The new U.S. tariff policy has been introduced. How will the global supply chain respond?

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2025-01-27 11:35

According to public reports, the latest developments regarding the U.S. tariff policy mainly come from statements made by Trump during his new term:

On Mexico and CanadaOn January 20, the day Trump was sworn in as the 47th President of the United States, he stated that he was considering imposing a 25% tariff on all products entering the U.S. from Mexico and Canada, with the tax action possibly starting on February 1. He claimed that this move aimed to address issues of illegal immigration and drug smuggling in the U.S., and to provide a "fair competition" environment for American manufacturing.

On ChinaOn January 21, Trump stated that the U.S. government was discussing imposing a 10% tariff on goods imported from China starting February 1, citing the need to curb the proliferation of fentanyl.

On the European UnionTrump stated that the EU should reduce its "huge" trade surplus with the U.S. by making large-scale purchases of American crude oil and natural gas, or else tariffs would be imposed on the EU. Additionally, on January 23, Trump criticized the EU for having excessively high tariffs and stringent regulatory restrictions at the World Economic Forum 2025, stating that the trade deficit with the U.S. was too large and that he would take measures in response.

On global companiesOn January 23, during a video speech at the World Economic Forum 2025, Trump stated that if companies do not produce products in the U.S., they would face tariffs of "hundreds of billions or even trillions of dollars."

Previously, the Biden administration also had related tariff policies: On May 14, 2024, Biden announced a significant increase in tariffs on several imported products from China, including electric vehicles, solar panels, semiconductors, and advanced batteries.