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Trump's Trade War: Major Developments

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy.

This timeline shows the major events:

Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports. He demands that they reduce the flow of illegal immigrants and fentanyl into the U.S.

Trump accepts a 30-day suspension of his threat to raise tariffs on Mexico and Canada, in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China.

Trump increases tariffs on aluminum and steel to a flat rate of 25%.

March 3 - Trump announces that 25% tariffs will be imposed on imports from Mexico and Canada from March 4, and that all Chinese imports will face a 20% tariff on fentanyl.

March 6 - Trump excludes for one month goods from Canada and Mexico as part of a North American Trade Pact.

Trump announces a 25% import tariff on cars and light trucks.

Trump announces tariffs on April 2, with a base of 10% for all imports, and much higher rates on certain countries.

Trump suspends, for 90 days, most of the country-specific tariffs he imposed less than 24 hrs earlier. This caused a financial market uproar. The blanket 10% duty on nearly all U.S. imported goods remains in place.

Trump has announced that he will increase the tariffs on Chinese imports from 104% to 125%, a rise of 5%. The extra duty on Chinese goods is now 145%.

May 9 - Trump announces a limited bilateral agreement with British Prime Minister Keir starmer that keeps 10% tariffs in place on British exports while lowering duties on British auto exports.

May 12: The U.S. & China agree to temporarily reduce reciprocal tariffs. The U.S. and China agree to temporarily reduce reciprocal tariffs.

May 13: The U.S. reduces the "de minimis", or low-value tariff, on China shipments. Duties for items up to $800 are reduced to 54% instead of 120%.

Trump warns Apple that it will face a 25% tax if the phones it sells in the U.S. are manufactured outside the country.

May 29: A federal appeals Court temporarily reinstates Trump's most comprehensive tariffs. It suspends an earlier ruling by a lower court to allow the government to appeal.

Trump signs an executive order activating the increase in steel and aluminum tariffs from 25% to 50% on June 3.

Trump announces a 20% tariff for many Vietnamese exports. Trans-shipments through Vietnam from other countries will be subject to a 40% tax.

Trump said on Truth Social, July 6, that countries who align themselves with BRICS' "anti-American policies" will be subject to an additional 10% tariff.

Trump announces on Truth Social that the higher additional duties previously announced will take effect on August 1. In letters to 14 countries, including Japan, South Korea, and Serbia, Trump says the tariffs will range between 25 and 40 percent.

Trump announced on July 10 that the U.S. would impose a tariff of 35% on Canadian imports in August, and planned to impose tariffs blankets of 15% or 20 % on most other trading partner.

Trump threatens to impose 30% tariffs on imports from Mexico, the EU and Canada. Trump announces that the U.S. is imposing a tariff of 19% on Indonesian goods under a new deal. Trump signs a deal with Japan on July 22 that lowers tariffs for auto imports from 25% to 15%.

July 27: The U.S. and the European Union reach a trade deal, which imposes a 15% tariff on imports of most EU products.

Trump said that most trading partners who do not negotiate separate deals with trade agreements will soon face tariffs between 15% and 20%.

Trump announces a 25% tariff for goods imported from India and a 50% tariff for most Brazilian products. He also offers softer quotas in sectors like aircraft, energy, and orange juice.

Hours before the deadline of August 1, the U.S. and South Korea reach an agreement that reduces the planned levies from 25% to 15%.

Trump said that a 50% tariff would be implemented on copper wiring and pipes on the same date. (Compiled by Paolo Laudani in Gdansk and Mateusz Rabiega; edited by Jamie Freed and Lincoln Feast.

(source: Reuters)