Karoline Leavitt said the discussion would come amid rising disputes over tariff enforcement and trade restrictions, though Beijing has not yet confirmed any plans for a call. Treasury Secretary Scott Bessent also stated that a conversation was expected soon, with topics to include disagreements on key mineral access and China’s export rules.

Meanwhile, Trump issued a sharp warning on Truth Social, saying a court ruling blocking his tariff authority would cause “economic ruination.” He argued that limiting the president’s ability to impose tariffs would weaken the U.S. against foreign economic threats.

June 2, 2025: China Accuses U.S. of Violating Trade Deal; Trump Doubles Tariffs on Steel and Aluminum

China’s Ministry of Commerce rebuked President Donald Trump’s administration for imposing new restrictions that it claims violate the terms of their recent trade understanding.

Beijing cited several U.S. actions, including new export controls on AI chips, restrictions on chip design software, and the revocation of student visas for Chinese nationals, as examples of unilateral policy changes. These measures, China said, undermine trust and violate the spirit of the tariff de-escalation deal signed in Geneva in May.

Markets reacted sharply to the news. Asian stocks slid, with Chinese shares listed in Hong Kong dropping as much as 2.9%, the steepest decline in nearly two months. U.S. stock futures also fell, as renewed trade tensions threatened global investor sentiment.

Trump Hikes Steel and Aluminum Tariffs to 50%; India Expects Minor Impact

Meanwhile, President Trump announced a doubling of tariffs on imported steel and aluminum, raising rates from 25% to 50%, effective Wednesday, June 4.

India’s Steel Minister HD Kumaraswamy said the impact on India would likely be “minor”, since Indian steel exports to the U.S. remain limited. However, metal stocks still reacted negatively on Monday. Shares of JSW Steel, SAIL, Jindal Steel, Vedanta, Tata Steel, NMDC, and National Aluminium fell by as much as 2% in early trading.

The BSE Metal Index declined by 467 points to 30,293, making it the worst-performing sector of the day. The Nifty Metal Index also dropped 146 points to 9,047.

May 19, 2025: Trump to Reinstate Tariffs on Non-Compliant Countries; Tells Walmart to “Eat the Tariffs”

President Donald Trump will move forward with higher tariffs on countries that fail to negotiate trade deals “in good faith,” U.S. Treasury Secretary Scott Bessent said in television interviews on Sunday. Bessent did not specify what qualifies as “good faith” or provide a clear timeline for when new tariff decisions would be made.

This comes weeks after Trump initially imposed aggressive tariff rates on April 2, followed by a partial reversal on April 9, when he announced a 90-day tariff pause, lowering most rates to 10%, and setting Chinese import duties at 30%. On Friday, Trump had warned that his administration would soon send letters to U.S. trading partners, informing them of their final tariff rates.

Over the weekend, Trump also criticized Walmart after the retailer warned that tariffs could soon lead to higher prices. He added that the company should “EAT THE TARIFFS” and avoid passing costs on to customers.

Walmart had stated that some product prices may increase in the coming weeks due to Trump’s trade measures. CEO Doug McMillon said the retailer is monitoring the impact closely. Walmart, which earned $29.3 billion in operating income on $674.5 billion in revenue last year, serves 90% of American households through its 4,000+ stores. A large portion of its earnings come from groceries, which are primarily sourced domestically.

Other major brands, including Adidas and McDonald’s, have also expressed concerns about the trade war, warning that higher tariffs could disrupt supply chains, raise prices, and worsen conditions for already strained consumers facing persistent inflation.

May 16, 2025: Trump Warns 150 Countries of Imminent Tariff Hikes; Says India Has Offered “Zero Tariffs” Deal

U.S. President Donald Trump said that countries waiting to strike trade deals with the United States have only a few weeks left before they face higher tariffs. Speaking at a business roundtable in Abu Dhabi, Trump said the U.S. cannot accommodate all 150 countries currently engaged in trade discussions, and would soon begin assigning tariffs unilaterally.

Trump said the process would be “very fair” but emphasized that delays in negotiations would not prevent his administration from acting. The message is a warning to many of America’s trading partners that time is running out to finalize individual deals before they are hit with new tariffs.

