Tariffs have been a major component of US President Trump's second term. Brad Smith and Madison Mills outline where Trump's tariffs on imports from Canada, Mexico, China, and other countries, as well as sector-specific levies, stand.
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President Trump's tariff blitz, in effect for nearly a month, roiling Washington and Wall Street. He's imposed several tariffs on different countries and across different sectors, all within his first 100 days in office. I'm here with my morning brief co-host, Brad Smith, and we're going to break it all down including where it stands today.
That's right, Maddie. And so a 10% universal tariff is in place on imports into the United States effective April 5th, 2025. So, countries like the UK, Australia, and Brazil, among many others, are affected here. Meantime, tariffs on Canada and Mexico, they stand at 25% for tariffs that do not comply with the United States, Mexico, Canada agreement. Goods that are compliant, including most energy products like oil and natural gas, can be imported tariff-free. But there is a 10% tariff on non-USMCA compliant energy products. But the biggest tariffs here, the ones on China, which as of April 9th stand at a rate of 145%, the first 20% of which are Fentanyl related. And Trump added another 125% after China retaliated with its own tariffs.
That's right. And President Trump also has tariffs in place for certain business sectors as well. Let's get you some examples. Effective since March 12th, there are 25% tariffs on all steel and aluminum imports. Then, effective since April 2nd, there are those 25% tariffs on Venezuelan oil imports, as any country that directly imports Venezuelan oil as well. And finally, effective since April 3rd, there are 25% tariffs on all automobile parts. 25% tariffs on auto parts are scheduled to take effect by May 3rd.
That's right. While the president also imposed additional reciprocal tariffs on a number of nations meant to reflect trade imbalances. However, Trump paused these tariffs on April 9th for a 90-day period as nations enter into negotiations with the US. Amid this trade uncertainty, the S&P 500 is down 6% since the start of the year.
