As of April 2, 2025; New additions highlighted
What’s New?
April 2, 2025 marked the Trump Administration’s “Liberation Day” where the president announced his sweeping tariff regime. To the shock of many abroad, Trump announced a “baseline” tariff of 10% on all U.S. imports–effectively a 10% levy on the entire world. In addition to this tariff, Trump also announced a list of additional tariffs on countries that he calls the “worst offenders,” claiming that these countries undermine America’s economic goals with their own “unfair” tariffs and other trade barriers. Trump has slapped unprecedentedly high tariffs on major trading partners like China (54%), the EU (20%), and Vietnam (46%), among others. Trump’s 25% auto tariff is also now enacted, forcing North American counterparts Mexico and Canada to grapple with a looming slowdown.
What’s Coming?
Trump’s 10% baseline tariff is set to come into force on April 5, and the additional tariff levied on the “worst offenders” will be added on April 9. Many countries appear to have been blindsided by some of the tariff rates rolled out by the Trump Administration, such as Israel who agreed to eliminate its tariffs on American goods in hopes of avoiding a reciprocal tariff but was still hit with a 17% duty. Countries are now scrambling to come up with a plan to shield their domestic economies from the effects. Some countries appear to be content with addressing their issues internally, and will not seek retaliation, however, others have already announced their intent to retaliate. The EU is looking to have a plan to respond by the middle of April, and a more developed course of action later in the month. Other powers like the UK and Brazil have shown their intent to retaliate as well, and are in the beginning stages of formulating their plan, while China has only “vowed” to retaliate and has not released any estimates for how or when they will look to do so. Treasury Secretary Scott Bessent very plainly told other countries to not retaliate this morning. More information about retaliatory regimes and responses will likely come out over the next week, as the implications of the Trump tariffs are still very much in the air while global financial markets tumble.
Table of Contents:
- Table Of Trump Tariffs
- Table Of Retaliatory Tariffs On The U.S.
- Announced Price Increases & Statements From Business Leaders
- Food & Beverage
- Consumer Electronics
- Home
- Clothing & Beauty Products
- Toys & Holiday Items
- U.S. Manufacturing
- Price Tracking
- Key Prices Tracker
TABLE OF TRUMP TARIFFS
| Tariff Shorthand | Details | Status | Notable Affected Products/ Industries | Standalone Research Doc (If Available) |
|---|---|---|---|---|
| Canada and Mexico – commodities, energy | 25% for non-USMCA commodities, 10% for non-USMCA energy products and potash, auto companies receive one month exemption | In effect 3/4/2025 Threatened increase 3/11/2025 Liberation Day – Canada spared from 10% baseline tariff, 25% tariff in effective | Electricity, gas, food, cars (after delay) | How Canada tariffs affect the Super Bowl |
| Mexico – across the board | 10% (Liberation Day tariff) Still subject to 25% on exported cars | In effect 04/05/2025 | Produce, beer, avocados | |
China – across the board | 54%; part of the “worst offenders” list | In effect 04/09/2025 Tariff on China is combination of earlier rate plus 34% Liberation Day tariff | Clothing, consumer electronics, toys, cars | |
| Steel and Aluminum – global | 25% globally | In effect 3/12/2025 | Cars, food and beverage products, solar panels, buildings and construction | Impacts of aluminum and steel tariffs |
| Global – cars | 25% on all automobiles Confirmed on Liberation Day | Announced 03/26/2025 In effect 4/3/2025 | Cars | |
| Brazil – across the board | 10% Brazilian authorities were unclear if the 10% is cumulative with the 25% charged on steel as of 04/03/2025 | Going into effect 4/5/2025 | Beef, chicken, soybeans, steel and aluminum | |