India Has Proposed “Zero Tariffs” on U.S. Goods

During a separate event with business leaders in Doha, Trump also revealed that India has proposed a “zero tariffs” trade offer as part of efforts to finalize an agreement with Washington. Trump said Indian authorities were now willing to eliminate import duties on American products, in what he described as a major shift.

This follows India’s recent move to reduce its average tariff gap with the U.S. from nearly 13% to below 4%, as part of ongoing negotiations. A deal between the two countries is expected to be announced in the coming weeks.

May 13, 2025: India Proposes Tariffs on U.S. Goods in First Retaliation 

India has officially proposed retaliatory tariffs on select U.S. goods in response to Washington’s duties on steel and aluminum, according to a filing with the World Trade Organization (WTO). This marks India’s first formal move to counter President Donald Trump’s tariff policies, even as both countries work to finalize a broader trade agreement.

The WTO document, dated May 12, stated that “the proposed suspension of concessions or other obligations takes the form of an increase in tariffs on selected products originating in the United States.” The notice did not name specific products that would be affected.

May 12, 2025: U.S. and China Agree to Slash Tariffs, Begin 90-Day Truce

The United States and China have reached a breakthrough agreement to slash tariffs and pause new trade measures for 90 days, according to U.S. officials. The deal was announced Monday following high-level talks in Geneva between Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and Chinese economic chief He Lifeng.

Speaking to reporters after the meeting, Bessent said the two countries had agreed to reduce reciprocal tariffs by over 100 percentage points, bringing rates down from 145% to 10%.

May 9, 2025: Trump Says “80% Tariff on China Seems Right” Ahead of Weekend Talks

Today, Donald Trump said that an 80% tariff on Chinese goods “seems right”, just as his top trade representatives prepared to meet Chinese officials for crucial weekend talks.

Dow Jones Industrial Average futures, which had risen earlier in the day, turned flat following Trump’s remarks. S&P 500 futures rose 0.1%, while Nasdaq-100 futures edged up 0.2%.

Meanwhile, India has offered to reduce its average tariff gap with the United States to under 4%, down from nearly 13%, in a bid to secure exemptions from current and future U.S. tariffs. This represents a 9-point drop in the unweighted average tariff differential across all product categories.

May 8, 2025: Fed Warns Tariffs May Raise Inflation; Trump Refuses to Cut China Tariffs Ahead of Talks

U.S. Federal Reserve Chair Jerome Powell warned on Wednesday that President Donald Trump’s tariff policy could lead to higher inflation, slower economic growth, and rising unemployment. Speaking at a press conference, Powell said there is a possibility that inflation will remain persistent if tariff levels stay elevated.

Powell acknowledged that it is still too early to fully understand the long-term impact of the trade measures. The Fed has chosen to extend its wait-and-watch approach, stating that the best course of action for now is to be patient and observe how tariff developments unfold before making any monetary policy adjustments.

Meanwhile, President Trump confirmed that the 145% tariffs on most Chinese imports will remain in place “for now”, even as U.S. and Chinese officials prepare to meet for trade talks this weekend in Geneva. The president made his comments during the swearing-in ceremony of David Perdue as the new U.S. Ambassador to China.

When asked directly at the White House whether he would consider lowering tariffs to support the negotiations, Trump answered with a firm “No.” He added that China was the one requesting the talks, not the United States, and criticized Chinese officials for misunderstanding the trade relationship. “I think they ought to go back and study their files,” Trump said.

May 7, 2025: U.S. and China to Hold First Trade Talks Since Tariff War Began

The United States and China will hold their first official trade talks later this week since President Donald Trump began imposing sweeping tariffs on Chinese goods. U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet with China’s top economic official, He Lifeng, in Switzerland to begin talks aimed at easing tensions between the world’s two largest economies.

The meeting, set to take place in Geneva, was first announced by Washington and later confirmed by Beijing. The news triggered a sharp rise in Asian stock markets and boosted investor sentiment in after-hours trading in New York. Futures for the Dow Jones Industrial Average opened with 0.5% gain, or about 280 points. S&P 500 futures gained 0.6%, or 50 points, while Nasdaq 100 contracts jumped 0.7%, adding 200 points. 

According to Reuters, the talks are expected to cover potential reductions in the tariffs that have disrupted global trade flows.

