{"id":9555,"date":"2025-04-03T09:25:00","date_gmt":"2025-04-03T09:25:00","guid":{"rendered":"https:\/\/www.expanamarkets.com\/?post_type=insight&#038;p=9555"},"modified":"2025-05-21T10:28:06","modified_gmt":"2025-05-21T10:28:06","slug":"post-tariff-announcement-navigating-the-trump-tariff-turbulence","status":"publish","type":"insight","link":"https:\/\/www.expanamarkets.com\/insights\/article\/post-tariff-announcement-navigating-the-trump-tariff-turbulence\/","title":{"rendered":"Post Tariff Announcement: Navigating the Trump Tariff Turbulence"},"content":{"rendered":"\n<!-- .module.article-rich-text: start -->\n<div id=\"\" class=\"module article-rich-text pt-32 md:pt-48 xl:pt-56 pb-40 md:pb-64 xl:pb-80 hidden show-small:block show-medium:block show-large:block [p_+_p]:mb-24\">\n\t<h2>The Comprehensive Timeline\u00a0<\/h2>\n<p><span data-contrast=\"auto\">After 4PM yesterday in the White House Rose Garden, US President Donald Trump announced a 25% tariff on all foreign-made automobiles took effect at midnight ET today. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As for reciprocal tariffs, the US will implement a minimum 10% tariff on all imported goods, effective at midnight.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">That base 10% rate will be higher for individual countries depending on their tariff rate on the US. In that case, the US Trade Representative (USTR) has put together tariff rates calculated to factor in each country\u2019s monetary tariffs, non-monetary trade barriers, currency manipulation, etc. The USTR has assigned each trading partner a tariff percentage and will implement a tariff worth half of the designated percentage.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">During Trump\u2019s speech Commerce Secretary Howard Lutnick handed the President a board with the USTR designated tariff percentage for each country, next to the final percentage the US would charge for each country.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/library.urnerbarry.com\/Images\/image_(5)_5.png\" width=\"650\" height=\"483\" \/><\/span><\/p>\n<p><span data-contrast=\"auto\">As for Canada and Mexico, goods which adhere to the USMCA will still be traded freely.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"SubTitle\">April 1, 2025\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">&#8220;Too many foreign countries have their markets closed to [US] exports,&#8221; said\u00a0White House Press Secretary Karoline Leavitt when referring to trade deficits and non-monetary trade barriers.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The message that has been consistent: &#8220;If you make your product in America, you will pay no tariffs,&#8221; said Leavitt.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Auto tariffs have been scheduled for April 3, according to the April 1 press briefing.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In recent days, blanket 20% tariffs have covered headlines. There were also reports about a tiered tariff system with three different rates. However, country-specific rates were mentioned by President Trump and Treasury Secretary Bessent.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Trump and staff were still hard at work on the April 2 Reciprocal Tariff schedule, according to Leavitt.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Trading partners and country leaders are still meeting and scheduling calls with President Trump to negotiate ahead of this afternoon&#8217;s announcement&#8211;making the situation as fluid as ever.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><style>\n  #hubspot-form-wrapper {\n    text-align: left;\n    max-width: 50%;\n    margin: 0;\n    padding: 0;\n  }<\/p>\n<p>  #hubspot-form-wrapper .hs-form {\n    background: transparent !important;\n    box-shadow: none !important;\n    margin: 0 !important;\n    padding: 0 !important;\n    text-align: left !important;\n  }\n<\/style>\n<\/p>\n<div id=\"hubspot-form-wrapper\">\u00a0<\/div>\n<p><script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js.hsforms.net\/forms\/embed\/v2.js\"><\/script> <script>\n  hbspt.forms.create({\n    portalId: \"4080606\",\n    formId: \"b86b9250-edbf-40a3-9cf6-9baf24998212\",\n    region: \"na1\",\n    target: \"#hubspot-form-wrapper\"\n  });\n<\/script><\/p>\n<h3><span class=\"SubTitle\"><br \/>\nMarch 28, 2025: Secondary Tariffs<\/span><\/h3>\n<p>As April 2 approaches, the ongoing tariff saga continues to unfold, bringing new developments each day. Expana is tracking the latest headlines and breaking down the key updates as they happen, as evidenced in\u00a0<a href=\"https:\/\/app.expanamarkets.com\/en\/article\/703229\" target=\"_blank\" rel=\"noopener noreferrer\">the latest newsletter<\/a>.<\/p>\n<p><span data-contrast=\"auto\">This week, US President Trump\u00a0<\/span><span data-contrast=\"auto\">announced a new \u201csecondary tariff\u201d directed at Venezuela and any country buying their oil, citing Venezuelan criminal activity in the US.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">On March 26, Trump announced a separate 25% tariff on all imported cars and light trucks, effective April 3, reported\u00a0<a href=\"https:\/\/app.expanamarkets.com\/en\/article\/702809\" target=\"_blank\" rel=\"noopener noreferrer\">Expana<\/a>. The measure applies to American brands assembling cars abroad, and to parts like engines and electrical components.