Overview of Mr. Trump's tax process

Thanh Hà |

US President Donald Trump's decision to impose tariffs since taking office in January 2025 has shocked the global financial market.

Below is a full view of President Trump's progress in imposing tariffs on global goods:

February 1, 2025: Mr. Trump ordered 25% tariffs on imports from Mexico and Canada and 10% on goods from China, requiring these 3 countries to limit the flow of fentanyl and illegal immigrants into the US.

February 10, 2025: He increases import tax on steel and aluminum to 25%.

March 3, 2025: He announced a 25% tax on Mexican and Canadian goods effective March 4 and doubled the tax on all goods from China to 20%.

March 26, 2025: US President announces a 25% tariff on imported cars and light trucks.

April 2, 2025: He announced a global tariff with a basic level of 10% for all imports and significantly higher tariffs for imports from some countries.

April 9, 2025: He temporarily suspended most of the separate taxes by country that had just taken effect less than 24 hours earlier. The general 10% tax rate applied to most imports remains unchanged. He said he would increase taxes on imports from China from 104% effective a day earlier to 125%, pushing the additional tax rate on Chinese goods to 145%.

May 9, 2025: Mr. Trump and British Prime Minister Keir Starmer announced a bilateral trade agreement, maintaining a 10% tariff on imports from the UK into the US.

May 12, 2025: The US and China agree to reduce tariffs for 90 days. The US reduces the additional tariff on imports from China to 30%, while China reduces tariffs on US goods from 125% to 10%.

June 3, 2025: Mr. Trump signs executive order increasing import tariffs on steel and aluminum to 50%.

July 3, 2025: He announced that the US will impose a 20% tariff on many imported goods from Vietnam, and transit goods from third countries will be subject to a 40% tariff.

July 7, 2025: He said that higher tax rates announced earlier will take effect on August 1. In a letter to 14 countries and territories, he announced that tax rates will be from 25% to 40%.

July 15, 2025: Mr. Trump announced that the US and Indonesia reached a new framework agreement, the US reduced tariffs on Indonesian goods from 32% to 19%.

July 22, 2025: He reached a trade agreement with Japan, reducing the import tax on cars to 15%.

July 30, 2025: The US reaches an agreement with South Korea, reducing the expected tax rate to 15%.

July 31, 2025: Mr. Trump signed an executive order imposing tariffs from 10% to 41% on 69 trading partners. He issued an executive order to increase tariffs on Canadian goods.

August 6, 2025: He imposes an additional 25% tax on goods from India for importing Russian oil.

August 7, 2025: Higher tariffs on imports from dozens of countries begin to take effect.

August 11, 2025: Mr. Trump extends the agreement to stop imposing tariffs on China for another 90 days, postponing the 3-digit tariff until November 10.

August 21, 2025: The US and the European Union reached a framework trade agreement, which stipulates a 15% tariff on most imported goods.

September 30, 2025: Mr. Trump imposes a 10% tax on imported wood and wooden planks and a 25% tax on kitchen cabinets, lavabo cabinets and upholstered furniture.

January 14, 2026: He imposes a 25% tax on some artificial intelligence chips, such as the Nvidia H200 AI processor and a similar semiconductor from AMD.

January 17, 2026: He announced that he would impose a series of tariffs on 8 European allies until the US is allowed to buy Greenland. He withdrew the threat a few days later, after a meeting with NATO Secretary General Mark Rutte in Davos.

February 20, 2026: The US Supreme Court rejects the tariffs that the president implemented through a law that is only used in national emergencies. On the same day, Mr. Trump announced a 10% global tariff. One day later, he raised the tariff to 15%.

February 22, 2026: The European Commission announced that it will not accept tax increases compared to the level reached under the 2025 trade agreement.

Thanh Hà
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