Trump’s Tariffs Have Landed: Here’s Your Cheat Sheet

An appeals court ruled that the president lacked the authority to impose many of his tariffs. They stay in place for now.

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Updated · 6 min read
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Written by 
Senior Writer & Content Strategist
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Edited by 
Senior Editor & Content Strategist

Updated on Aug. 29.

Many tariffs illegal, appeals court rules

Many of the tariffs President Donald Trump has put into action since regaining the presidency are illegal, according a federal appeals court ruling issued on Friday.

However, tariffs will remain in place until mid-October to give the Trump Administration time to appeal the decision to the Supreme Court.

Trump invoked emergency powers in imposing many of his global tariffs. Friday's decision upholds a lower court finding, issued in May, that Trump overstepped his authority in doing so.

The White House quickly condemned the ruling, and U.S. Attorney General Pam Bondi vowed in a social media post that the Justice Department would appeal the ruling.

50% tariffs on India begin

As of today, India faces 50% tariffs on all products shipped to the U.S. — double the previous rate that went into effect earlier in the month.

The additional 25% tariff that extends India’s rate to 50% is punishment for India purchasing Russian oil. The only other country with an effective rate that high is Brazil.

It’s a costly setback for U.S. importers that have increasingly shifted production from China to India in recent years. Trade with India totaled $212.3 billion in 2024, up by $16.3 billion from 2023, according to the Office of the U.S. Trade Representative.

The top exports from India to the U.S. in 2024 included electrical and electronic equipment; pharmaceuticals; gems, metals and coins; machinery, nuclear reactors and boilers; and organic chemicals, according to Trading Economics, which tracks international trade data.

The new, higher tariff rate will make these products more expensive to ship and that means consumer goods from India are likely to get more expensive.

U.S. extends tariff pause on China again

On Aug. 11, the U.S. and China extended their tariff truce for another 90 days. Tariffs of 145% on Chinese imports had been scheduled to go into effect at midnight on Monday; President Donald Trump signed an executive order earlier that day extending the deadline to Nov. 10 as negotiations continue.

China had threatened to retaliate with a 125% tariff on U.S. goods. For now, there is a blanket tariff of 10% on Chinese goods coming into the United States, on top of tariffs on specific goods like steel.

If you’re suffering from tariff fatigue, well, join the club. This writer, too, is exhausted from tracking the last-minute delays, relentless trade talks and will-they-won’t-they deals that have upended the news cycle since President Donald Trump took office.

But we can all soon release our collective bated breath (at least, for this round). Trump’s barrage of new tariffs have officially been unleashed on trade partners big and small.

The tariffs were initially supposed to go into effect on Aug. 1, but in releasing its full list of nations and their rates, Trump pushed the effective date to Aug. 7. The exception is Canada, whose new tariff rate (35%) began on Aug. 1.

Trump has stated multiple times that there will be no extensions or grace periods. In addition to the blanket one-week delay, Trump also announced on his social media site, Truth Social, that there would be a 90-day extension of a pause on tariffs for Mexico.

The latest tariffs are the delayed versions of Trump’s “Liberation Day” reciprocal tariffs — first announced on April 1, then delayed for 90 days and extended again to Aug. 1. During that period of limbo, international trade partners scrambled to negotiate.

Some — including Britain, Vietnam, Japan, Indonesia, the Philippines and the European Union — have struck deals to lessen the pain. Others will have to manage with what they’ve been given.

What’s happening with the biggest trade partners?

Here are the tariff rates for some of the nation’s biggest trade partners.

  • European Union: 15% tariff, excluding aircraft and their component parts, semiconductor equipment, some generic pharmaceuticals, critical raw materials, certain chemical goods and some agricultural products. Despite lobbying by countries like Italy and France, the 15% tariff applies to wine and spirits. The new tariff rate will not be added to existing tariffs. Under the deal, the E.U. must purchase $750 billion worth of energy-related goods over three years and invest an additional $600 billion in the U.S. 

