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The big day is here: More of President Donald Trump’s so-called Liberation Day tariffs are going into effect after many of his proposals were paused or rolled back.
All the back-and-forth makes it difficult to keep track of where they all stand and how they might influence prices.
On a broad scale, the price jumps economists and companies have predicted are slowly trickling into US economic data; the year-over-year inflation rate climbed to 2.7% in June, up from 2.4% the month prior, as more companies raised prices in response to tariff threats.
Nike, for example, said it would raise prices to offset an expected $1 billion in additional tariff costs in the coming year, and Shein and Temu said they would start adjusting prices in April due to tariff changes.
Trump has said the long-term benefits of tariffs will be worth some short-term pain. The tariffs’ stated goals include raising revenue for the US government, righting trade imbalances, and achieving other policy goals, such as cracking down on drugs and border policy.
Here’s where it all stands now that the bulk of Trump’s big tariffs are finally in place.
Tariffs already in place
25% tariff on imported steel and aluminum started in March
A 25% tariff on all imported steel and aluminum has been in effect since March. Trump’s trade deal with the UK, however, reduced tariff rates on British steel, aluminum, and cars in exchange for the UK buying $10 billion worth of Boeing planes, among other things.
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25%-35% tariff on some goods from Mexico and Canada started in March
Trump’s tariffs on goods from Mexico and Canada that are not compliant with the United States-Mexico-Canada Agreement are meant to compel those countries to combat drug trafficking and strengthen border control. Exempted goods include those with complex supply chains, like cars and car parts. In addition, energy imports from Canada have a 10% tariff.
Trump raised the tariff rate on Canadian goods not compliant with USMCA to 35% on August 1, saying that the country has failed to effectively crack down on drug trafficking.
10% baseline tariff on most imports started in April
The 10% baseline tariff Trump announced on April 2 remains in effect for most countries. A slew of major brands have already said they would be raising prices, citing the tariffs in place or anticipation of more to come. One Republican business owner previously told Business Insider that he had started adding a “tariff tax” on his bikes, expecting that producing electric bikes would be 10% more expensive.
The White House press secretary, Karoline Leavitt, said at a press conference in early May that Trump was “determined to continue with that 10% baseline tariff” as part of any deal he might strike with other countries.
“Reciprocal” tariffs that vary by country
After months of postponements and negotiations with countries, Trump rolled out a host of new tariffs on August 7, with the highest rates including 50% on Brazil, 40% on Myanmar and Switzerland, and 39% on Iraq.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump wrote in a Truth Social post.
While India’s tariff rate now stands at 25%, Trump said that it will rise to 50% later this month for “directly or indirectly importing Russian Federation oil,” according to his executive order.
Postponed tariffs
Tariffs on China were lowered for 90 days
After a lot of back-and-forth over whether China and the US would engage in trade talks, Treasury Secretary Scott Bessent said in Geneva in May that the US and China had reached an agreement to “substantially” lower tariffs. Bessent said Trump’s 145% tariff on Chinese goods would decrease to 30% for 90 days. China, in turn, said it would lower its tariffs on American goods to 10% from 125% over the same time period.
US Customs and Border Protection had previously exempted smartphones, computers, and other technology to minimize price increases on those products in the US. The most significant price impact from tariffs will most likely be felt on other goods imported from China, especially toys and vehicle parts.
Other tariffs floated by Trump
Lumber
On March 1, Trump directed Commerce Secretary Howard Lutnick to investigate US lumber imports and determine whether any imports threatened national security. Tariffs were recommended as a possibility to mitigate any threats.
Alcohol
Responding to a plan from the European Union to place tariffs on American whiskey, Trump wrote on a March 13 Truth Social post that the US would place 200% tariffs on wine, Champagne, and other alcoholic products coming out of the EU.
Pharmaceutical products
In April, Trump told reporters that he would impose tariffs on imported pharmaceutical products at levels “you haven’t really seen before” and would announce the measures in “the near future.”
Semiconductors
Trump said during an event on Wednesday that he is planning a 100% tariff on semiconductors unless businesses commit to investing in and building their products in the US.
“If you have made a commitment to build or are in the process of building, as many are, there is no tariff. If, for some reason, you say you are building and you don’t build, we go back and add it up, it accumulates, and we will charge you at a later date. You have to pay,” Trump said.
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