What Happened With Tariffs?

Every summary we've sent on Tariffs since January 1, 2025, newest first, each linked to its source. Each brief goes up here 14 days after our readers get it by text the morning it happens. Get today's brief here.

The Latest on Tariffs

Monday, September 28, 2026

Full Brief
  1. 1

    US & China agree to 8 measures during Chinese President Xi Jinping's state visit, including $30B reciprocal tariff reduction arrangement, AI dialogue to "exchange views on AI risks & benefits" & bilateral channel for "AI incidents"

Every Summary on Tariffs

September 20263 Summaries

  1. Monday, September 28, 2026Full Brief
    1. 1

      US & China agree to 8 measures during Chinese President Xi Jinping's state visit, including $30B reciprocal tariff reduction arrangement, AI dialogue to "exchange views on AI risks & benefits" & bilateral channel for "AI incidents"

  2. Monday, September 21, 2026Full Brief
    1. 2

      Trump signs Lindsey O Graham Sanctioning Russia & Iran Act, expanding Russia sanctions & authorizing tariffs up to 100% on major Russian energy buyers; Law extends Iran Sanctions Act through 2031

  3. Tuesday, September 8, 2026Full Brief
    1. 1

      Canada's 15%-50% retaliatory tariffs (announced Aug 25) take effect on $20B of US goods, including steel, dairy, appliances, farm equipment, paper & electronics, in response to 50% US tariffs on $20B of Canadian goods

August 20264 Summaries

  1. Monday, August 24, 2026Full Brief
    1. 1

      US imposes 50% tariffs on ~$20B of Canadian imports including wine, paper goods & hockey equipment after trade talks fail to reach agreement; Tariffs cover ~5% of Canada's annual exports to US

    2. 2

      Canada announces ~$20B in "retaliatory" tariffs on US goods (targeting steel, dairy, appliances, farm equipment, paper & electronics) effective Sep 8, in response to 50% US tariffs on Canadian goods

  2. Thursday, August 20, 2026Full Brief
    1. 3

      US delays planned 50% tariffs (set to take effect Aug 19) on certain Canadian goods including wine, paper goods & hockey equipment (worth ~$20B) for 3 days as US & Canada work to finalize trade deal

  3. Friday, August 7, 2026Full Brief
    1. 5

      Trump imposes 15% tariff on imported polysilicon derivatives (used in semiconductors, solar panels) & minimum import prices on polysilicon to "boost US semiconductor & solar supply chains"

July 20264 Summaries

  1. Friday, July 24, 2026Full Brief
    1. 1

      Trump imposes 10%-12.5% tariffs on imports from 60 trade partners covering 99% of US trade over alleged "forced-labor" violations; Replaces temporary 10% global tariffs imposed after Supreme Court struck down "Liberation Day" tariffs in Feb

  2. Tuesday, July 21, 2026Full Brief
    1. 1

      Trump imposes additional 50% tariffs on certain Canadian goods including wine, paper goods & hockey equipment (effective in 30 days) citing Canada's "discriminatory treatment of US autos, alcohol & dairy exports"

  3. Friday, July 17, 2026Full Brief
    1. 1

      US imposes 25% tariff on Brazilian imports, citing "unreasonable trade practices including digital trade, ethanol market access, intellectual property & illegal deforestation"

  4. Tuesday, July 14, 2026Full Brief
    1. 1

      US launches 3rd consecutive night of strikes on Iran as Trump announces return of US's Strait of Hormuz blockade & 20% tariff on cargo transiting waterway

June 20261 Summary

  1. Thursday, June 4, 2026Full Brief
    1. 4

      Trump signs order tightening customs rules on importers bringing goods into US, requiring stronger asset, bond & ownership disclosures to target "undervalued imports, illegal transshipment & tariff avoidance"

May 20262 Summaries

  1. Thursday, May 21, 2026Full Brief
    1. 4

      EU approves implementation of Jul 2025 trade pact with US, eliminating tariffs on US industrial goods while capping most US tariffs on European exports at 15% amid push for "stable & fair" transatlantic trade

  2. Monday, May 11, 2026Full Brief
    1. 1

      Federal trade court rules (2-1) Trump's new 10% global tariffs (imposed in Mar) are "invalid" & "unauthorized by law" after Supreme Court previously struck down broader levies in Feb; Judges say Trump "exceeded authority granted by Congress"

April 20264 Summaries

  1. Tuesday, April 21, 2026Full Brief
    1. 1

      CBP launches online portal for businesses to claim refunds on Trump's tariffs struck down by Supreme Court in Feb; 56K+ importers eligible for $127B in refunds out of $166B paid across 53M+ shipments

  2. Tuesday, April 14, 2026Full Brief
    1. 3

      US federal budget deficit (when spending exceeds tax revenue) falls -11% to $1.2T year-to-date in fiscal 2026 (vs $1.3T in 2025) aided by record-high $166B in tariff revenues (vs $44B in 2025); Mar deficit rises to $164B (vs $161B in 2025)

  3. Monday, April 6, 2026Full Brief
    1. 4

      Trump signs order raising metal tariffs to 50% (vs previous 25%); Applies duties to "full value of steel, aluminum, copper imports" with "reduced rates" for UK & existing arrangements with EU, Japan, S Korea

  4. Friday, April 3, 2026Full Brief
    1. 2

      Trump imposes 100% tariffs on patented pharmaceuticals & ingredients entering US, exempting "generics, biosimilars & select specialty drugs"; Sets 15% rates for EU, Japan, S Korea, Switzerland & Liechtenstein, "lower rate" for UK

March 20264 Summaries

  1. Monday, March 30, 2026Full Brief
    1. 4

      66 World Trade Organization members (~70% of global trade) agree on framework for global digital trade rules; Pact includes ban on digital tariffs & legal recognition of esignatures & einvoicing

  2. Friday, March 27, 2026Full Brief
    1. 2

      European Parliament approves EU-US trade deal (417-154, 71 abstentions) 1st agreed Jul 2025 with "safeguards" to suspend pact if "US imposes tariffs >15%"