| Colombia – across the board | 10% | Going into effect 4/5/2025 | Crude oil, coffee, and cut flowers | |
| European Union – across the board | 20%, part of the “worst offenders” list | Going into effect 4/9/2025 | Pharmaceutical, cars, home furnishing, cosmetics, jewelry, wine | |
| Japan – across the board | 24%, part of the “worst offenders” list | Going into effect 4/9/2025 Pushing for an auto exemption for Liberation Day tariffs | Batteries, appliances, cars, plastics and rubber, chemicals, textiles | |
| Vietnam – across the board | 36% (Atlantic Council claim) 46% (BBC claim), part of the “worst offenders list” | Going into effect 4/9/2025 | Clothing, sports apparel, furniture | |
| Thailand – across the board | 36% – 37% – part of the “worst offenders” list | Going into effect 4/9/2025 | Semiconductors, rubber, data processing machines, phone parts | |
| Cambodia – across the board | 49% – part of the “worst offenders” list | Going into effect 4/9/2025 | Clothing | |
| South Africa – across the board | 30% – part of the worst offenders list | Going into effect 4/9/2025 | African Growth and Opportunity Act – gave African economies preferential access to US markets, exports seem like they will kill the deal | |
| Taiwan – across the board | 32% – part of the worst offenders list | Going into effect 4/9/2025 | Information and communications products Will not apply to chips | |
| United Kingdom – across the board | 10% | Going into effect 4/5/2025 | Machinery, metals for cars, pharmaceuticals | |
| Singapore – across the board | 10% Broke a free trade agreement in place since 2004 | Going into effect 4/5/2025 | Machinery, metals for cars, pharmaceuticals Semiconductors, pharmaceuticals (potential effects, as Trump appears to be weighing an exemption) | |
| Australia – across the board | 10% | Going into effect 4/5/2025 | Beef, cars, aluminium, steel, alcohol, pharmaceuticals, horticulture | |
| New Zealand – across the board | 10% | Going into effect 4/5/2025 | Wine, beef | |
| Turkey – across the board | 10% | Going into effect 4/5/2025 | Automotive parts, appliances, steel products, textiles and machinery | |
| Argentina – across the board | 10% | Going into effect 4/5/2025 | Oil, minerals, metal | |
| UAE – across the board | 10% | Going into effect 4/5/2025 | Aluminium, oil, manufacturing | |
| Saudi Arabia – across the board | 10% | Going into effect 4/5/2025 | While oil is exempt from tariffs, the predicted slowdown of the global economy will hurt the oil industry | |
| India – across the board | 10% – April 5-8 26% – April 9th onward on “India- specific imports” Keeps 25% on steel | Initial tariffs begin 4/5/2025, with increase 4/9/2025 for some imports | Drug formulations and biologicals, telecom instruments, precious/semi-precious stones, petroleum products, gold, metals, cotton garments Exempted sectors: Pharmaceuticals, semiconductors, energy products (oil, gas, coal, LNG), and copper | |
| Norway – across the board | 15% | Uncler | Seafood | |
| South Korea – across the board | 26% | Going into effect 04/09/2025 | Cars, batteries, semiconductors | |
| Switzerland – across the board | 31% | Going into effect 04/09/2025 10% from April 5-9 | Watches | |
| Ukraine – across the board | 10% | Going into effect 4/5/2025 | Coal, cars, oil | |
| Israel – across the board | 17% | Going into effect: 10% – 04/05/2025 17% – 04/09/2025 | Diamonds, medicines, electronics | |
| Myanmar – across the board | 45% | Going into effect 4/9/2025 | Leather, electronics | |
| Timber and Lumber – global | Percentage TBD | Under Department of Commerce investigation as of 3/1/2025 Tariffs are pending results of investigation, due November 2025 Liberation Day reciprocal tariffs do not apply to lumber | Homes and home remodeling | |
| Copper – global | Percentage TBD | Under Department of Commerce investigation as of 2/25/2025 Tariffs are pending results of investigation, due November 2025 Liberation Day reciprocal tariffs do not apply to copper | Electrical wiring, consumer electronics, batteries, home construction, green energy projects | |