Just hours before confirming the upcoming meeting, China announced new steps to support its economy, which has been under pressure due to the trade war. The People’s Bank of China (PBOC) cut its key seven-day reverse repurchase rate to 1.4% from 1.5%, marking a move to ease borrowing costs. In addition, the central bank said it would lower the reserve requirement ratio (RRR) for banks by 0.5 percentage points to free up more funds for lending.

PBOC Governor Pan Gongsheng announced the changes at a briefing on May 8, alongside China Securities Regulatory Commission Chairman Wu Qing and National Financial Regulatory Administration head Li Yunze. According to the PBOC, the repo rate cut will take effect on Thursday, and the RRR cut will be implemented next week.

May 6, 2025: Trump to Announce New Tariffs on Pharmaceutical Imports

U.S. President Donald Trump’s administration will announce new tariffs on pharmaceutical imports within the next two weeks. The announcement came shortly after Trump signed an executive order aimed at boosting domestic medical manufacturing and reducing America’s dependence on foreign drug producers.

Since returning to office in January, Trump has introduced broad tariffs on nearly all U.S. trading partners. Initially, the pharmaceutical industry had been exempt from these measures, which brought relief to many in the healthcare sector. However, Trump later suggested that this exemption might not last. 

The president did not clarify which countries or products will be affected by the new tariffs. The United States currently imports over $200 billion in prescription drugs every year, with a large share coming from countries in Europe and Asia. India, in particular, is one of the largest exporters of pharmaceuticals to the U.S., making it a potentially significant player in any upcoming changes.

May 5, 2025: Trump Threatens 100% Tariffs on Foreign-Made Movies

U.S. President Donald Trump has announced that he will impose a 100% tariff on films made outside the United States, as part of his expanding trade war against countries he accuses of undermining American industries. Trump said the move is intended to protect the U.S. film industry, which he claims is “dying a very fast death” due to aggressive incentives offered by other nations to lure filmmakers abroad. Trump called foreign film production a national security threat, saying that it affects not just the economy, but also public messaging and cultural influence. 

U.S. Commerce Secretary Howard Lutnick responded to the announcement, saying the administration is working on the issue, though no formal policy details have yet been released. Trump did not clarify whether the tariffs would apply to American studios that film abroad or how the new levies would be calculated and enforced. It also remains uncertain whether the tariffs will apply to films distributed via streaming platforms like Netflix, or only to theatrical releases.

In response to Trump’s comments, the governments of Australia and New Zealand issued public statements defending their national film industries. Both countries emphasized their contributions to global cinema and voiced support for the international creative collaborations that have helped their economies and cultural sectors thrive.

May 2, 2025: Worker Protests Sweep China as Trump Tariffs Hit; Beijing Considers U.S. Talks

Mass protests have erupted across China as U.S. tariffs imposed by President Donald Trump cause widespread economic disruption. Workers in industrial hubs from Shanghai to Inner Mongolia are demonstrating against factory closures, wage delays, and plummeting export demand.

In Tongliao, construction workers climbed buildings and threatened self-harm after months of unpaid wages. Near Shanghai, thousands from an LED factory protested over back pay owed since January. Similar unrest was reported in Dao County, where a sports equipment company shut down without compensating its staff.

In response, China’s Ministry of Commerce announced on Friday that it is assessing recent messages from the United States seeking to reopen talks on tariffs. The ministry confirmed that Washington had made multiple outreach efforts expressing interest in restarting negotiations.

Global Markets Climb on Hope of Renewed Talks

Markets reacted positively to signs of possible U.S.-China engagement. S&P 500 futures rose 0.5%, and Dow Jones futures gained 0.6%. European indexes also advanced, with Germany’s DAX up 1.5%, France’s CAC 40 up 1.3%, and the UK’s FTSE 100 rising 0.7%. In Asia, Hong Kong’s Hang Seng jumped 1.7%, while Taiwan’s index surged 2.7%. Shanghai markets were closed for a public holiday.

India’s U.S. Oil Imports Set to Hit Record High as Trade Talks Progress

As India and the U.S. continue to negotiate a trade agreement, India is expected to import over 1 million barrels per day of U.S. crude oil during April–June 2025 — the highest level on record.

