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#TrumpTariffs During his second presidency, United States president Donald Trump enacted a series of steep protective tariffs affecting nearly all goods imported into the United States. Upon the second inauguration of Donald Trump in January 2025, the average effective US tariff rate was 2.5%. It rose to an estimated 27%, the highest level in over a century, due to the Liberation Day tariffs. After rollbacks, as of June 1, 2025, the average effective tariff rate was 15.1%.
Trump escalated the China–United States trade war, raising baseline tariffs on Chinese imports to 145%. In retaliation, China imposed a minimum 125% tariff on US goods and export restrictions on rare earths critical to high tech industries. Trump also initiated a trade war with Canada and Mexico by imposing a 25% tariff on both countries, but later granted indefinite exemptions for goods compliant with the United States–Mexico–Canada Agreement (USMCA). He framed these actions as efforts to hold the countries accountable for contraband drug trafficking and illegal immigration, while also supporting domestic manufacturing. Trump subsequently added a 25% tariff on automobiles and a 50% tariff on steel and aluminum products from all countries.
In this regard, two days of intense talks were held in London to resolve conflicts that had emerged since the two sides agreed a truce in May, after a rapid escalation of tariffs had nearly paralyzed trade between the world's two largest economies.
Talks aimed at cooling tensions between the US and China have ended in a "deal", according to US President Donald Trump.
He said China had agreed to supply US companies with magnets and rare earth metals, while the US would walk back its threats to revoke visas of Chinese students.
"Our deal with China is done, subject to final approval from President Xi and me,