Trump confirms his new tariffs are coming this weekend. Here's where all of his trade plans stand — and how they'll impact Americans.
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- February 1 could mark the beginning of a tariffs campaign Trump has been talking about for months.
- So far, he's leveraged tariff threats to achieve policy goals and promised an American manufacturing revival.
- Here's where all of his trade proposals stand so far, and what prices they could impact.
President Donald Trump said that February 1 will mark the beginning of his tariffs campaign, which includes threats on numerous countries in an attempt to revive American manufacturing and achieve certain policy aims.
Trump told reporters in the Oval Office on Thursday that his first move will be 25% tariff on goods from Canada and Mexico to strengthen border policy and a 10% tariff on China to crack down on drug policy.
Economists widely expect firms to pass increased costs caused by tariffs onto customers, and several companies have already said they are preparing to raise prices if tariffs are implemented. Electronics, groceries, and apparel are among the most likely products to see price increases.
The White House maintains the tariffs will work to deliver Trump's campaign promises. Regarding his proposed first round of tariffs, an official told BI that "Trump has been clear about his desire to end the fentanyl crisis, and it's time for Mexico and Canada to join the fight as well." Trump has said a tariff on China would also be intended to fight the fentanyl crisis.
Here are the other countries Trump has targeted so far with his trade proposals.
China
China was a key focus for tariffs on the campaign trail. Trump proposed a 60% tariff on all goods imported from China, alongside a 10% to 20% tariff on imports from other countries.
Once Trump took office, though, his ideas for tariffs on China appeared to narrow. On January 21, he suggested a 10% tariff on imports from China into the US on February 1 "based on the fact that they're sending fentanyl to Mexico and Canada." It's unclear if Trump was referring to a particular situation with fentanyl exports.
China is a major electronics supplier to the US, so cellphones, computers, and games could get more expensive with a new tariff.
Mao Ning, a spokesperson for China's Foreign Ministry, told reporters on February 22: "We believe that there's no winner in a trade or tariff war, and we will firmly uphold our national interests."
Canada and Mexico
On January 20, Trump warned of a 25% of Mexico and Canada, which he said could go into effect on February 1. It echoes his proposals from November when he posted on his social media platform Truth Social that he would impose tariffs on those two countries on his first day unless they didn't strengthen their border policy.
The US imports many key goods from both Mexico and Canada. Americans receive $92 billion in crude oil from Canada, along with billions of dollars worth of vehicles and vehicle parts. In addition to car parts, Mexico also supplies $25 billion worth of computers to the US.
Russia
Trump said on January 22 that he would place tariffs on imports from Russia if the country did not end the Ukraine war soon.
"If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries," Trump wrote on Truth Social.
The US imports $4.57 billion worth of goods from Russia in 2023, which made up just 0.14% of total imports that year, based on Census data. That makes the threat of a tariff on Russian goods fairly low, given how little the country exports to the US.
Colombia
After Colombia's president turned away two flights from the US that carried deported migrants, Trump threatened the country with a 25% tariff. He said that in one week, the Colombia tariff would be raised to 50%.
"We will not allow the Colombian Government to violate its legal obligations with regard to the acceptance and return of the Criminals they forced into the United States!" Trump said.
Colombia's president Gustavo Petro responded in a statement that his country would receive Colombians "on civilian planes, without treating them like criminals." The White House then withdrew its threat but warned it could be reinstated if Colombia failed to honor its agreement.
Key goods the US imports from Colombia include coffee and bananas, which would likely get more expensive under tariffs.
BRICS nations
On November 30, Trump posted on Truth Social that he would impose a 100% tariff on the BRICS group unless they committed to not creating a separate currency that competes with the US dollar.
BRICS is comprised of nine countries: Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran, and the United Arab Emirates.
Top imports from countries part of BRICS, excluding China, include pharmaceutical preparations, crude oil, and households goods.
Denmark
Trump said during a press conference on January 7 that he would "tariff Denmark at a very high level" if the country did not allow Greenland to join the United States.
The president has not yet offered further details on that claim. The Financial Times reported that Trump and Denmark's premier, Mette Frederiksen, had a call to discuss the threat, during which Frederiksen reportedly emphasized that Greenland was not for sale.
The US primarily imports medicinal products and machinery from Denmark.
