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.

China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains.

For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

President Donald Trump is readying plans for industry-specific tariffs to kick in alongside his country-by-country duties in two weeks, ramping up his push to reshape the US’s standing in the global trading system by penalizing purchases from abroad.

Long before President Trump wielded tariffs as a weapon to punish Indonesia, the country was fighting back a flood of cheap Chinese goods.

The Trump administration is imposing a substantial tariff on a raw material that is critical for electric vehicle batteries, which could significantly raise the cost of building EVs in the United States.

While Mr Trump was quick to slap tariffs on foreign-made cars and parts, the US also exports $7.5bn in cars to China, which will now be impacted by its reciprocal 125 per cent tariffs.

After slashing billions in foreign aid, including shutting down the U.S. Agency for International Development, the Trump administration says it is forging a new approach: "commercial diplomacy." Trade,

Taken together with Biden administration tariffs on China, which expanded on Trump first-term duties, China now faces an effective average tariff rate of nearly 150%.