Update: The story has been updated to add the announced tariff policies after March 27, as well as recent share movements for stock indexes

Ever since U.S. President Donald Trump has taken office, one of the many things that constantly dominated headlines was his tariff policy.

Although Trump had imposed tariffs during his first term, his latest actions roiled markets, disrupted diplomatic ties and shook industries.

The back-and-forth tariff stance and retaliatory measures has put investors on shaky ground. Major stock indexes plunged due to uncertainty and deteriorating sentiment, mostly fuelled by concerns stemming from worries of a looming trade war.

The S&P500 (SP500) dropped nearly 5% since the beginning of the year, while Nasdaq (COMP:IND) and Dow (DJI) declined over 10% and 2% respectively.

Here is a timeline of President Trump’s constantly changing tariff decisions so far:

Jan. 20, 2025

Hours after President Trump was sworn in, he announced 25% tariffs on imports from Canada and Mexico starting on Feb. 1 and gave hints of a stricter tariffs on China.

"We're thinking in terms of 25 percent on Mexico and Canada, because they're allowing vast numbers of people -- Canada's a very bad abuser also -- vast numbers of people to come in, and fentanyl to come in," he said in the Oval Office.

Jan 22, 2025

After announcing his plan to charge 25% tariff on Canada and Mexico, Trump said he is now planning to levy 10% tariff on imports from China.

“We're talking about a tariff of 10 percent on China based on the fact that they're sending fentanyl to Mexico and Canada,” Trump told reporters. “Probably Feb. 1 is the date we’re looking at,” he added.

President Trump also threatened Russia with tariffs and sanctions if it did not reach an agreement to end the war in Ukraine.

Jan. 31, 2025

The White House said President Donald Trump's proposed 25% tariffs on Canada and Mexico and 10% tariff on China will indeed go into effect on February 1.

Feb. 2, 2025

Canada Prime Minister Justin Trudeau said Canada will place 25% tariffs on $155 billion in U.S. imports in retaliation for those tariffs enacted by President Trump.

Trudeau said his country's tariffs would be "far-reaching," including levies on beer, wine, bourbon, fruits and fruit juices including orange juice, vegetables, perfumes, clothing and shoes, according to the BBC.

Mexico President Claudia Sheinbaum also said the country is looking to counter-tariffs as well.

Feb. 3, 2025

The Trump administration will delay imposing tariffs on Mexican goods imported into the U.S. after Mexico on Monday said it will rush 10,000 members of its National Guard to reinforce the border to prevent drug trafficking at the border shared by the countries.

Canadian Prime Minister Trudeau also said the U.S. will pause its plan to impose tariffs on Canada, outlining an agreement to bolster border supervision.

Feb. 7, 2025

Trump said he would announce plans for "reciprocal tariffs".

"If India, China, or any other country hits us with a 100 or 200 percent tariff on American-made goods, we will hit them with the same exact tariff. In other words, 100 percent is 100 percent. If they charge US, we charge THEM—an eye for an eye, a tariff for a tariff, same exact amount,” Trump had explained.

Feb. 10, 2025

President Trump signed the executive orders after-hours Monday imposing 25% tariffs on all steel and aluminum imports into the U.S., canceling all exemptions and duty-free quotas for major suppliers Canada, Mexico, Brazil and other countries.

Feb. 11, 2025

The European Union vows to respond to U.S. tariffs with European Commission President Ursula von der Leyen saying “unjustified tariffs on the EU will not go unanswered and will trigger firm and proportionate countermeasures.”

Feb. 13, 2025

Trump signed a memorandum that could result in sweeping reciprocal tariffs against all American trading partners.

"Under the Plan, my Administration will work strenuously to counter non-reciprocal trading arrangements with trading partners by determining the equivalent of a reciprocal tariff with respect to each foreign trading partner," the White House said.

Feb. 18, 2025

Trump said he would probably announce 25% tariffs on imports of cars, semiconductors and pharmaceuticals on April 2.

Feb. 24, 2025

Trump on Monday said tariffs on imports from Canada and Mexico “will go forward” on time after a month-long pause expires.

Feb. 27, 2025

Trump said his plan to impose tariffs on Mexican and Canadian goods will go into effect in March 4, and said another additional 10% levy will be placed on products from China.

He said he’s moving forward with the levies because drugs are “still pouring into” the U.S. from Mexico and Canada at “very high and unacceptable levels.” 

Feb. 28, 2025

Mexico has proposed matching tariffs that the U.S. has on Chinese goods, US Treasury Secretary Scott Bessent said.

March 3, 2025

Trump said his proposal for reciprocal tariffs will go into effect on April 2. Separately, he said tariffs on “external” agricultural products will begin April 2. He didn't specify a tariff level in a post on his Truth Social site.

March 4, 2025

Commerce Secretary Howard Lutnick said President Trump is likely to announce a tariff-relief deal for Mexico and Canada.

March 5, 2025

The White House said President Trump has granted automakers Ford (F), General Motors (GM), and Stellantis NV (STLA) a one-month reprieve on tariffs just imposed by the U.S. on Mexico and Canada.

March 6, 2025

Canadian Prime Minister Justin Trudeau said he will continue to impose tariffs on U.S. imports into the country until U.S. President Donald Trump cancels levies on Canadian products.

Separately, press reports suggested that the U.S. will delay tariffs on certain Canadian goods until early April.

March 7, 2025

President Trump said he's "strongly considering" large-scale banking sanctions, tariffs, and other sanctions on Russia until a cease fire and final settlement agreement is reached in the Russia-Ukraine war.  He also suggested that Canada may be hit with reciprocal tariffs on its dairy and lumber products soon.

March 11, 2025

Trump announced he would impose an additional 25% tariff on all Canadian steel and aluminum imports effective March 12. He said the move was in retaliation to the Ontario government's implementation of a 25% surcharge on all electricity exports to the U.S.

Following this, Ontario said it would suspend its 25% surcharge on electricity exports to the U.S. after agreeing to discuss a renewed trade agreement.

March 12, 2025

Trump has halted a plan to double tariffs on imports of Canadian steel and metal to 50%, just hours after announcing them

March 13, 2025

President Trump threatened to implement a 200% tariff on imports of all alcoholic beverages from the European Union. This comes after the EU two days ago announced its countermeasures and said it would target €26B worth of U.S. export goods, including products such as whisky.

March 20, 2025

President Trump said India will be hit by reciprocal tariffs from April 2, even though according to a statement by the Ministry of External Affairs, India is looking to reduce tariff and non-tariff barriers with the U.S. and strengthen trade in the goods and services sector through the multi-sector Bilateral Trade Agreement that is under the works.

Meanwhile, EU countermeasures to U.S. tariffs, are likely to take effect in mid-April, European Trade Commissioner Maros Sefcovic said.

March 26, 2025

President Trump announced to impose a 25% tariff on all vehicles manufactured outside the U.S. through an executive order. The tariffs will take effect on April 2. The tariffs are projected to result in $100B in revenue.

March 27, 2025

Trump said on Truth Social that his administration would impose greater tariffs on the EU and Canada if they collaborate to do “economic harm” to the country.

Meanwhile, in response to the tariff on automobile imports, Japanese Prime Minister Shigeru Ishiba and Canadian Prime Minister Mark Carney vowed to fight back. Germany’s economy minister has also called for a “firm response” from the European Union.

March 31, 2025

President Trump said that reciprocal tariffs he is set to announce will include all countries, and not just a smaller group of 10 to 15 nations.

 

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