According to Kpler, imports from the U.S. rose 17% month-over-month and 68% year-over-year in April. The U.S. Energy Information Administration (EIA) reported similar figures, noting that India’s energy imports from the U.S. are on pace to more than double compared to Q2 2023.

April 30, 2025: China’s Factory Activity Drops as Tariffs Take Effect; Trump Targets Amazon Over Price Transparency

China’s factory activity fell sharply in April, showing early signs of economic stress caused by President Donald Trump’s sweeping tariffs. According to the National Bureau of Statistics, China’s official manufacturing PMI dropped to 49.0, down from 50.5 in March. This was the lowest reading in 16 months and well below expectations.

A PMI below 50 signals contraction. The April reading suggests that China’s factories are struggling with weak demand, both at home and overseas. Many manufacturers had rushed shipments out before the tariffs took effect, but that strategy no longer works now that Trump’s “Liberation Day” tariffs are in place.

The non-manufacturing PMI, which includes construction and services, also slipped slightly from 50.8 to 50.4, staying just above the growth-contraction line. 

Trump Criticizes Amazon Over Tariff Pricing

President Trump criticized Amazon after reports claimed the company planned to display tariff-related costs next to product prices. A news story said Amazon might start showing how much of each item’s price is due to U.S. import duties.

Trump reportedly called Amazon founder Jeff Bezos directly to complain. He was unhappy that the e-commerce giant was highlighting the effect of tariffs, which he believes could damage public support for his trade policy.

Trump Says U.S.-India Tariff Talks Are “Going Great”

Trump also expressed confidence in his administration’s tariff talks with India. Speaking to reporters outside the White House, he said he expects a deal with India soon and that the discussions are “going great.”

Trump added that he plans to visit Africa and hold talks with Australian officials in the coming weeks as part of his global trade outreach.

April 29, 2025: Trump Moves to Ease Auto Tariffs; Temu Hikes Prices Due to 145% Tariffs

The Trump administration announced it will reduce the impact of automotive tariffs starting April 29. According to officials, President Donald Trump’s team plans to alleviate some duties on foreign car parts used in domestically manufactured vehicles. At the same time, the administration will ensure that tariffs on imported cars do not stack on top of existing levies, like those already imposed on steel and aluminum.

Commerce Secretary Howard Lutnick said in a statement that Trump is building a partnership with domestic automakers and American workers. Lutnick described the move as a major win for Trump’s trade policy because it rewards companies that manufacture cars inside the U.S., while also giving time to other manufacturers who have promised to invest in American production.

Temu Raises Prices After New Import Charges

Meanwhile, Chinese online retailer Temu has reacted to Trump’s tariffs by adding new “import charges” of about 145% on many products shipped to the United States.

These fees began appearing over the weekend after Trump’s tariffs officially went into effect on Friday. In many cases, the new import charges cost more than the original price of the product, meaning that a typical Temu order now more than doubles in price for U.S. shoppers.

April 28, 2025: China Remains Confident on 2025 Growth Despite U.S. Tariffs

Chinese officials on Monday tried to calm fears that heavy U.S. tariffs could derail China’s economic recovery. Analysts have warned that the ongoing trade war between the U.S. and China could badly hurt growth by disrupting supply chains and affecting many industries.

However, Zhao Chenxin, the vice head of China’s National Development and Reform Commission (NDRC), said he was “fully confident” that China would still meet its economic growth target of around 5% for 2025.

Speaking at a press conference, Zhao said that China’s strong first-quarter results had built a solid foundation for the rest of the year. He added that new support policies could be introduced in the second quarter if needed, depending on how the economy performs.

Zhao also emphasized that China would stay focused on its own development plans, regardless of how the international situation changes.

April 25, 2025: China Demands Full Tariff Removal Before Trade Talks Begin

China has told the United States that if President Donald Trump is serious about ending the trade war, he must first cancel all U.S. tariffs on Chinese goods. Chinese officials said there have been no formal trade talks between the two countries, even though Trump claimed that discussions had taken place.

Earlier this week, Trump said the U.S. and China had held meetings and were negotiating. He also suggested that the 145% tariff on Chinese imports could be “substantially” reduced, though not eliminated entirely. That statement helped lift market sentiment and gave investors hope that tensions might ease.