| Brazil – ethanol | Percentage TBD Ethanol | Announced 2/13/2025, not yet in effect | Ethanol | |
| European Union – cars | Percentage TBD Cars | Announced 2/13/2025, not yet in effect | Cars | |
| Denmark – across the board | Percentage TBD, across the board tariff | Threatened 1/9/2025 | Medicines including Ozempic and insulin (74% of US insulin imports), hearing aids, Legos, wind turbine blades | |
| Global – matching | Matching other country’s tariff percentage against the US | Threatened 2/13/2025 USTR Report due 04/01/2025 | Nearly all goods | |
| Global – pharma, semiconductors, auto products | 25% on pharmaceutical, semiconductor, and auto products | Threatened 2/18/2025 | Medicine, consumer electronics, cars | Effects of tariffs on pharmaceuticals, chips, and cars |
| Global – tariffs on countries that tax American digital services | Ordered Trade Chief to investigate imposing tariffs on countries that levy digital service taxes on US tech companies. This is where countries use “digital taxes” to tax American companies abroad | Threatened 2/21/2025 | ||
| Russia – banking and oil sanctions | Percentage TBD “Sweeping tariffs” include banking and oil sanctions | Threatened 3/7/2025 | ||
| European Union – alcohol | 200% tariff on wine and spirits | Threatened 3/14/2025 | Wine and spirits | |
| China – shipbuilding | $1–1.5 million fee on each container ship from a container fleet using any Chinese-built ships | Comment period ended 03/24/2025 Timeline for enactment unclear | Ships, shipping costs | |
| Global – car parts | 25% on all automobile parts | Announced 03/26/2025 To be enacted 05/03/2025 | Cars (parts) | |
| Countries that import Venezuelan oil – across the board | 25% on all goods | Announced 03/24/2025 To be enacted 04/02/2025 | All goods from select countries (including China, India, Vietnam, Spain, Russia, and Singapore) Potential knock-on effects for oil industry |
| TABLE OF RETALIATORY TARIFFS ON THE U.S. | |||
| Tariff Shorthand | Details | Status | Major Impacts |
| Canada – broad-based | 25% retaliatory tariff on most goods. In total, tariffs affect $21 billion worth of goods. | Announced and effective 3/13/2025 | Hurts US manufacturers and makers of consumer products, small businesses. |
| Canada – steel and aluminum | 25% reciprocal tariffs on steel products worth $8.7 billion and aluminum products $2 billion | Effective 3/13/2025 | Hurts US steel and aluminum manufacturers |
| US-Canada-Mexico – automotive industry response | Stellantis paused production at plants in the three countries due to the 25% automotive tariffs remaining in place. The pause was set for two weeks. 900 US employees were laid off temporarily and 4,500 Canadian workers were let go. | 25% in effect as of 4/3/2025 | |
| Canada – cars | 25% reciprocal tariffs on finished cars that are not compliant with the U.S.-Mexico-Canada trade pact | Announced 4/3/2025 | Hurts domestic car sales and exports |
| China – Liberation Day | No number figure given as of 4/3/2025 Chinese state media declared that China, Japan, and S. Korea would make a joint response to tariffs; Korea said this was an exaggeration | Vowed retaliation if tariffs aren’t lifted immediately (4/3/2025) | Further deterioration of US-China relations |
| China – agricultural products | 15% retaliatory tariffs on chicken, wheat, corn, and cotton imports 10% tariff on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products | Announced 3/4/2025 | Hurts US farmers |
| China – energy products, agricultural machinery, cars | 15% retaliatory tariffs in coal and LNG products10% on crude oil, agricultural machinery, and large-engine cars. | Announced 2/4/2025 | Hurts US manufacturers and the US oil and gas industries. |
| European Union – food and beverage products, motorcycles, clothing | Retaliatory tariffs on $28.33 billion worth of US goods“American beef, poultry, bourbon and motorcycles, bourbon, peanut butter and jeans”SoybeansWhiskey | Announced 3/12/2025 Delayed to “mid-April” | Hurts distilleries, farmers, manufacturers, and small businesses |
