Since taking office in January, President Donald Trump has unleashed a wave of tariffs, creating a highly uncertain and volatile environment for brands and retailers to navigate.
This FAQ will be updated with the latest tariff news, and address the impact tariffs will have on consumer spending, retailers' operations and supply chains, North American economies, and global trade.
What tariffs are currently in effect?
- The US and China agreed to reduce tariffs for 90 days. During that period, Chinese imports to the US will be subject to a 30% tariff, while US imports to China will face 10% duties. That's down from 145% and 125%, respectively.
- Smartphones, computers, semiconductors, and other electronics are currently exempted from reciprocal tariffs on China. But they are subject to the 20% "fentanyl tariff," imposed by the Trump administration over the country's alleged failure to curb drug trafficking, and will face separate tariffs at a yet-to-be-determined date.
- The president announced a 90-day pause on all country-specific reciprocal tariffs excluding China; those nations will now be subject to the lower 10% rate.
- A 25% tariff on all imports from Mexico and Canada has been paused for all goods that fall under the USMCA treaty; that pause applies to roughly 50% of goods imported from Mexico, and 38% of those imported from Canada.
- 50% tariffs on all steel and aluminum imports have taken effect.
- Tariffs of 25% on imported autos are in effect, as are 25% tariffs on auto parts. Automakers that pay the 25% auto import tariff are exempt from additional levies on certain goods, including steel, aluminum, and some imports from Canada and Mexico. They may also receive some tariff relief on imported component costs over the next two years.
- Countries importing Venezuelan oil and gas are now subject to a 25% tariff—which will affect China, the largest importer of Venezuelan crude, as well as Spain and India.
- President Trump announced a 100% tariff on films made outside the US, although there are serious questions about how the duty will be implemented.
- The president also threatened a 50% tariff on EU imports starting on June 1 due to stalled negotiations, as well as tariffs of at least 25% on Apple iPhones not manufactured in the US.
What happens now that the US Court of International Trade has blocked most of Trump's tariffs?