But China quickly pushed back. A spokesperson for the Chinese commerce ministry said there are currently no trade negotiations between the two countries. Later, at a foreign ministry press briefing, another official called reports of trade progress “baseless rumours.” He said if the U.S. wants peace, it must “completely cancel all unilateral tariff measures.”

China Sends Boeing Planes Back as Retaliation

In one of its strongest responses yet, China sent back Boeing planes it had previously ordered from the U.S. This marks another direct blow in the ongoing tariff battle and a sign that relations remain tense.

Earlier this month, China also responded to U.S. tariffs with a 125% tariff on American goods. U.S. Treasury Secretary Scott Bessent has said the current situation is unsustainable and compared it to a trade embargo.

IMF Calls for Immediate Trade Truce

The International Monetary Fund (IMF) has joined the calls for an end to the trade war. IMF Director Kristalina Georgieva said that global economic uncertainty has “spiked off the charts” due to the conflict. Speaking at a press conference in Washington, she said a quick resolution is necessary to avoid further damage to the global economy.

Georgieva warned that uncertainty is stopping businesses from investing and leading households to save instead of spend. This, she said, is making already weak economic growth even worse.

She did not criticize the U.S. directly but said the world’s major economies must settle their trade differences quickly to restore confidence.

April 24, 2025: 12 U.S. States Sue Trump Over Tariffs; Trump Says China Relief Depends on Negotiations

A coalition of 12 U.S. states has filed a lawsuit in the U.S. Court of International Trade, challenging President Donald Trump’s tariff policy. The states argue that Trump has overstepped his authority by using emergency powers to impose broad trade tariffs without approval from Congress. The lawsuit accuses the president of misusing the 1977 International Emergency Economic Powers Act (IEEPA), which is only meant for real emergencies, not regular trade actions.

The lawsuit says Trump’s actions have disrupted the U.S. economy and upset the balance of power between the executive branch and Congress. The 12 states—Oregon, Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York, and Vermont—are asking the court to declare the tariffs unlawful and prevent federal agencies from enforcing them.

Meanwhile, President Trump spoke to reporters at the White House and said he may lower the 145% tariff on Chinese goods, but only if Beijing agrees to new trade terms. Trump said the U.S. had been “ripped off for years” and would only reduce tariffs as part of a fair deal.

He also mentioned that more tariff changes could come in the next few weeks, depending on negotiations. Trump said he continues to have a good relationship with Chinese President Xi Jinping and still hopes a deal can be reached. But he added, “If we don’t have a deal… we’re going to set the tariff.”

April 14, 2025: Trump Denies Tariff Exemptions, Says No Country Is “Off the Hook”

President Donald Trump denied that any country would be exempt from his tariff program, pushing back against reports of trade relief for tech products. His remarks followed a U.S. Customs and Border Protection guidance issued on April 11, which appeared to exempt smartphones, computers, and other electronics from the new tariffs.

In a Truth Social post, Trump wrote, “NOBODY is getting ‘off the hook’ for the unfair Trade Balances… especially not China which, by far, treats us the worst!” He added that there was no official tariff exemption and claimed that these products remain subject to the existing 20% fentanyl-linked tariffs, though they may now fall under a different tariff classification.

Trump also accused the media of misreporting the situation, saying, “The Fake News knows this, but refuses to report it.”

Later, speaking to reporters on April 13, Trump clarified that any relief for electronics from China was temporary. He added that his administration is still reviewing tariffs on semiconductors, and said an official announcement would be made soon.

April 11, 2025: U.S. Raises China Tariffs to 145%, China Targets Hollywood, Markets Slide

The White House confirmed on April 10 that the total U.S. tariff rate on Chinese imports has reached 145%, after adding together past and recent levies. This includes a 20% duty imposed earlier this year, a 34% tariff introduced last week, and a new 91% increase applied this week. The White House clarified the updated figure after President Trump incorrectly cited 125% on Truth Social.

In response, China’s National Film Administration announced it would reduce the number of Hollywood films released in its domestic market. The agency linked this decision directly to the new U.S. tariff hike, calling it a defensive move in the ongoing trade war.