| European Union – Liberation Day | European Commission was reportedly finalizing a package of countermeasures | Announced 4/3/2025 First set will go into effect 04/15/2025 | Hurts transatlantic trade |
| European Union – French-led effort | France was pushing EU leadership to respond in a way that targets digital business, Big Tech; | Initial response: Mid-April Sector-by-Sector: end of April | Hurts the US and California-based economy |
| Colombia – broadbased | 25% retaliatory tariffs, escalate to 50% TBD | Paused 1/27/2025 | Crude oil, corn, soybeans, medical equipment |
| Canada – Ontario – energy surcharge | 25% retaliatory surcharge on electricity imports into the US | Announced 3/10/2025Suspended 3/11/2025 | Electricity consumers, homeowners, and small businesses in Michigan, Minnesota and New York |
| Mexico – food products, metals | Percentage TBD, insiders claimed 5 to 20%“Targeted products” Pork, cheese, fresh produce, manufactured steel, and aluminum | Announced 3/4/2025 | Hurts US farmers and livestock owners, as well as US manufacturers |
| United Kingdom – Liberation Day | The UK government started consulting about what items to reciprocate tariffs, and said it will start retaliating if a deal cannot be reached to reduce the Liberation Day 10% tariff by May 1, 2025. | Discussion about retaliatory tariffs began 4/3/2025 | Food products, electronics, pharmaceuticals, machine products, other consumer goods |
| Brazil – Liberation Day | Passed a reciprocity bill to allow legal pathway for retaliation; Lula considering an appeal to the WTO Brazilian government exploring a possible retaliatory regime | Discussion about retaliatory tariffs began 4/3/2025 | |
| Mexico – Liberation Day | President Sheinbaum said Mexico will release a comprehensive program, but will not go tit-for-tat | Planning beginning as of 4/2/2025 | |
ANNOUNCED PRICE INCREASES & STATEMENTS FROM BUSINESS LEADERS AND TRUMP ADMIN
Trump Administration
- President Donald Trump said he “couldn’t care less [if automakers raise prices]” and “I hope they raise their prices.” [NBC News, 3/29/25]
- Trump Advisor Peter Navarro said that Trump’s tariffs will bring in $6 trillion in new revenue, which observers and opponentsagreewould be “largest tax hike in US history”
Food & Beverage
- General Mills CEO said tariffs could raise the prices of cereals by making Canadian oat imports more expensive. He also said the tariffs could raise prices for canned foods, pet food, and foods with aluminum wrappers. [Food Dive, 03/11/2025]
- Mondelez CEO said tariffs would raise the price of cookies and crackers. [Food Dive, 03/11/2025]
- Campbell’s Soup CEO said tariffs could raise packaging costs for soup. [Food Dive, 03/11/2025]
- “But if it gets implemented as we currently — as is currently announced, we are importing from Canada both thin plate steel, which is used in our cans as well as canola oil used for our chips. On the flip side, with some of the reference to the retaliatory tariffs, those mainly relate to Canadian exports. So we are producing our soup in the United States and we’re importing it into Canada. And that would obviously have an impact on that business.” [The Campbell’s Company (CPB) Q2 2025 Earnings Call Transcript, 03/05/2025]
- Tyson CEO said tariffs would make it more expensive to produce meat by increasing the price of imported feed. [Food Dive, 03/11/2025]
- The CEO of Target said tariffs could raise the price of produce like strawberries, avocados, and bananas. [CNBC, 03/04/2025]
Consumer Electronics
- Best Buy CEO said tariffs would force customers to pay more for electronics: “Typically, in history, this ends up being some kind of costs that are shared. To some extent, the vendors have some, to some extent Best Buy but, of course, we see that the customer ends up bearing some of the cost of tariffs, and we’ve seen this before.” [Best Buy Co., Inc. (BBY) Q3 2025 Earnings Call Transcript, Seeking Alpha, 11/26/2024]