  3. Wednesday, March 25, 2026Full Brief
    1. 1

      EU & Australia sign Security & Defense Partnership & finalize free trade agreement removing 99% of tariffs on EU goods exports to Australia after 8yrs of negotiations

  4. Thursday, March 5, 2026Full Brief
    1. 2

      US International Trade Court orders CBP to process imports without tariffs imposed under Trump's emergency powers after Supreme Court ruled duties unlawful in Feb; US collected ~$264B in customs duties in 2025

February 20268 Summaries

  1. Wednesday, February 25, 2026Full Brief
    1. 1

      US consumer confidence rises to 91.2 in Feb (vs 89 in Jan) as outlook improves despite persistent pessimism over prices, inflation, tariffs & politics

  2. Monday, February 23, 2026Full Brief
    1. 1

      Trump imposes 15% global tariffs on imports under emergency powers (Section 122 of Trade Act of 1974) for up to 150 days after Supreme Court rules (6-3) International Emergency Economic Powers Act (IEEPA) doesn't authorize imposition of his earlier country-specific tariffs

  3. Monday, February 16, 2026Full Brief
    1. 3

      China removes tariffs for 53 African nations (vs previously 33) "to increase China-Africa trade" which reached $222B in early 2025; Eswatini exempt for "maintaining diplomatic relations with Taiwan"

  4. Friday, February 13, 2026Full Brief
    1. 2

      US-North Macedonia reach trade deal framework; N Macedonia will pay 15% tariff & purchase US gas, US pays 0%; US trade with N Macedonia reached $433M in 2024

    2. 4

      NY Fed: ~90% of 2025 tariff burden fell on US firms & consumers as average tariff rate surged from 2.6% to 13% in Jan-Dec; 13% avg Dec tariff drove 11% import price increase for affected goods

  5. Tuesday, February 10, 2026Full Brief
    1. 1

      US & Bangladesh reach reciprocal trade agreement; US cuts tariff on Bangladeshi goods to 19% (vs previous 20%), Dhaka pledges ~$18.5B in US aircraft, agriculture & energy purchases

  6. Monday, February 9, 2026Full Brief
    1. 1

      US-India reach trade agreement framework lowering tariffs, expanding market access & strengthening supply chains; US will apply 18% reciprocal tariff on Indian goods, India pledges ~$500B in US purchases >5yrs

    2. 4

      Trump eliminates 25% additional tariff on Indian imports (imposed Aug 2025), citing India's "commitment to stop Russian oil imports, purchase US energy products & expand defense cooperation up to 10yrs"

January 20265 Summaries

  1. Friday, January 30, 2026Full Brief
    1. 1

      US declares national emergency over Cuba, authorizing "potential tariffs on imports from countries supplying oil to island" & citing "ties to hostile states, intelligence activity & regional destabilization" as national security threats

  2. Wednesday, January 28, 2026Full Brief
    1. 1

      EU & India sign landmark trade zone agreement covering ~2B people; Deal cuts tariffs on 96.6% of EU exports & opens Indian goods/services access, deepening ties between major global economies

    2. 3

      US consumer confidence falls to 84.5 in Jan (lowest since 2014, surpassing 85.7 pandemic depths in 2020) as inflation, prices, politics, tariffs, labor worries weigh on outlook

  3. Monday, January 19, 2026Full Brief
    1. 1

      EU & Mercosur (Argentina, Brazil, Paraguay & Uruguay) sign historic trade deal after 25yrs, creating 1 of world's biggest free-trade zones; Mercosur will phase out tariffs on 91% of EU exports >15yrs, EU will phase out tariffs on 92% of Mercosur exports >10yrs

  4. Friday, January 16, 2026Full Brief
    1. 1

      US & Taiwan sign trade deal; Taiwan commits $250B in direct investments & $250B in credit guarantees for US semiconductor, energy & AI production; Reciprocal tariffs capped at 15% (0% for generic drugs, aircraft parts & certain raw materials)

December 20253 Summaries

  1. Wednesday, December 24, 2025Full Brief
    1. 2

      US consumer confidence falls to 89.1 in Dec (5th straight monthly decline, lowest since 85.7 tariff rollout-driven low in Apr) as inflation, tariffs & job worries weigh on outlook

    2. 6

      US pushes tariff increase on Chinese semiconductors to Jun 2027 (specific rate to be determined at least 1mo in advance) with initial tariff rate set at 0 for 18mos, citing China's "unfair trade practices"

  2. Friday, December 12, 2025Full Brief
    1. 4

      US imposes phased tariffs on Nicaragua starting Jan 1 over "labor & human rights abuses," adding 10% in 2027 & 15% in 2028 on all non-CAFTA-DR goods like some apparel & footwear, on top of existing 18% reciprocal tariff

November 20258 Summaries

  1. Thursday, November 27, 2025Full Brief
    1. 2

      Federal budget deficit (when spending exceeds tax revenue) falls -2% to $1.8T in fiscal 2025 aided by record-high $195B tariff revenues, with Oct deficit rising to $284B (+10% vs $257B in 2024)

  2. Monday, November 24, 2025Full Brief
    1. 2

      Trump signs order scaling back Brazil tariffs by removing 40% additional duties imposed Jul 30 on agricultural imports including coffee, beef & fruit, citing initial progress in talks with Brazil

  3. Thursday, November 20, 2025Full Brief
    1. 2

      Economic Analysis Bureau: US trade deficit drops to $60B in Aug (-24% vs $78B in Jul) as Trump's global tariffs reduce imports by -5% to $340B; Year-to-date deficit rises to $714B (+25% vs $571B in Jan-Aug 2024)

  4. Monday, November 17, 2025Full Brief
    1. 1

      White House excludes 200+ agricultural products including coffee, beef, fruits & nuts from "reciprocal tariffs" list amid inflation concerns

    2. 2

      US, Switzerland & Liechtenstein reach trade deal framework: Switzerland, Liechtenstein pay 15% tariffs (vs initial 39%) while US pays 0% tariffs on industrial, seafood & select agricultural goods

    3. 3

      Trump administration reaches trade deal frameworks with 4 Latin American countries; US pays 0% tariffs while 70% of Guatemala exports face 0% tariff (on goods US doesn't produce), others 10%; Argentina, El Salvador (10%) & Ecuador (15%) receive selective tariff relief on coffee, cocoa & bananas

  5. Monday, November 10, 2025Full Brief
    1. 2

      China suspends export ban (imposed Dec 2024) on semiconductor metals (including gallium, germanium & antimony) to US until Nov 2026 following Trump-Xi agreement to reduce tariffs & pause trade measures for 1yr

  6. Thursday, November 6, 2025Full Brief
    1. 3

      China will lift retaliatory tariffs on US imports starting Nov 10 after Trump-Xi meeting, but keeps 13% duty on soybeans, leaving US exports more costly vs cheaper Brazilian suppliers

October 20257 Summaries

  1. Friday, October 31, 2025Full Brief
    1. 1

      Trump & Chinese President Xi meet for 1st time in 6yrs, agree to reduce China tariffs to 47% (-18% vs previous 57%) as Beijing pledges fentanyl crackdown, soybean purchases & 1yr pause on rare earth export curbs

  2. Wednesday, October 29, 2025Full Brief
    1. 3

      Apple becomes 3rd company to reach $4T valuation, after Nvidia & Microsoft, driven by iPhone 17 demand, tariff exemptions & Google search engine deal

  3. Tuesday, October 28, 2025Full Brief
    1. 1

      US signs trade & critical minerals deals with Thailand, Malaysia, Cambodia & Vietnam at ASEAN summit; Countries pay 19-20% tariffs on most exports to US while eliminating tariffs on US goods (Thailand removes 99%); All 4 pledge greater market access amid China's rare earth export curbs

  4. Thursday, October 23, 2025Full Brief
    1. 3

      China overtakes US as Germany's top trading partner as Trump tariffs cut German exports by -7% in 1st 8mo of 2025 (-24% year-over-year); US ended China's 8yr streak in 2024 but Trump tariffs reversed shift

  5. Monday, October 13, 2025Full Brief
    1. 1

      UK pharma giant AstraZeneca signs deal with Trump admin to sell discounted medicines to Medicaid patients at up to 80% off on "TrumpRx" government website, securing 3yr waiver from US drug tariffs

  6. Thursday, October 2, 2025Full Brief
    1. 6

      International Settlements Bank report: Global foreign exchange trading hit record $10T/day in Apr (vs $7.5T/day in 2022), as Trump's tariffs drive dollar drop & surge in investors locking in rates

  7. Wednesday, October 1, 2025Full Brief
    1. 1

      Pharma giant Pfizer signs deal with Trump admin to sell medicines at 50-85% discounts on new "TrumpRx" government website; Agreement also grants 3yr tariff waiver to Pfizer, covers most primary care meds & prices new drugs at parity with countries with regulated pricing

September 202512 Summaries

  1. Monday, September 29, 2025Full Brief
    1. 4

      US goods trade deficit narrows -17% to $86B in Aug (vs $103B in Jul) as imports drop to $262B (vs $281B) & exports ease to $176B (vs $178B) amid tariff-driven swings in trade

    2. 5

      Trump announces universal 100% import tariffs on patented drugs, 25% on heavy trucks & 50% on furniture starting Oct 1, citing national security concerns; Drug duties waived if manufacturers build US plants

  2. Wednesday, September 24, 2025Full Brief
    1. 1

      Trump delivers his 1st UN speech since 2020; Reverses initial stance now backing Ukraine's reclamation of all territory after Zelenskyy meeting; Warns Europe of migration risks, threatens new Russia tariffs, calls climate change "con job" & rejects allies' Palestinian statehood endorsements

  3. Thursday, September 18, 2025Full Brief
    1. 2

      King Charles welcomes Trump with royal pageantry in historic 2nd UK state visit; Agenda includes nuclear power deal, AI investments, talks on Ukraine, Palestinian statehood & tariffs; Trump is 1st modern leader granted 2 state visits by a British monarch

  4. Wednesday, September 17, 2025Full Brief
    1. 3

      US Census Bureau report: US retail sales rise +0.6% in Aug beating expectations as consumers buy in advance ahead of tariff-driven price hikes; Online sales increase +2%, restaurant sales +0.7%, clothing +1%

  5. Monday, September 15, 2025Full Brief
    1. 1

      Federal budget deficit (when government spends more than it collects in taxes) hits $1.97T year-to-date (+4% vs 2024) as Aug gap narrows -9% to $345B; Trump's tariffs lift customs receipts to record $29.5B (vs $7B in 2024), now 3rd largest revenue source at $165.2B

  6. Friday, September 12, 2025Full Brief
    1. 6

      European Central Bank holds key interest rates steady at 2% for 2nd consecutive time amid US tariff uncertainty; Cites inflation hovering around 2% target but notes trade policy volatility creates "more uncertain" outlook

  7. Thursday, September 11, 2025Full Brief
    1. 1

      US wholesale inflation measure (Producer Price Index) falls -0.1% in Aug (vs +0.3% forecast), up +2.6% annually; Decline driven by falling service-sector margins as businesses absorb tariff costs

  8. Tuesday, September 9, 2025Full Brief
    1. 5

      China's exports to US plunge 33% in Aug as overall shipments grow 4.4% (lowest growth since Feb); Imports rise 1.3% (vs 3% forecast) with US still top single-country market despite tariff pressure

  9. Monday, September 8, 2025Full Brief
    1. 2

      US adds 22K jobs in Aug (vs 79K Jul), jobless rate rises to 4.3% (highest since 2021) as hiring slows amid Trump tariff uncertainty; Economy averages 75K monthly job growth in 2025 (vs 168K in 2024)

  10. Tuesday, September 2, 2025Full Brief
    1. 1

      Fed preferred inflation gauge (Personal Consumption Expenditures price index) holds at 2.6% in Jul as tariffs weigh; Core inflation (excluding food & energy) rises to 2.9% (highest since Feb); Consumer spending up +0.5% (biggest since Mar) as incomes rise +0.4%

  11. Monday, September 1, 2025Full Brief
    1. 1

      US appeals court rules (7-4) most of Trump's tariffs illegal, says emergency powers (IEEPA) don't authorize duties; Delays order until Oct 14 for likely Supreme Court appeal

August 202520 Summaries

  1. Friday, August 29, 2025Full Brief
    1. 1

      Economic Analysis Bureau: US economy grows 3.3% in Q2 (vs 3% estimates) after -0.5% Q1 contraction from import surge ahead of Trump's tariffs; Imports fall 29.8%, boosting GDP as businesses reverse stockpiling; Private investment drops 13.8% (biggest decline since 2020)

  2. Thursday, August 28, 2025Full Brief
    1. 1

      Trump's 50% tariffs take effect today for India (vs previous 25%) for buying Russian oil; India says $48B in exports at risk

    2. 6

      Reuters/Ipsos poll: 62% of Americans support sanctioning Russia's trading partners to pressure Moscow towards Ukraine ceasefire as Trump weighs tariffs on China, Turkey & UAE after imposing 25% on India for Russian oil purchases

  3. Monday, August 25, 2025Full Brief
    1. 3

      Canada lifts retaliatory tariffs on USMCA-covered goods (US-Mexico-Canada trade pact), aligning with Trump admin's emergency powers tariff exemption; 25% duties on US steel, aluminum & autos remain, while US keeps 50% levy on Canadian steel & aluminum

    2. 5

      Global mail carriers halt US deliveries as Trump ends "de minimis" duty exemption (goods valued up to $800); All parcels now subject to tariffs except gifts under $100, causing confusion among postal services in Europe & Asia-Pacific

  4. Wednesday, August 20, 2025Full Brief
    1. 2

      Trump expands 50% steel & aluminum tariffs from Jun to 407 more product categories including machinery, auto parts, construction equipment, chemicals, plastics, & furniture parts to curb tariff avoidance

  5. Thursday, August 14, 2025Full Brief
    1. 3

      Federal budget deficit (when government spends more than it collects in taxes) hits record $1.6T year-to-date (+7% vs 2024) as Jul deficit jumps 19% to $291B; Trump tariffs lift customs revenue to $28B (vs $7B in 2024) but Medicare & Social Security costs outpace gains

  6. Wednesday, August 13, 2025Full Brief
    1. 2

      Primary inflation gauge (Consumer Price Index) rises 2.7% annually in Jul (unchanged vs Jun) & 0.2% monthly as gas prices fall 2.2%; Core inflation (excludes food & energy) rises to 3.1% (vs 2.9% Jun) driven by rise in airline fares, healthcare, dental costs, & tariff-hit goods

  7. Tuesday, August 12, 2025Full Brief
    1. 1

      Trump extends China tariff truce 90 days to Nov 10 (2nd delay) to continue negotiations, preventing tariffs from rising to 145% on Chinese imports to US (vs 30% current) & 125% on US exports to China (vs 10%)

  8. Friday, August 8, 2025Full Brief
    1. 1

      Trump's new tariffs take effect today for EU & 68 nations, raising average US import duties to 18.3% (highest since 1934); Yale Budget Lab: Typical US household will pay $2.4K more annually with clothing prices rising 38-40%

    2. 3

      China's global trade surplus hits $684B year-to-date in Jul (+33% vs 2024) as exports to Southeast Asia surge (+17%) due to front-loading for transshipment (shipping to US via other countries with lower tariffs) ahead of Aug 12 US trade deal deadline, making up for declining exports to US (-22%)

    3. 4

      Trump announces 100% tariff on computer chips unless companies manufacture in US, exempting Apple & other tech firms with domestic manufacturing commitments

  9. Thursday, August 7, 2025Full Brief
    1. 1

      Trump doubles tariff on Indian goods to 50% (effective Aug 27) for buying Russian oil, authorizes additional 25% tariff on nations still importing Kremlin crude

  10. Wednesday, August 6, 2025Full Brief
    1. 1

      US trade deficit narrows to $60B in Jun (lowest since Sep 2023) driven by tariff-induced import drop

  11. Monday, August 4, 2025Full Brief
    1. 1

      Trump signs order modifying tariff rates for EU & 68 nations with rates ranging from 10% baseline to 41% for select countries including Syria, Myanmar & Laos; Order codifies trade deals with Japan, S Korea, Indonesia, Vietnam & Philippines; Twice-delayed "Liberation Day" tariffs now effective Aug 7

    2. 3

      Trump imposes 50% universal tariff on copper imports; Copper is 3rd most-used metal in US after steel & aluminum (which face Trump's 50% tariffs since Jun)

    3. 5

      Trump signs order raising tariffs on many Canadian imports to 35% (from 25%) alleging non-cooperation on fentanyl trafficking & 40% on goods transshipped through Canada

  12. Friday, August 1, 2025Full Brief
    1. 1

      Trump suspends $800 de minimis exemption for global commercial imports (effective Aug 29) citing security risks from tariff evasion & illicit drugs; 4M+ daily small parcels now subject to tariffs; $100 gift & $200 travel exemptions remain

    2. 3

      US & South Korea sign trade deal: Korea pays 15% tariff (vs Trump's threatened 25%), US pays 0%; Korea will invest $350B in US-controlled fund & purchase $100B in US energy; US-Korea trade totaled $197B in 2024 with $66B US deficit; Korea is US's 6th largest trading partner in 2024

    3. 5

      Trump imposes 50% tariffs on Brazil, alleging national security threats & rights abuses; Treasury sanctions Supreme Court Justice de Moraes under Global Magnitsky Act, claiming human rights violations in Bolsonaro trial

July 202522 Summaries

  1. Thursday, July 31, 2025Full Brief
    1. 1

      Economic Analysis Bureau: 2nd quarter US GDP grew 3% (vs -0.5% previous quarter) in economic turnaround, driven by -30% import decline (vs +38% Q1 due to tariff front-loading) & +1.4% consumer spend rise (vs +0.5% Q1)

  2. Wednesday, July 30, 2025Full Brief
    1. 2

      Canalys research: India overtakes China as top smartphone exporter to US with 44% share (vs 13% 2024) as manufacturing volume surges 240% in 2025; China's share drops to 25% (vs 61% 2024); Shift driven by Apple accelerating iPhone production in India amid tariff uncertainty

  3. Tuesday, July 29, 2025Full Brief
    1. 3

      Trump cuts his 50-day deadline (set Jul 15) for Russia to agree to ceasefire with Ukraine to "10 or 12 days" or face further sanctions & secondary tariffs on its trading partners

  4. Monday, July 28, 2025Full Brief
    1. 1

      US & EU sign trade deal ahead of Trump's Aug 1 deadline, setting mutual 15% tariff (vs Trump's threatened 30%) on most goods & 0% on some sectors including aircraft, certain chemicals, generic drugs & raw materials; EU will invest $600B & buy $750B in energy from US; 2024 US-EU trade totaled $976B with US in $236B deficit

  5. Friday, July 25, 2025Full Brief
    1. 1

      India (world's 5th largest economy) & UK (6th largest) sign bilateral free trade deal (UK's biggest post-Brexit) after 3.5yrs of negotiation; India's tariff on UK down to 3% from 15% (whisky down to 70% from 150%), UK's tariffs on 99% of India's goods at 0%

  6. Wednesday, July 23, 2025Full Brief
    1. 1

      US & Japan sign trade deal, lowering US tariffs on Japan to 15% (vs threatened 25%); Per deal, Japan will invest $550B in US economy; 2024 US-Japan trade totaled $230B with US in $70B deficit; Japan is 5th-largest US trading partner in goods

    2. 3

      Trump announces US-Philippines trade deal: Philippines pays 19% tariff (vs threatened 20%) while US pays 0% tariff; 2024 US-Philippines trade totaled $24B with US in $5B deficit

  7. Tuesday, July 22, 2025Full Brief
    1. 2

      Civiqs research: Trump approval rating negative in 31 states after 6mo in office; 55% disapprove (vs 41% approve) nationally across 40K responses; Wyoming highest at 35% net approval, Hawaii lowest at -52%; Discontent driven by DOGE cuts, immigration policy & tariffs

  8. Thursday, July 17, 2025Full Brief
    1. 3

      US-Indonesia reach trade deal with US facing 0% tariff & Indonesia 19% (vs Trump's threatened 32%); Indonesia buys $15B in US energy, $4.5B in agricultural products & 50 Boeing jets; Indonesia-US trade totaled $40B in 2024 with US in $18B deficit

  9. Wednesday, July 16, 2025Full Brief
    1. 1

      Trump admin imposes 17% tariff on Mexican tomatoes, ending 2019 trade agreement; Per Florida Tomato Exchange, US imports 70% of its tomatoes from Mexico ($3B annually)

    2. 4

      Primary measure of inflation (Consumer Price Index) rises to 2.7% annually in Jun (vs 2.4% May) as Trump's tariffs impact prices; Yale Budget Lab: Americans face 19% avg tariff rate (highest since 1933) including 30% on China, 50% on steel/aluminum, 25% on auto/parts & 10% universal tariff

    3. 5

      China's economy grows 5.2% in Q2 (vs 4.7% 2024 & 5.1% forecast) despite Trump's threatened 145% tariffs (starting Aug 12) & real estate market decline (new home prices fall at fastest pace in 8mo); Manufacturing up 6.4% (vs 4.8% 2024)

  10. Tuesday, July 15, 2025Full Brief
    1. 1

      Trump threatens 100% tariffs & secondary sanctions on countries buying Russian exports if Russia refuses peace deal with Ukraine within 50 days; Claims 17 Patriot batteries available to Ukraine "very soon"

    2. 4

      EU prepares $25B retaliatory US tariffs if deal not reached before Aug 1; EU & US have world's largest bilateral trade & investment relationship (30% of global goods & services trade, $2T in 2024)

  11. Monday, July 14, 2025Full Brief
    1. 1

      Trump orders 30% tariff on all imports from EU & Mexico (which make up 30%+ of US imports) by Aug 1; EU is US's biggest trading partner ($1T in 2024); Mexico ($840B)

    2. 2

      Trump imposes 35% tariff on all Canadian imports by Aug 1 (up from 25% Feb threat), citing Canada's retaliatory tariffs & fentanyl smuggling (despite data indicating no meaningful smuggling at northern border)

    3. 4

      US tariff revenue tops $100B in Jun for 1st time within a fiscal year, producing surprise $27B budget surplus

  12. Friday, July 11, 2025Full Brief
    1. 2

      Trump imposes 50% tariff on Brazil, effective Aug 1, citing Brazil's ongoing "witch hunt" prosecution of Trump ally ex-President Bolsonaro & actions against US firms; Brazil's President Lula vows to reciprocate tariffs; US has trade surplus with Brazil

  13. Wednesday, July 9, 2025Full Brief
    1. 5

      Trump threatens 50% tariff on copper soon & 200% on pharmaceuticals within 1yr in effort to shift production to US; US currently imports 50% of copper it uses (primarily from Chile & Australia)

  14. Tuesday, July 8, 2025Full Brief
    1. 1

      Trump extends Wed tariff deadline (delayed since Apr) to Aug 1 & announces new tariffs (25-40%) on 14 countries including Japan, S Korea, S Africa; Warns reprisal will be matched & added to current tariff

    2. 2

      Trump threatens additional 10% tariff on any nation aligning with "anti-American policies of BRICS," 10-member emerging markets coalition (including Russia & China) that convened this week

  15. Thursday, July 3, 2025Full Brief
    1. 2

      Trump announces US-Vietnam trade deal: Vietnam pays 20% tariff on most goods & 40% on those passing through Vietnam to US while US pays no tariff; US threatened Vietnam with 46% tariff in Apr

June 202512 Summaries

  1. Friday, June 27, 2025Full Brief
    1. 1

      Economic Analysis Bureau: 1st quarter 2025 GDP shrunk -0.5% (vs +2.4% previous quarter) in US economy's 1st contraction in 3yrs, driven by import surge due to tariff anticipation & pared consumer spend

  2. Wednesday, June 25, 2025Full Brief
    1. 4

      US consumer confidence drops in Jun vs economist expectations, driven by tariff, job, personal finance concerns; Greatest decline among Republicans

  3. Thursday, June 19, 2025Full Brief
    1. 7

      Fed Reserve holds interest rates steady (4.25-4.5%) to wait before corrective action; Chair Powell "beginning to see effects of tariffs" on inflation

  4. Wednesday, June 18, 2025Full Brief
    1. 2

      Commerce Dept: US consumers spent materially less in May (-0.9%) vs Apr (-0.1%) & vs estimates (-0.6%) in largest decline in 4mo in response to tariffs

  5. Tuesday, June 17, 2025Full Brief
    1. 1

      China will remove all tariffs on 53 (of 54) African countries to boost trade; Africa-China trade grew in recent years but skewed in China's favor ($62B export surplus in 2024)

  6. Monday, June 16, 2025Full Brief
    1. 5

      Canada hosts 51st G7 summit convening France, Germany, Italy, Japan, UK & US for talks on Israel-Iran, Ukraine-Russia & US tariffs

  7. Thursday, June 12, 2025Full Brief
    1. 3

      Federal appellate court lets Trump's reciprocal tariffs proceed while he appeals US international trade court's May 28 block (citing he exceeded authority); Argument scheduled for Jul 31

    2. 6

      US & China agree to trade framework; Trump claims US gets rare earth minerals & keeps 55% tariffs & China 10%; Deal pending presidents' reviews

  8. Wednesday, June 11, 2025Full Brief
    1. 1

      World Bank downgrades 2025 global economic (GDP) growth forecast to 2.3% (vs 2.8% in 2024 & vs 2.7% in pre-tariff forecast) & global trade growth to 1.8% (vs 3.4% in 2024); Growth forecasts reduced for 70% of countries; Global recession remains unlikely (<10% chance)

  9. Friday, June 6, 2025Full Brief
    1. 2

      CBO estimates Trump's tariff regime (if kept permanently) would cut deficit by -$2.8T in 10yrs but downsize economy

  10. Wednesday, June 4, 2025Full Brief
    1. 6

      Trump signs order doubling steel & aluminum import tariffs from 25% to 50% per his last week's announcement; UK kept at 25% per ongoing trade deal talks

  11. Monday, June 2, 2025Full Brief
    1. 2

      Trump doubles steel & aluminum tariffs from 25% to 50% effective Jun 4; Industry-specific tariffs unaffected by recent trade court ruling blocking reciprocal tariffs; US imports dropped 20% in Apr

May 202512 Summaries

  1. Friday, May 30, 2025Full Brief
    1. 1

      Federal appeals court temporarily reinstates Trump's tariffs until Jun 9 to consider his appeal; Oxford Research: US' overall effective tariff pre-Trump was 2-3%, Trump raised it to 15% via series of measures, trade court's ruling (now paused) lowers it to 6%

    2. 4

      Trump publicly accuses China of violating preliminary May 12 trade deal that temporarily lowered tariffs for 90 days

  2. Thursday, May 29, 2025Full Brief
    1. 1

      3-judge federal international trade court unanimously rules most of Trump's tariffs illegal (citing lack of authority, which is exclusive to Congress) & orders full reversal in 10 days; Ruling affects tariffs invoked via IEEPA, does not target industry-specific tariffs (auto, steel, aluminum) that use different statute; Global markets & dollar rally in response; Trump admin appeals

  3. Tuesday, May 27, 2025Full Brief
    1. 1

      Trump threatened 50% tariff on EU on Fri, citing stalled trade talks; Postponed them from Jun to Jul after call with EU head Ursula von der Leyen

    2. 2

      Trump threatens 25% tariff on any phones sold but not made in US, targeting Apple & Samsung among other affected manufacturers

  4. Friday, May 16, 2025Full Brief
    1. 2

      Wholesale inflation measure (Producer Price Index) drops -0.5% in Apr (vs +0.2% estimate) in biggest monthly drop in 5yrs, driven by decline in services prices; Indicates that businesses absorbed early tariff costs; PPI up 2.4% annually

  5. Wednesday, May 14, 2025Full Brief
    1. 1

      US collects record $16B tariffs in Apr (+86% vs Mar & +130% vs Apr 2024)

  6. Monday, May 12, 2025Full Brief
    1. 1

      China & US agree to each cut tariffs by 115%, pause for 90 days & continue trade war de-escalation talks; US' tariffs on China now 30% & China's tariffs on US 10%; Both markets & currencies surge

  7. Friday, May 9, 2025Full Brief
    1. 3

      US & China start 1st talks in trade war in Switzerland this weekend; Trump proposes de-escalating China's tariff from 145% to 80% (vs China's 125% retaliatory tariff); China is world's largest exporter & 2nd largest economy

    2. 4

      US-UK "landmark" trade deal lowers UK's average tariffs on US from 5% to 2%; US cuts auto tariff on UK from 28% to 10% (for up to 100K cars) & keeps 10% tariff on most goods, exempting steel & aluminum

  8. Thursday, May 8, 2025Full Brief
    1. 2

      US & UK unveil "comprehensive" bilateral trade agreement, 1st in Trump's trade renegotiation campaign; 70+ similar deals reportedly underway before 90-day tariff reprieve expires

  9. Tuesday, May 6, 2025Full Brief
    1. 2

      Trump announces 100% tariffs on films produced outside US to "save dying Hollywood," citing other countries' existing incentives to attract production; Many American films & TV shows are shot entirely or partially outside US

April 202529 Summaries

  1. Wednesday, April 30, 2025Full Brief
    1. 2

      US trade deficit hits record high since early 1990s in Mar ($162B gap vs $93B in 2024) driven by import surge ahead of tariffs

    2. 4

      Trump signs executive order preventing 25% steel & aluminum tariff from "stacking" on top of 25% imported car tariff (effective Sat)

  2. Monday, April 28, 2025Full Brief
    1. 8

      Apple shifts nearly all US iPhone manufacturing from China to India by 2026 to avoid tariff

  3. Friday, April 25, 2025Full Brief
    1. 6

      China exempts some US imports from its 125% tariff & asks its domestic industries to identify which goods they need levy-free in trade war de-escalation; US & China have not begun talks

  4. Thursday, April 24, 2025Full Brief
    1. 4

      12 states sue Trump admin to block tariffs, alleging unlawful use of International Emergency Economic Powers Act

    2. 5

      S Korea’s export-dependent economy unexpectedly shrinks in 1st quarter (-0.2% vs +0.1% last quarter) in early casualty of Trump's tariffs

  5. Monday, April 21, 2025Full Brief
    1. 1

      US dollar falls to lowest value in 3yrs in rare & unexpected decline (tariffs traditionally strengthen currency); -5% vs Euro & Pound, -6% vs Yen since early April

  6. Friday, April 18, 2025Full Brief
    1. 1

      US retail sales rose +1.4% in Mar to 26mo high, as consumers rushed to buy big-ticket items (like cars) in tariff anticipation

  7. Thursday, April 17, 2025Full Brief
    1. 4

      Chinese bargain ecommerce retailers Temu & Shein will raise US prices after US closed trade loopholes & raised tariffs on China

  8. Wednesday, April 16, 2025Full Brief
    1. 1

      California (US' largest economy) sues Trump, challenging his unilateral authority to impose sweeping tariffs without congressional approval or direct foreign threats

    2. 2

      US claims China faces up to 245% in tariffs due to its retaliations; China signals it won't "pay attention" to further tariff changes since US exports have already been priced out of Chinese markets per final 125% tariff

  9. Monday, April 14, 2025Full Brief
    1. 1

      Trump signals smartphone & computer tariff exemption on Fri but denies it on Sun, maintaining 20% tariff on both; Warns of forthcoming sector-specific tariffs on consumer electronics, semiconductors & pharmaceuticals

  10. Friday, April 11, 2025Full Brief
    1. 1

      China raises US tariff from 84% to 125% in response to US's 145% tariff; President Xi to start Southeast Asia tour to consolidate ties with neighbors Vietnam, Malaysia & Cambodia

  11. Thursday, April 10, 2025Full Brief
    1. 1

      Trump freezes reciprocal tariffs for 90 days except China (keeping universal 10% tariffs) but raises China's reciprocal tariffs to 125% in escalating tit-for-tat

    2. 2

      US stock markets surged historically in response to tariff pause yesterday: Dow Jones Industrial Average (+8%), Nasdaq Composite (+12%) & S&P 500 (+9.5%, biggest day gain since 2008 with 98% of index's stocks up); Markets fall again early today, remaining down since tariffs initially announced

    3. 3

      EU puts retaliatory tariffs on US (25% on $23B of select goods & planned future measures) on hold for 90 days to "give negotiations a chance"

  12. Wednesday, April 9, 2025Full Brief
    1. 1

      China threatens 84% tariff on US (up from earlier 34%) after US's 115% China tariff (up from 65%, includes 1st term tariffs) takes effect Tue night

    2. 4

      EU approves retaliatory 25% tariff on $23B select US goods (like motorcycles, poultry, fruit) starting Apr 15 in retaliation only against US's earlier steel & aluminum tariffs; Bloc still weighs response to Trump's car & broader levies, threatening additional measures to come if negotiations fail

  13. Tuesday, April 8, 2025Full Brief
    1. 1

      Trump threatens additional 50% tariff on China (bringing total to 115% from 65% in previous measures) if it doesn't lift its 34% retaliatory tariff on US in 1 day; China vows to "fight to the end"

    2. 8

      Israel PM Netanyahu met with Trump in 1st foreign leader meeting since "Liberation Day" (when US imposed 17% tariff on Israel despite it dropping all its tariffs on US days earlier)

  14. Monday, April 7, 2025Full Brief
    1. 2

      Global markets continued to fall after Trump's "Liberation Day" tariffs: Pan-European Stoxx 600 down 5.2%, Japan's Nikkei 225 down 8% & Chinese CSI 300 down 7% this morning; US stock markets see worst weekly declines in 5yrs: S&P 500 (-9.1%) & Nasdaq Comp (-10%, in "bear" market)

    2. 3

      Trump extends TikTok sale deadline by another 75 days (Jun 19), as China hardens deal approval under tariff escalation

  15. Friday, April 4, 2025Full Brief
    1. 1

      Global stock markets drop after Trump's "Liberation Day" tariff announcement; S&P 500 (-4.8%), Dow Jones Ind Avg (-4%) & Nasdaq (-6%)

    2. 2

      China matches Trump's 34% tariff on imports from US

    3. 3

      Canada matches 25% tariff on cars & trucks imported from US

  16. Thursday, April 3, 2025Full Brief
    1. 1

      Trump declares baseline 10% tariff on all imports into US by Apr 5 & higher additional tariff on 60 "worst trade offenders" by Apr 9: EU (20%), India (26%), China (65%, multiple combined tariffs since Trump's 1st term)

    2. 2

      Earlier announced 25% tariffs on all car & parts imports into US take effect today without exceptions

    3. 3

      Senate passes (51-48) symbolic (non-binding) resolution rebuking & reversing Trump's earlier announced Canada tariff with 4 Republicans joining all Democrats

  17. Wednesday, April 2, 2025Full Brief
    1. 1

      Trump to announce anticipated new tariffs (effective immediately) today for multiple countries on what he calls "Liberation Day"; 25% Mexico & Canada tariffs resume after temporary pause

March 202515 Summaries

  1. Thursday, March 27, 2025Full Brief
    1. 2

      Trump announces 25% tariff on all cars & parts not made in US starting Apr; Half of cars sold in US are imported; Top suppliers: Mexico, South Korea, Japan, Canada & Germany