Asian markets fell sharply today on April 11 following the White House’s clarification. Japan’s Nikkei 225 lost nearly 4%, and China’s CSI 300 dropped 1.2%. Hong Kong’s Hang Seng index fell 3.1%, while MSCI’s Asia-Pacific index outside Japan slid 1.7%.

Trump is also facing accusations of market manipulation. On Wednesday morning, he posted “THIS IS A GREAT TIME TO BUY!!! DJT” on Truth Social. Hours later, he announced the 90-day tariff pause for most countries, triggering a historic stock market rally. Critics now question the timing of his message.

April 10, 2025: Trump Pauses Tariffs for Most Countries, But Increases Them on China

U.S. President Donald Trump announced a 90-day pause on tariffs for most U.S. trading partners. This means that countries other than China will not face new U.S. tariffs for the next three months. Trump made the announcement on April 9, just one day after new tariffs were put in place. While most countries got a break, China did not. Instead, Trump increased the tariff on all Chinese goods to 125%. This rate is higher than any previous tariff during his presidency. Trump said China had refused to back down and remove its own tariffs on U.S. products. So, the U.S. was raising pressure. At the same time, the White House warned other countries not to retaliate. A statement from the administration said: “Do not retaliate and you will be rewarded.”

China Responds With More Tariffs

China did not accept Trump’s demands. Within hours of the U.S. announcement, China responded. It imposed a new 84% tariff on all American imports. These new Chinese tariffs took effect today on April 10. Following the tariff pause news, U.S. stock markets had one of their strongest days on April 10. The S&P 500 rose by 9.5%, which is a gain normally seen over an entire year.

The Nasdaq Composite jumped 12%, gaining more than 1,857 points to reach 17,124.97. The Dow Jones Industrial Average climbed 7.9%, ending a stretch of market losses caused by tariff fears.

April 9, 2025: U.S. Hits China with 104% Tariff

The United States officially imposed a massive 104% tariff on Chinese imports on April 9. The move follows President Donald Trump’s ultimatum to China earlier this week, where he warned of steep new duties if Beijing refused to roll back its 34% counter-tariff on American goods. China did not comply, prompting the White House to proceed with its tariff escalation. The new 104% tariff is the result of three cumulative increases:

• A 20% tariff announced in March.
• A 34% tariff implemented as part of the “Liberation Day” policy.
• An additional 50% penalty was confirmed this week.

Following the announcement, the Asian stock market tumbled. On April 9, Japan’s Nikkei 225 index dropped nearly 4%. Markets in South Korea, New Zealand, and Australia also posted losses over the deepening U.S.-China trade war. China’s major stock indexes fell in response. The CSI 300, which tracks China’s top blue-chip stocks, slipped 1.2%, while Hong Kong’s Hang Seng index plunged 3.1%. 

April 8, 2025: Trump Threatens China with 50% Tariff; Markets Swing Wildly

Tensions between the United States and China escalated further on April 8 after President Donald Trump threatened to impose an additional 50% tariff on Chinese goods. The warning came in response to China’s decision to retaliate against Trump’s earlier 34% tariff by placing a similar counter-tariff on American imports. 

President Trump gave China a 24-hour deadline to remove its 34% countermeasure. He said that if China refused to back down, the United States would respond with a 50% import tariff on all Chinese goods. The Chinese embassy in Washington quickly responded by accusing the U.S. of “economic bullying.” It also stated that Beijing would “firmly safeguard its legitimate rights and interests.” The growing uncertainty over trade policy led to volatile movements across financial markets throughout the day. Stock futures initially rose in after-hours trading late Monday. Contracts tied to the Dow Jones Industrial Average, the S&P 500, and the Nasdaq-100 all gained more than 1%.

April 7, 2025: China Plans Stimulus as Global Markets Struggle; Trump Dismisses Recession Fears

Chinese leaders held emergency meetings over the weekend to discuss how to respond to President Trump’s growing list of tariffs. According to people familiar with the matter, top Chinese policymakers and financial regulators considered fast-tracking stimulus plans to help stabilize the economy and boost domestic consumption.

Some of these stimulus measures were already in development before the U.S. tariffs but may now be accelerated to counter the economic shock. No final decisions have been announced publicly.

