Factbox: All of Donald Trump's tariff threats

KIOXIA Holdings

29/01/2025 13:57

(Repeats FACTBOX from Jan 28 with additional codes, no changes
to text)
       Jan 28 (Reuters) - Upon returning to office, U.S.
President Donald Trump has launched numerous tariff threats.
They range from broad ones - a universal tariff on
foreign-imported goods - to ones aimed at specific sectors,
regions, or at specific countries in an effort to get others to
meet his policy demands.
    However, Trump's threats have changed over time, ranging
from small levies to ones exceeding 200%, leaving other nations
and businesses unclear of what is to come next. Here is a
roundup of Trump's trade-related threats. 
     
    BROAD TARIFF THREATS
A cornerstone of Trump's vision includes a phased rollout of
universal tariffs on all U.S. imports. His recently confirmed
Treasury Secretary Scott Bessent has been pushing for a modest
2.5% tariff rate that would climb each month, according to a
Financial Times report. 
However, Trump has suggested tariffs could be even higher.
Whereas tariffs were once the mainstay of U.S. tax revenues, in
recent decades they have dwindled to a fraction of U.S. tax
receipts. Economists say Trump's policies will be inflationary
as importing businesses, who pay tariffs, pass added costs to
consumers.
Global trading partners could impose counter-tariffs, targeting
U.S. exports like agricultural products, energy, and machinery.
This could escalate into a trade war, creating uncertainty for
businesses and investors.
     
    THREATS ON SPECIFIC COUNTRIES
    Trump's tariff proposals target several key trade partners.
MEXICO AND CANADA: The two countries were the largest trade
partners of the U.S. in 2024 through November, with Mexico
ranked first. Trump has said he was thinking about imposing 25%
duties on imports from Mexico and Canada on Feb. 1, saying they
may be necessary as retaliation for migration and fentanyl
trafficking.
    He did not immediately impose tariffs as he had promised
during his election campaign. Canada primarily exports crude oil
and other energy goods along with cars and car parts as part of
the North American auto manufacturing chain. Mexico exports
various goods to the U.S. in the industrial and auto sectors.
CHINA: Trump called a conversation he had with Chinese President
Xi Jinping "friendly", but has continued to threaten tariffs
against China. In Trump's first term, the two countries engaged
in a long trade war that hurt both economies.     
EUROPE: Trump said the EU and other countries have troubling
trade surpluses with the United States. He has said the
countries' products will either be subject to tariffs or he will
demand they buy more oil and gas from the U.S., even though U.S.
gas export capacity is near its limits.
RUSSIA: Trump has threatened to hit Russia "and other
participating countries" with taxes, tariffs and sanctions if a
deal to end the war in Ukraine is not struck soon. 
INDIA/BRICS NATIONS: During his campaign Trump called India a
"very big abuser" on trade and vowed to use tariffs to correct
trade imbalances. He has also threatened the broader BRICS group
of nations with tariffs if they did not accept his demand of
committing to not create a new currency. 
COLOMBIA: Trump immediately said he would put 25% tariffs on
Colombian goods after the country refused to take in flights
carrying migrants to be deported from the U.S.; the two sides
worked out an agreement.
     
    THREATS ON PRODUCTS
SEMICONDUCTORS: Trump has said he wants to impose tariffs on
imported computer chips, pointing to Taiwan, where Taiwan
Semiconductor Manufacturing Co  2330.TW , the world's largest
contract chipmaker, makes semiconductors for Nvidia, Apple and
other U.S. clients. TSMC generated 70% of its revenue in 2024
from customers based in North America.
    PHARMACEUTICALS: Trump has suggested tariffs on
pharmaceutical supplies including medications, which would be a
change. Over the last few decades, pharmaceuticals have
generally been exempt from tariffs.
METALS: Trump also said he would impose tariffs on aluminum and
copper - metals needed to produce U.S. military hardware - as
well as steel, to entice producers to make them in the United
States. That could raise costs for automakers and other
manufacturers who use those raw materials. The U.S. imports 38%
of its copper needs and is highly dependent on aluminium
imports. 
AUTOMOBILES: Trump is mulling 25% duties on imports from Canada
and Mexico on Feb. 1, and he has floated the idea of heavy, 100%
or greater tariffs on other vehicles, including potentially EVs.
The automobile industry accounted for imports of more than $202
billion from Canada and Mexico combined in 2024.

(Reporting by Anjana Anil and Puyaan Singh in Bengaluru; Editing
by Maju Samuel)
((mailto:Anjana.Anil@thomsonreuters.com;))