Timeline of Focus: How Trump's Trade War Disrupted the Global Economy

Timeline of Focus: How Trump's Trade War Disrupted the Global Economy

Reuters, May 23 - Since taking office on January 20, President Trump’s tariff decisions have shocked the financial markets and brought a wave of uncertainty to the global economy.

Here is a timeline of key developments:

February 1 - Trump imposed a 25% tariff on imports from Mexico and most Canadian goods, and a 10% tariff on goods from China, demanding they curb the flow of fentanyl and illegal immigration into the U.S. nL6S3OT001nL6S3OI02J

February 3 - Trump suspended the tariff threat against Mexico and Canada, agreeing to a 30-day delay in exchange for concessions from Mexico and Canada on border and crime enforcement. The U.S. did not reach such an agreement with China. nL6S3OU0SX

February 7 - Trump delayed the imposition of tariffs on small or low-value packages from China until the Commerce Department could confirm that the procedures and systems for processing these packages and collecting tariffs were in place. nL6S3OY0PX

February 10 - Trump raised tariffs on steel and aluminum to 25%, "with no exceptions or exemptions." nL6S3P200J

March 3 - Trump announced that the 25% tariff on goods from Mexico and Canada would take effect on March 4, while doubling the tariffs on Chinese goods to 20%. nL6S3PN047

March 5 - After a call with the CEOs of General Motors GM.N, Ford F.N, and Stellantis STLAM.MI, Trump agreed to delay the imposition of tariffs on some cars made in Canada and Mexico by one month. nL6S3PO0S0

March 6 - Under the North American trade agreement, Trump postponed the 25% tariff on goods from Canada and Mexico for one month. nL6S3PP0XH

March 26 - Trump announced a 25% tariff on imported cars and light trucks. nL6S3Q90V9

April 2 - Trump announced a 10% baseline reciprocal tariff on all imported goods and imposed higher tariffs on some of America's largest trading partners. nL6S3QG0SE

April 9 - Less than 24 hours after imposing new hefty tariffs on most trading partners, Trump decided to suspend high tariffs on dozens of countries, following severe market fluctuations that wiped out trillions of dollars from global stock markets. nL6S3QN105

The policy of imposing a 10% comprehensive reciprocal tariff on nearly all U.S. imports continues.

Trump stated that he would raise the tariffs on Chinese goods from 104% to 125%, effective the day before. Including the fentanyl-related tariffs imposed earlier this year, the tariffs on China effectively increased to 145%. nL6S3QP071April 13 - The U.S. government has granted tariff exemptions on imports of smartphones, computers, and other electronic products largely supplied by China, shielding them from high reciprocal tariffs. nL4S3QR01P

April 22 - The Trump administration is launching an investigation into imports of pharmaceuticals and semiconductors as part of imposing tariffs on these two industries, citing national security threats from heavy reliance on foreign production. nL6S3QT002

May 4 - Trump imposed a 100% tariff on all films produced outside the United States. nL6S3RD01A

May 9 - Trump and UK Prime Minister Starmer announced a limited bilateral trade agreement that retains Trump's 10% reciprocal tariff on UK goods, moderately expands agricultural access between the two countries, and reduces tariffs on UK cars imported to the U.S. nL6S3RH001

May 12 - The U.S. and China agreed to "cut reciprocal tariffs by 115%." Under a 90-day truce agreement, the U.S. will reduce additional tariffs on Chinese imports from 145% to 30%, while China's counter-tariffs on U.S. imports will drop from 125% to 10%. nL6S3RJ04X

May 13 - The U.S. will reduce tariffs on small packages from China from 120% to 54%. nL6S3RL0HD

May 23 - Trump stated that he suggested imposing a 50% tariff on goods from the European Union starting June 1.

He also warned Apple AAPL.O that if its phones sold in the U.S. are produced outside the country, they will face a 25% tariff. nL6S3RV0SF