Since taking office in January 2025, President Trump has been actively focusing on trade policy and tariffs as he looks to reset global trade and trade agreements. President Trump on April 9 announced a 90-day pause on reciprocal tariffs for 75 non-retaliatory countries. He said a 10% across-the-board tariff would remain for those countries. Goods covered by the United States-Mexico-Canada Agreement (USMCA) would continue to remain exempt from tariffs, while non-USMCA-compliant goods would be subject to a 25% tariff.
The president also said total tariffs on Chinese goods amount to 145%. This clarification comes after he increased reciprocal tariffs on Chinese goods to 125% following China’s announcement that it would raise its retaliatory tariffs on US imports to 84% from 34%. The back-and-forth continued on April 11, with China increasing its retaliatory tariffs on the US to 125%.
This follows a whirlwind of activity since the president’s April 2 “Liberation Day” announcement, when he set a baseline 10% tariff on imports from all countries with higher "reciprocal" tariffs on dozens of countries based on perceived trade imbalances, which were set to go into effect April 9. In February, the president imposed a 25% tariff on goods from Mexico and Canada and a 10% tariff on Chinese imports. He then expanded tariffs to include a 25% tariff on aluminum and steel.
Beyond tariffs, President Trump has been moving at a rapid pace since his inauguration, signing nearly 100 executive orders (EOs). The president is also focusing on a move toward deregulation, particularly around energy policy, and tax policy reform. House approval of the amended FY 2025 budget resolution clears the way for substantive action by House and Senate Republicans to advance legislation that would address expiring Tax Cuts and Jobs Act (TCJA) provisions and other parts of President Trump’s legislative agenda. Narrow majorities in Congress mean Republicans can lose only three votes in the House or Senate to pass a final reconciliation bill.
Executives will want to sort through the president’s latest moves to understand what changes mean for their industries, where to find opportunity and how to mitigate risk. Learn more about the administration’s policy changes, what it means for business and how you can prepare.
April 9, 2025
President Trump announced a 90-day pause on reciprocal tariffs for 75 non-retaliatory countries. A 10% across-the-board tariff will remain for those countries.
The president also increased tariffs on Chinese goods to 125%, effective immediately, following China’s announcement that it would raise its retaliatory tariffs on US imports to 84% from 34%. The new rate follows a 104% tariff that took effect overnight.
April 7, 2025
- President Trump said he plans an additional 50% tariff on China beginning April 9 if it doesn’t withdraw its retaliatory tariff.
April 4, 2025
China announced a 34% retaliatory tariff on US imports, effective April 10.
April 2, 2025
President Trump announced his plan for a 10% baseline tariff on imports and reciprocal tariffs on certain countries.
Trump unveils plan for imposing reciprocal tariffs on trade partners
Trump's April 2 order imposes 10% base tariffs and higher reciprocal rates on imports from select countries, targeting unfair trade practices.
Shift happens: Turning uncertainty into opportunity | Tuesday, April 22, 2 – 3 pm ET
Tariffs are shaking up supply chains. But are business leaders thinking broadly enough about the ripple effect? We’ll explore strategies to stay agile and competitive, from scenario planning to policy response, all aimed at reducing disruption and driving long-term growth.
“We can expect a lot of change with the new administration, and that means both risk and opportunity. The best thing to do is to prepare, prepare, prepare. Be proactive and agile and think about who across your company you might need to work with to take advantage of what’s coming.”
Kathryn Kaminsky, Chief Commercial Officer, PwC
Explore by topic
Real-time scenario framework: PwC's approach to tariffs and supply chain
Global trade is changing. With new tariffs, shifting policies, and increasingly complex supply chains, the challenge is not just to react swiftly, but to make strategic decisions that keep you ahead. PwC’s approach to tariffs and supply chain through the real-time scenario framework is your window into making smart moves to manage risks and capture opportunities. We can help you understand what tariff and trade disruptions mean for your business and your industry, both in the short term and in the future – and what you can do to stay competitive.
PwC’s real-time scenario framework