- The CEO of Acer announced plans to raise the price of laptops by 10% in response to the tariffs: “We will have to adjust the end user price to reflect the tariff. We think 10pc probably will be the default price increase because of the import tax. It’s very straightforward.” [The Telegraph, 02/16/2025]
- HYTE, a computer parts company, announced they were increasing prices because of “unprecedented and aggressive tariffs.” [OCD3.net, 03/31/2025]
- Rosenblatt Securities reported that Apple would need to raise the price of its products by 43% to cover the costs of tariffs on China. [Reuters, 04/03/2025]
Home
- LG, GE, Whirlpool, Thermador, and Bosch announced they would raise prices on kitchen appliances and refrigerators in the range of 5 to 6%, citing their reliance on foreign steel and production in Mexico and China. [Fortune, 03/12/2025]
- Refrigerator and freezer maker Sub-Zero announced 8 to 13% price increases due to tariffs, beginning in March 2025. [Fortune, 03/12/2025]
- Masco said they would have a 7-9% price hike on plumbing products, which are sourced from China. Their subsidiary, Delta Faucet Company, said that there would be a price increase on faucets which would start in May, after the group hiked prices in January. Other faucet subsidiaries, Brizzo and Peerless, said prices would jump as a result of the tariffs. [Bank of America says building material manufacturers’ first instinct to Trump’s tariffs has been to hike prices, Fortune, 03/12/2025]
- Flooring company Shaw Industries announced it would increase prices by an average of 7% on their flooring products starting in March. [Fortune, 03/12/2025]
- The National Association of Homebuilders said Trump’s tariffs could have a “harmful effect on housing affordability” [BBC, 03/12/2025]
- Construction data and research company Zonda told their home construction clients the materials used in home construction could see more price hikes. [Fortune, 03/12/2025]
Clothing & Beauty Products
- Target’s Chief Commercial Officer said tariffs could raise the prices of clothing including t-shirts and dresses. [ CNBC, 03/04/2025]
- ELF Beauty CEO said the company may have to raise the price of makeup due to Trump’s tariffs. The company makes 80% of its cosmetic products in China, and ELF had already raised prices on about a third of its items by $1 due to Trump’s previous tariffs in his first term. [CNBC, 02/06/2025]
Toys & Holiday Items
- The CFO of Mattel said its toys, including Barbies and Hot Wheels, would face “potential price increases.” [CNBC, 02/05/2025]
- Hasbro CEO also said the company may raise the price of toys in a “targeted” in response to tariffs. [CNBC, 02/05/2025]
- Target’s Chief Commercial Officer said tariffs could raise the prices of ornaments. [ CNBC, 03/04/2025]
U.S. Manufacturing
- Ford CEO said tariffs would “blow a hole in the U.S. [auto] industry that we’ve never seen.” [Detroit Free Press, 02/11/2025]
- Volkswagen, Volvo and Mercedes said that they are increasing their prices due to Trump’s 25% auto duties.Bloomberg reported that Volkswagen “plans to add import fees to the sticker prices of its vehicles shipped into the US, indicating Trump’s 25% auto duties will have an immediate effect on Europe’s biggest carmaker.” [Bloomberg, 04/03/2025]
- Ferrari announced it was raising prices on its cars by up to 10%. [Market Watch, 03/27/2025]
PRICE TRACKING
Last Updated 3/31/2025
| KEY PRICES TRACKER | ||||
| Good | Current Price | Price in Last Period | Change from Last Period | Tracking Period |
| Gallon of Gas | $3.162 (3/31/2025) | $3.115 | +$0.047 | Week |
| Kilowatt/Hour of Electricity | $0.179 | $0.179 | $0.00 | Month |
| Gallon of Milk | $4.03 | $4.03 | $0.00 | Month |
| Dozen Eggs | $5.90 | $4.95 | +$0.95 | Month |
| Pound of Bananas | $0.62 | $0.62 | $0.00 | Month |
| Pound of Chicken | $2.05 | $2.06 | -$0.01 | Month |
| Average New Vehicle at Purchase | $48,039 | $48,675 | -$636 | Month |