Trump Administration Implements Multiple Tariffs and Reaches Trade Agreements

Summary

Since January 2025, the Trump administration has implemented broad tariff policies, including 25% on Mexican and Canadian imports and 10% on Chinese goods, alongside duties on steel, aluminum, and autos.Reuters Concurrently, it has used tariff exemptions as leverage, securing deals with pharmaceutical companies like Johnson & Johnson and AbbVie for lower drug prices,Sina Finance+ 2 and with Taiwan for increased TSMC investment in the U.S.Stheadline The administration also imposed tariffs on some semiconductorsZhitong and threatened a 25% tariff on any country trading with Iran.Wallstreetcn+ 2 These policies face a significant legal challenge at the Supreme Court, which could force a massive tariff refund.QQ News

Impact Analysis

This isn’t just random protectionism; it’s a clear ‘pay-to-play’ strategy. They’re using the tariff stick to force concessions—lower drug prices from pharmaSina Finance+ 2 or onshore manufacturing from TSMC.Stheadline The headline noise is about tariffs, but the real story is in the carve-outs. This creates a bifurcated market of winners and losers. Winners are companies like AbbVie and J&J that cut deals to secure tariff exemptions, giving them a clearer runway than peers.Sina Finance The losers are those exposed to broad, unpredictable actions like the new semi tariffs or the secondary sanctions threat related to Iran.Zhitong+ 2

Bottom line: this isn’t about macro trade policy anymore, it’s about company-specific negotiations. The Supreme Court ruling is a huge binary risk,QQ News but the administration’s intent to re-impose tariffs regardless shows their commitment. The trade here is to go long the ‘deal-makers’ who have bought their certainty and short the sectors that are strategically important but haven’t yet capitulated to US demands.