Trump Dismisses Market Concerns, Demands Trade Deficit Elimination

President Trump, speaking aboard Air Force One on Sunday, pushed back against fears that the tariffs would lead to inflation or a recession. He insisted that the market volatility was only temporary and claimed the U.S. would enter a new economic “boom.”

Trump also made it clear that he would not lower the highest tariffs unless the U.S. completely eliminated its trade deficit with specific countries.

Crypto and Stock Futures Drop Again

The global financial fallout continued as U.S. stock futures opened lower and cryptocurrencies saw another sharp drop. Today, all top 10 Cryptocurrencies by market cap are down. Bitcoin lost over 8% of its value, falling to around $76,210. Ether declined more than 16%, trading at $1,518. The total crypto market capitalization dropped over 8%, hitting $2.5 trillion.

April 4, 2025: Trump Revises Tariffs, India Targeted; Pharma Stocks Crash

A new White House document released on April 4 shows that Trump’s tariff rates have been revised for at least 14 countries, including India. India’s tariff rate was first mentioned by Trump as 26%, but the new annex initially listed it at 27%. The final document confirms it has been revised back down to 26%.

Trump’s administration also announced that pharmaceuticals and semiconductors are now under review for possible new tariffs under Section 232 of the Trade Expansion Act of 1962. This section allows the U.S. President to impose tariffs if imports are seen as a threat to national security.

Following this news, Indian pharmaceutical stocks took a hard hit:

• Aurobindo Pharma, IPCA Laboratories, and Lupin all fell up to 10%.

• Other major drugmakers also dropped between 4% and 9%.

April 3, 2025: U.S. and Crypto Markets Dump After Tariff Shock

Global financial markets reacted negatively to Trump’s newly announced tariffs. Key financial indexes saw steep declines:

• The Dow Jones Industrial Average fell by over 1,500 points (3.6%).
• The S&P 500 declined around 4%.
• The Nasdaq Composite dropped nearly 5%.

Bitcoin and other major cryptocurrencies experienced notable declines. Bitcoin fell as much as 4%, reaching approximately $82,000 on Thursday morning in Singapore. Other cryptocurrencies, including Ether and XRP, also saw declines, with Solana dropping over 9% at one point. 

April 2, 2025: Trump Officially Launches “Liberation Day” Tariffs

President Trump officially announced the “Liberation Day” tariffs on this date. He called it a national emergency to protect American industry. The details of the new tariffs were:

• A 10% baseline tariff on all imports.
• A 34% tariff on goods from China.
• A 46% tariff on goods from Vietnam.
• A 20% tariff on goods from the European Union.
• A 10% tariff on imports from the United Kingdom, Australia, and other allied countries.

Trump said these tariffs would rebuild the American economy, bring back jobs, and lower taxes. But many countries criticized the move. The European Union and Australia expressed strong concerns, saying the tariffs would hurt global trade.

Trump’s Trade War 2.0: The Background of Imposed Tariffs Explained

After winning the U.S. presidential election in November 2024, Donald Trump returned to the White House with a clear message: he wanted to fix America’s trade deficit and reduce dependency on foreign goods. Additionally, he promised to bring back American manufacturing jobs and make the country less reliant on countries like China. On February 1, 2025, just a few weeks after taking office for his second term, Trump signed his first major trade action. He imposed new tariffs on imports from China, Canada, and Mexico. The tariffs included:

• A 25% tariff on goods from Canada and Mexico,
• A 10% tariff on goods imported from China.

These tariffs officially took effect on Feb. 4. Trump said that these tariffs would protect U.S. industries, secure jobs, and balance trade. However, this decision immediately created tension with America’s top trading partners. Canada, Mexico, and China all expressed concerns and warned that they might retaliate. Notably, throughout February and March 2025, the situation worsened. More tariffs followed, targeting specific countries. Specifically, China and Vietnam were accused of manipulating their currencies and giving unfair subsidies to their exporters. Trump and his team used this to justify even higher tariffs on these countries.  As the tariff war heated up, financial markets also began to react. In particular, businesses, especially those that rely on imports or sell to international markets, started to suffer. Above all, investors are concerned that the tariff fight could lead to a trade war or even a recession.