In recent months, President Donald Trump has imposed a series of tariffs and are changing on specific countries and industries that he sees as a threat to the US industry.
Many of his toughest tariffs have been suspended and some exemptions have been granted, but a few are still in place. Meanwhile, Trump continues to threaten to impose more tariffs, although the future of the trade war remains unclear.
The Guardian summarizes what it has known so far about the US imposing tariffs on imported goods.
Taxes in effect
Most of the tariffs in place are a shortened version of the tariffs Trump first proposed.
For example, Mr. Trump threatened to impose a 25% tax on all goods from Canada and Mexico. Finally, he made an exception for items under the US-Mexico-Canada (USMCA) Agreement, which he signed in 2018, which mostly includes imports from both countries.
Another tax that has come into effect since April 5 is the basic 10% tax applied to all goods imported into the US.
The 25% tax rate for cars and auto parts (with some exceptions), effective from May 3.
30% tax on imports from China (with some exceptions), effective from May 13.
A 25% tax on goods from Canada and Mexico, not within the USMCA, will take effect from March 4.
Taxes suspended
President Donald Trump has suspended his highest tariffs, including a 145% tariff on imports from China and a series of counterpart tariffs he plans to apply to more than 50 countries. The US stock market has skyrocketed after Mr. Trump temporarily suspended these tariffs.
counterpart tax is suspended from April 9 to July 8.
Higher tariffs on Chinese goods have been suspended from May 13 to August 12.
Exemption
The White House has issued important tax exemptions for Canada, Mexico and China, including goods imported heavily from those countries.
Goods from Canada and Mexico are protected by the USMCA, including auto parts, were exempted on April 2.
tariffs on smartphones, computers and other electronic devices imported from China were waived on April 12.
Next goals
Trump continues to threaten to impose additional tariffs on specific industries, although it is unclear whether the president will impose tariffs on these industries and when.
The target industries are pharmaceuticals, semiconductors, cutting wood, copper and film produced outside the US.
Trump also announced on May 16 that he would end bilateral tax negotiations with most countries, according to The Guardian. Instead, Washington will send a letter announcing the new tax rate to about 150 countries in the coming weeks.
