We’re monitoring the tariff timeline to help you understand how recently imposed policies may impact your business.
There have been a number of challenges in 2025 for small and midsize businesses, particularly with the impact of tariffs and supply chains. And, it can be hard to keep track of the specifics of what’s happened and what’s on the horizon.
Below is a timeline that tracks the key impactful moments for trade and tariffs since the start of the year. We will be updating this continuously, with resources to help you find the information you need. Bookmark it if you’d like easy access for future review.
Key takeaways:
- A universal 10% tariff is likely here to stay. Tariff pauses and negotiations continue to be ongoing.
- Much of Congress’s near-term focus was on the GOP reconciliation package (OBBB or One Big Beautiful Bill), signed into law on July 4.
- In the near term, Congress will have to focus on government funding, which is set to expire on September 30.
- Legal challenges to President Trump’s tariffs may cause additional uncertainty and delay U.S. trade agreements with individual countries.
Sometime in August:
The U.S. government will reach the debt limit on what’s called the “X” date. Tariff revenue may impact this date and put pressure on the White House to move on tariffs, absent deals.
July 14:
The European Union’s (EU) 90-day pause on retaliatory tariffs against the U.S. will expire. The EU could then implement tariffs on a wide range of American goods, including wine and whiskey, cars, aircraft, and agricultural products.
July 7:
President Trump signs an executive order extending the reciprocal tariff pause to August 1, and indicates potential baseline tariffs of 25% for 14 countries, mostly in Asia, if deals are not complete by August 1.
June 17:
President Trump signs a deal with the UK, implementing a baseline 10% tariff on most UK goods and a 25% tax on imports of steel and aluminum.
June 10:
The U.S. and China reach an agreement to lower their reciprocal tariff rates to 10%, with U.S. tariffs of 55% on Chinese goods and Chinese tariffs on U.S. goods at 10%. Those numbers include multiple overlapping tariffs such as Section 301 (tariffs in place since Trump's first term), Section 232 (tariffs focused on national security), and fentanyl-related tariffs. , with an emphasis on price stability for critical rare earth minerals and magnets. The effective tariff rate on most Chinese goods remains above 30%.
May 29:
The U.S. Court of International Trade rules Trump could not use a 50-year-old statute's emergency powers to impose global tariffs. An immediate appeal by the administration keeps the tariffs in place while litigation continues.
May 12:
The U.S. and China agree to 90-day suspension and tariff reduction. U.S. tariffs on Chinese goods are lowered to 30%. China lowers tariffs on American products from 10%.
May 8:
The White House announces a UK tariff deal.
April 9:
Trump’s higher reciprocal rates go into effect just after midnight. Hours later, his administration says it will suspend most of these higher rates for 90 days but maintain a 10% levy on nearly all global imports. China is the exception.
April 5:
Trump’s 10% minimum tariff takes effect.
April 2:
Trump announces reciprocal tariffs of a 10% baseline tax and higher rates for dozens of nations.
March 12:
Trump’s 25% tariffs on steel and aluminum imports go into effect.
March 10:
China’s retaliatory 15% tariffs on key American farm products, including chicken, pork, soybeans, and beef, take effect.
March 6:
Trump postpones 25% tariffs on many imports from Mexico and some imports from Canada for a month.
March 5:
Trump grants a one-month tariff exemption for U.S. automakers on goods from Mexico and Canada.
March 4:
Trump’s 25% tariffs on imports from Canada and Mexico go into effect, with a 10% limit on Canadian energy. Trump doubles the tariff on all Chinese imports to 20%.
February 13:
Trump announces a reciprocal tariff plan on imports “for purposes of fairness.”
February 4:
Trump’s 10% tariffs on all Chinese imports go into effect. China retaliates with sweeping new duties on a variety of American goods.
February 3:
Trump agrees to a 30-day pause on his tariff threats against Mexico and Canada.
February 1:
Trump signs an executive order for a 10% tariff on all imports from China and 25% on imports from Mexico and Canada, to begin February 4.
January 20:
Donald Trump is sworn in as the 47th president of the United States. In his inaugural address, he reiterates his promise to “tariff and tax foreign countries to enrich our citizens.
What do business decision makers like you think of employee retention, economic conditions, and more? See the latest from the Principal® Business Owner Insights to find out.