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In addition to oil, autos, and parts, new tariffs are under consideration for lumber and pharmaceuticals.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWe don\u2019t make anything here in terms of drugs,\u201d Trump said. \u201cIt\u2019s all China. A lot of it is Ireland.\u201d\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Plus, US reciprocal tariffs on top trading partners will be applied on April 2. The tariffs may not be as sweeping as previously imagined, hinted Trump who stated other countries \u201ccharged us so much that I\u2019m embarrassed to charge them what they\u2019ve charged us\u2014but it\u2019ll be substantial.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The tariff regime will also factor-in non-tariff barriers like \u201ctesting on our food or products that bear no resemblance to safety, or anything that we do to their product,\u201d told US Treasury Secretary Scott Bessent.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This administration is using tariffs with the goal to bring manufacturing to the US, to even trade deficits, mitigate fentanyl trafficking, curb currency manipulation, and to attack non-monetary trade barriers for US products.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">US trading partners have come to offer decreases in tariffs before April 2, said Bessent. While others will wait to negotiate after that time.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">On March 28, President Trump announced a &#8220;productive&#8221;\u00a0call\u00a0with new\u00a0Prime Minister Mark Carney, of Canada.<\/span><\/p>\n<p><span data-contrast=\"auto\">Also, Indian government officials are open to cutting tariffs on more than half of US imports, reported\u00a0<a href=\"https:\/\/app.expanamarkets.com\/en\/article\/702518\" target=\"_blank\" rel=\"noopener noreferrer\">Reuters<\/a>. India has among the highest trade-weighted average tariffs at 12.1%, compared to 2.5% for the US, according to the World Trade Organization (WTO).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">EC Commissioner Sefcovic also met with Trump this week ahead of the April 2 implementation date, with reported willingness to reduce auto tariffs like the EU\u2019s 10% car tariff and the 25% US truck tariff.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;They will discuss&#8230; EU-US trade relations, and from our perspective, why we should be making every effort on both sides to avoid harmful tariffs and build rather than tear down&#8230; trade and economic relationship, which is the strongest in the world,&#8221; said EC spokesman Olof Gill.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"SubTitle\">March 20, 2025: EU Delays First Countermeasures on US to mid-April<\/span><\/h3>\n<p>After the US imposed sweeping 25% tariffs on steel and aluminum imports and promised reciprocal tariffs for global trade partners on April 2, the European Commission\u2019s (EC) response planned a two-tiered tariff package on US commodities. The EU tariffs have since been delayed until mid-April, according to remarks by Commissioner \u0160ef\u010dovi\u010d at the joint hearing of the Committee on International Trade. On March 12, the EC announced plans to reinstate tariff measures that were threatened by an EU\/US trade dispute back in 2018 and 2020.\u00a0<\/p>\n<p>\u201cWe are now considering to align the timing of the two sets of EU countermeasures, so we can consult with Member States on both lists simultaneously,\u201d said Commissioner \u0160ef\u010dovi\u010d about delaying EC tariffs on the US until mid-April. \u201cIt also gives us extra time for negotiations to try to find a mutually agreeable resolution&#8230; This approach would allow us to deliver a firm, proportionate, robust and well-calibrated response to the US measures.\u201d\u00a0<\/p>\n<h3><span class=\"SubTitle\">March 19, 2025: Trump admin says countries to get new &#8216;tariff number&#8217; on April 2<\/span><\/h3>\n<p>The Trump administration will provide countries with their own tariff rate based on several factors, including their own tariff rates on the US and other trade barriers.\u00a0<\/p>\n<p>&#8220;On April 2, each country will receive a number that we believe represents their tariffs,&#8221; Bessent told Fox Business Network. &#8220;For some countries, it could be quite low. For some countries, it could be quite high.&#8221;<\/p>\n<p>Co-authored by:<\/p>\n<p>Ryan Doyle<br \/>\nExpana<br \/>\n1-732-240-5330 ext. 275<br \/>\n<a href=\"mailto:ryan.doyle@expanamarkets.com\">ryan.doyle@expanamarkets.com<\/a><\/p>\n\t<\/div>\n\t<!-- .module.article-rich-text: end -->","protected":false},"excerpt":{"rendered":"","protected":false},"author":107,"featured_media":8022,"template":"","tags":[197,164,241],"insight-theme":[202,168,166],"insight_topic":[171,165,265],"news_topic":[],"class_list":["post-9555","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-featured","tag-industrials","tag-tariffs","insight-theme-featured","insight-theme-global-news","insight-theme-weekly-market-insights","insight_topic-global-insights","insight_topic-industrials-and-metals","insight_topic-tariffs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.6) - 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