US President Donald Trump is aiming to reshape the country's trade policy using one of his preferred economic tools: tariffs.
Here's where things stand with various US trade partners:
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China: Duties on China went into effect in early February, and China retaliated. Beijing on Friday reportedly vowed to use all necessary countermeasures to the additional 10% tariff on Chinese imports Trump plans to impose in March.
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Canada and Mexico: After reneging on plans earlier this month, Trump has once again threatened to impose 25% across-the-board tariffs on US neighbors Canada and Mexico. A new deadline for their imposition is set for March 4. On Friday, US Treasury Secretary Scott Bessent said Mexico proposed matching US tariffs on China during trade negotiations, and he suggested Canada follows suit.
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European Union: Trump threatened looming tariffs on the EU in a move that could bring his trade war across the Atlantic.
Earlier in February, Trump ordered a 25% tariff on all imports of steel and aluminum into the US from all countries. The trade escalation impacts top trading partners and bolsters industries in US states key to Trump's election.
In addition, Trump signed a measure that could lead to the implementation of reciprocal tariffs on US trading partners as soon as April, aiming to fulfill a frequent campaign promise and also raise revenue as Republicans ready a tax and spending bill. Trump is also planning new levies on imported automobiles — also for implementation around April.
The trade posturing could have ramifications for inflation, with the potential to push prices higher. That, in turn, could influence where the Federal Reserve takes interest rates in the coming months — and years.
Read more: What are tariffs, and how do they affect you?
Yahoo Finance will chronicle the latest news and updates from the threats to the eventual policy.
LIVE 122 updatesAluminum tariffs not likely to raise costs for beverage companies or consumers
President Trump has promised 25% tariffs on all steel and aluminum imports into the US, to take effect March 12. But as CNN Business reports, Coca-Cola CEO James Quincey said during the company's Q4 earnings call last month that if aluminum becomes too costly, it would shift to other packaging.
And, it appears unlikely the tariffs on aluminum will make that can of Coke more expensive for soda drinkers, CNN reports.
Lutnick comments suggest US may not impose full 25% tariffs on Mexico, Canada — but they're still coming March 4
Commerce Secretary Howard Lutnick said Sunday that the tariffs President Donald Trump has threatened to impose on Mexico and Canada will take effect March 4, Reuters reported, but added that the president will decide if they'll be set at the full 25% he has previously mentioned:
Lumber becomes focus for Trump administration ahead of tariffs
Bloomberg reported Sunday that President Donald Trump is ordering the US Commerce Department to investigate potential national security harm posed by lumber imports. It appears to be a way to establish legal grounds for his tariffs.
What's not clear yet: How long the investigation will take, and whether it will result in additional tariffs on Canada, on top of the 25% "reciprocal" tariffs Trump has planned for Canada and Mexico.
The official declined to say how long the investigation is expected to take, but indicated that the Commerce Department would move quickly. The official also declined to say if eventual tariffs that resulted from the probe were additive to Trump’s existing plans to impose so-called reciprocal tariffs on other countries, or a 25% levy on Canada and Mexico slated to hit next week.
US communities on Canada border brace for impact of Trump's tariffs
With President Donald Trump's tariffs still on track to take effect this week, the Associated Press finds that in communities in US states that share a border with Canada, residents and businesses are deeply worried about how they'll be affected:
