Trump has rolled back many of his steepest tariffs over recent months, including a sky-high levy on China, the top source of U.S. imports. In recent days, however, Trump announced plans to slap tariffs as high as 50% on dozens of countries, including 25% tariffs on top U.S. trade partners such as Japan and South Korea.

Trump previously accused the 11-member BRICS grouping of pushing “anti-American policies” after the BRICS leaders level summit in Brazil this month

U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries.

US President Donald Trump’s aggressive tariff campaign has, so far, yielded significant financial gains for the US government.TL;DRTrump’s tariffs have brought the US a record surge in customs revenue-$64 billion in Q2 2025.

Alcoa Corp., the largest US aluminum producer, said tariffs on imports from Canada cost it $115 million in the second quarter, showing how US President Donald Trump’s trade agenda has affected the industry.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.

Elizabeth Warren introduces a price gouging bill to target big companies that use market shocks including a trade war to push through excessive price increases.