U.S. Trade Policy Causing Uncertainty
April 11, 2025
Since taking office in January, President Trump’s economic policy has been focused on foreign trade and tariffs. While his initial tariff announcements focused on specific countries and goods, President Trump’s April 2 executive order expanded tariffs to virtually all U.S. trading partners. As of the publication date, these tariff announcements had the following primary effects:
A 25% tariff has been enacted on all foreign-made automobile and auto parts at a later date;
A 10% “across the board” tariff applies to all imported goods (effective April 5);
Incremental country-specific “reciprocal tariffs” have been paused for 90 days, except for China (effective April 9);
Tariffs on goods imported from China have increased to 145% (effective April 10);
Tariffs on steel and aluminum and aluminum derivatives increased to 25% (effective March 12) with additional tariffs threatened on other raw materials, including copper and lumber;
Other countries and trading partners, including Canada, China, and the EU have announced and enacted retaliatory tariffs in response.
The extent and pace of new tariffs have created tremendous uncertainty and compliance risk for nearly all businesses with a U.S. footprint. Even companies that are not directly impacted by the changes in the U.S. will certainly be impacted by the macroeconomic fallout and retaliatory tariffs imposed by U.S. trading partners.
Tariff policies and guidance are evolving rapidly worldwide. CFGI will continue to update this site as new policies and guidance are released.
Links to CFGI Thought Leadership
Timeline of Events
- February 1 - President Trump authorizes tariffs of 10% on imports from China and 25% on imports from Canada and Mexico. Tariffs against Canada and Mexico are subsequently delayed by 30 days.
- February 10 - Trump announces plans to increase steel and aluminum tariffs to a minimum of 25%, including aluminum derivatives and eliminating exceptions.
- March 4 - 25% tariffs announced on imported goods from Canada and Mexico, with delays and carve-outs for energy, U.S. automakers, and USMCA compliant goods.
- March 12 - Tariffs on steel and aluminum go into effect (25%). Retaliatory tariffs announced by the EU, Canada, and China.
- March 26 - 25% tariff announced on all foreign-made automobiles and automotive parts.
- April 2 - Trump signs executive order for "reciprocal tariffs" derived from trade deficits relative to imports, including a base of 10% across the board.
- April 3 - 25% tariff imposed on all foreign-made automobiles and automotive parts (announced March 26).
- April 5 - Base tariff of 10% applies to all imported goods.
- April 9 - All country-specific "reciprocal tariffs" are paused for 90 days and set to a 10% baseline, except for China. Tariffs are goods imported from China raised to 125%.
- April 10 - While "reciprocal tariffs" remain paused, the U.S. increases tariffs on goods imported from China to 145%.