    2. 4

      UK halves its 2025 economic growth forecast from 2% to 1%, citing US tariffs & global uncertainty

  2. Tuesday, March 25, 2025Full Brief
    1. 4

      Trump announces 25% tariff on all goods from countries buying oil or gas from Venezuela starting in Apr, increasing pressure over country's alleged Tren de Aragua gang infiltration into US; While China buys 68% of Venezuela's oil, US is also a buyer

    2. 5

      Hyundai pledges $21B US investment over next 3yrs in its largest-ever commitment, bolstering American presence in response to intensifying tariff threats

  3. Monday, March 24, 2025Full Brief
    1. 7

      Johnson & Johnson pledges $55B investment in US over next 4yrs (+25% vs last 4yrs), reinforcing domestic manufacturing in response to looming drug import tariffs

  4. Friday, March 21, 2025Full Brief
    1. 7

      EU delays retaliatory tariffs on US to mid-April to encourage negotiations

  5. Friday, March 14, 2025Full Brief
    1. 1

      Trump threatens 200% tariff on alcohol imports from EU if it refuses to lift its 50% tariff on US whiskey; EU plans further countermeasures in response to Trump escalating transatlantic trade war

    2. 4

      Canada responds to Trump's 25% tariff on steel & aluminum with 25% tariff on $30B package of US goods

  6. Wednesday, March 12, 2025Full Brief
    1. 2

      Trump's 25% global aluminum & steel tariffs start today; EU (world's largest trading bloc) retaliates with $28B tariff package targeting Republican states

    2. 3

      Australia joins UK in not reciprocating Trump's "unjustified" tariffs, declining to partake in "economic self-harm paid by consumers"

    3. 4

      Canada threatened 25% surcharge on electricity exported to US; Trump threatened doubling Canada's steel & aluminum tariff from 25% to 50%; Both threats since withdrawn in ongoing negotiations

  7. Friday, March 7, 2025Full Brief
    1. 1

      Trump pauses 25% tariffs on Mexico & Canada for 1mo for goods under 2020 United States-Mexico-Canada Agreement (USMCA), which covers 50% of Mexico & 36% of Canada imports

    2. 5

      US trade deficit hit record high in Jan with 10% import increase vs 1.2% export increase, widening trade gap by 34%, as businesses scrambled for overseas supplies ahead of tariffs

  8. Thursday, March 6, 2025Full Brief
    1. 3

      Best Buy & Target CEOs warn of immediate price hikes due to Mexico & China tariffs; Target relies on Mexican produce in winter; Best Buy sources most products from Mexico & China

  9. Wednesday, March 5, 2025Full Brief
    1. 1

      US resumes 25% tariffs on Canada & Mexico, levies 20% tariff on China; Canada retaliates with 25% & China with 10-15% on select goods; Mexico vows retaliations on Sun

February 202510 Summaries

  1. Friday, February 28, 2025Full Brief
    1. 1

      Trump resumes 25% tariffs on Canada & Mexico on Mar 4, following month pause; Threatens to double 10% tariff recently levied on Chinese imports; Vows forthcoming 25% tariff on EU

  2. Friday, February 21, 2025Full Brief
    1. 7

      Trump plans new 25% tariffs on auto, semiconductors, pharmaceutical imports by April

  3. Friday, February 14, 2025Full Brief
    1. 1

      Trump announces plan to match each country's tariffs on US to alleviate trade imbalances

  4. Tuesday, February 11, 2025Full Brief
    1. 2

      Trump signs promised 25% blanket tariff on steel & aluminum imports without exemptions starting Mar 12

  5. Monday, February 10, 2025Full Brief
    1. 2

      Trump promises new reciprocal tariffs (matching other countries' tariffs on US goods) & 25% blanket tariff on all imported steel & aluminum (largest providers: Canada, Brazil, & Mexico)

  6. Tuesday, February 4, 2025Full Brief
    1. 1

      Trump pauses 25% tariffs on Canada for 1mo after Trudeau deploys 10k troops & $1.3B to reduce illegal drug & migrant flow at border in deal similar to Mexico's

    2. 2

      Trump's new 10% tariffs on China begin today; China responds with 15% tariffs on US coal & gas, 10% on oil & agricultural equipment, investigates Google for antitrust violations

  7. Monday, February 3, 2025Full Brief
    1. 1

      Trump signs 25% tariffs on Mexico & Canada (10% on Canada's oil) & 10% on China imports into effect tonight; These 3 are US's largest trading partners, accounting for 40%+ of imports last year

    2. 2

      Trump & Mexico's President Sheinbaum announce 1mo pause on US tariffs after Mexico deploys 10k border troops to reduce fentanyl & migrant flow

    3. 3

      Canada announces 25% retaliatory tariffs on $107B of US goods

January 20254 Summaries

  1. Friday, January 31, 2025Full Brief
    1. 1

      Trump confirms 25% tariffs (which may exclude oil) on Canada & Mexico starting tomorrow, citing illegal immigration & drug smuggling as triggering grievances

  2. Monday, January 27, 2025Full Brief
    1. 3

      Trump threatened 25% tariff (to be raised to 50% after 1 week) on Colombia after it refused to accept 2 deportation flights of its citizens; Colombia shortly yielded with tariff threat removed; Colombia is among US's largest LatAm trade partners & US is Colombia's biggest market driven by crude petroleum & coffee; Countries exchange $54B in goods & services annually

  3. Thursday, January 23, 2025Full Brief
    1. 6

      Trump publicly pushes Putin to end war in Ukraine on his platform Truth Social, threatening to impose harsher tariffs & sanctions; Russia is already world's most sanctioned country

  4. Wednesday, January 22, 2025Full Brief
    1. 1

      Trump weighs 10% tariff on all Chinese goods & 25% on Mexico & Canada to take effect Feb 1; US consumers may face higher prices on staples like gas, cars, food, & alcohol as retailers unlikely to handle entire added cost

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