The Trump administration has announced a variety of trade actions including tariffs and other measures that could impact U.S. imports and exports. The table below tracks the status of major trade and tariff actions and proposals, including a full list of reciprocal tariffs.
Full August 7 reciprocal tariff list and other trade actions
Important trade actions investors should watch
While the Trump administration has put in motion a large number of trade actions, some are more imminent and impactful than others.
Auto tariffs
On March 26, President Trump announced that a 25% tariff would be imposed on imports of automobiles and automobile parts starting on April 2, 2025. The auto tariffs will be added on top of existing duties. Tariffs on USMCA-compliant vehicles will apply only to non-U.S. content. Tariffs will not apply to USMCA-compliant auto parts until a process is determined to assess non-U.S. content.
On April 29, President Trump signed a pair of executive order to lessen the impact of the automobile and parts tariffs. One order exempts imported automobiles and parts from the separate 25% tariffs on foreign steel and aluminum. The other order allows automakers that assemble vehicles in the U.S. which have 85% U.S. or USMCA-compliant content to apply to offset 3.75% of the auto parts tariffs for the next year and 2.5% in the year after, after which the offset will no longer be available.
Copper tariffs
Effective August 1, a 50% tariff will be imposed on imports of semi-finished copper and and copper-intensive derivative products.
Semiconductor tariffs
On August 6, President Trump threatened to impose a 100% tariff on semiconductor imports except on those from companies that are moving production to the United States.
A Section 232 national security investigation into semiconductor imports was launched on April 1.
Pharmaceutical tariffs
On September 25, President Trump threatened to impose a 100% tariff on imports of branded and patented pharmaceuticals starting on October 1, with exemptions available for companies that manufacture drugs in the U.S. or have plans to do so. Tariffs were not put in place on October 1 and a new imposition date has not been announced.
The European Union, specifically Ireland, is a major supplier of U.S. drug imports, and the U.S.-EU trade agreement signed in July caps U.S. pharmaceutical tariffs on EU exports at 15%.
Truck tariffs
On September 25, President Trump announced a 25% tariff on imports of heavy-duty trucks beginning on November 1. It is not clear whether those tariffs will apply to truck imports that are compliant with USMCA and face zero duty. Mexico and Canada are the primary suppliers of U.S. heavy-duty truck imports.
President Trump said the tariffs are meant to protect Peterbilt, Kenworth, Freightliner, Mack Trucks, "and others."
Furniture tariffs
Kitchen cabinets, bathroom vanities, associated products, and upholstered furniture will be subject to a 25% tariff starting on October 1. The tariffs for cabinets and vanities will increase to 50% on January 1 and the tariffs on upholstered furniture will increase to 30%.
Vietnam, China, Canada, and Mexico are leading furniture exporters to the U.S.
Timber and lumber tariffs
Softwood lumber will be subject to a 10% tariff beginning on October 14. Used primarily in homebuilding, construction, and furniture, the majority of U.S. softwood lumber imports come from Canada. The U.S. and Canada have a long-running dispute over softwood lumber, and Canadian imports are regularly subject to antidumping and countervailing duties.
iPhone and other smartphone tariffs
President Trump threatened on May 23 to impose a tariff of at least 25% on iPhones and other smartphones built outside of the United States. There was no implementation date attached to the threat.
President Trump had previously criticized Apple [NASDAQ:AAPL] for not building the iPhone in the U.S. despite the company committing to a $500 billion investment in the U.S., some of which will go towards expanding manufacturing and its relationships with U.S. suppliers.
The complex iPhone supply chain stretches throughout Asia, as do supply chains for most smartphones. Apple plans to move most U.S.-bound iPhone production from China to India by 2026 to reduce tariff and geopolitical risks. Moving iPhone production to the U.S. would take a massive effort.
Apple CEO Tim Cook had successfully lobbied President Trump in his first term for tariff carveouts and has continued to cultivate his personal relationship with the president.
Venezuelan oil and gas
President Trump has stated that starting on April 2, goods from countries which purchase Venezuelan oil and gas will be subject to a 25% tariff. China, the United States, and Cuba are major purchasers of crude oil from Venezuela.
Brazil
The United States has threatened Brazil with a 50% tariff on its exports to the United States, with many exemptions including for orange juice and aircraft parts, which would come into force on August 6. The tariffs are meant to penalize Brazil for its prosecution of former President Jair Bolsonaro, who is accused of participating in an attempted coup.
India
The United States imposed a 50% tariff on Indian goods, half of which is the reciprocal tariff rate and the other half as a penalty for India purchasing Russian oil.
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