  • Canada: 35% tariff, up from 25%, effective Aug. 1. The levy excludes goods included in the U.S.-Mexico-Canada Agreement (USMCA). Energy products and potash that don’t qualify under the USMCA face a 10% tariff. Antidumping duties and countervailing duties on softwood lumber total more than 30%.

  • Mexico: 90-day delay on a new 30% tariff (up from 25%), as of July 31. However, Mexico will still pay the existing 25% tariff on goods not covered under the USMCA.

  • China: A 90-day truce with China is still in effect until Aug. 12. After a series of trade war escalations, the two countries agreed to pause retaliatory tariffs. The agreement, reached May 12, set tariffs on Chinese imports at 30% (down from 145%) while the U.S. exports face a 10% tariff (down from 125%). Last week, with the end to the pause rapidly approaching, the two nations met in Stockholm to negotiate the terms of a trade deal. 

  • Japan: 15% tariff. Before a deal was reached on July 22, Trump previously threatened a 25% tariff. Under the agreement, Japan must make $550 billion in U.S. investments and loans.

  • South Korea: 15% tariff. Under the deal, South Korea must create a $350 billion investment fund and purchase $100 billion of liquefied natural gas.

  • India: 50% tariff, which includes a 25% “penalty” for purchasing Russian oil. 

How have other nations fared?

Most countries have a baseline tariff of 15% with a few exceptions, including Britain, which secured its own 10% tariff agreement on May 8.

The blanket tariffs are a baseline, which means individual nations’ tariffs are added on top of that rate, unless a separate trade agreement or carveout were negotiated.

Other countries face tariffs well above the baseline, including:

  • 41%: Syria.

  • 40%: Laos and Myanmar.

  • 39%: Switzerland.

  • 35%: Iraq and Serbia.

  • 30%: Algeria, Bosnia and Herzegovina, Libya and South Africa. 

  • 25%: Brunei, India, Kazakhstan, Moldova and Tunisia. 

  • 20%: Bangladesh, Sri Lanka, Taiwan and Vietnam.

  • 19%: Cambodia, Indonesia, Malaysia, Pakistan, Philippines and Thailand.

  • 18%: Nicaragua.

As of Aug. 6, a 40% tariff went into effect for Brazil, which brings its total rate to 50%.

What additional tariffs are in effect?

Steel and aluminum: A 50% tariff began March 12. On June 23, the tariff was extended to include household appliances and other “steel derivative products.” Britain is exempt from this tariff. 

Automobiles and their parts: A 25% tariff on automobiles went into effect April 3. A  separate 25% tariff on automobile parts began on May 3. Auto tariffs on Japan-made vehicle imports were lowered to 15% on July 22. 

Tomatoes from Mexico: A 17% tariff began on July 14.

Copper: A 50% tariff began on Aug. 1.  

Transshipping: A 40% tariff on countries that attempt to dodge U.S. tariffs by routing goods through other countries.

35% tariffs on some goods from Canada. Certain goods that are included in the U.S.-Mexico-Canada Agreement (USMCA) are exempt.

30% tariff on Chinese imports (with some exceptions).

25% tariffs on some goods from Mexico. Certain goods that are included in the U.S.-Mexico-Canada Agreement (USMCA) are exempt.

25% tariff on imported autos and auto parts.

40% tariff on Brazil, bringing the applied rate to 50%.

All reciprocal tariffs on foreign countries first announced on April 2.

Upcoming tariffs:

Aug. 29: End to the de minimis exemption.

Nov. 10: Pause lifts for additional tariffs on Chinese imports first announced April 8 and 9.

Learn more about the latest tariffs.

Trump’s tariff exemptions

The Trump Administration is exempting certain products from its reciprocal tariff policies. Some of the products are already subject to a tariff or may be taxed in the future. Here’s how that breaks down:

Products with their own separate tariffs:

  • Steel and aluminum face their own 50% tariffs.

  • Automobiles and their parts, which face their own 25% tariffs.

  • Copper has a 50% tariff.

Products that the White House is targeting for future tariffs

  • Pharmaceuticals.

  • Semiconductors. 

  • Lumber.

Products entirely excluded from tariffs:

  • Any items and services included under the USMCA trade agreement.

  • Energy, including oil. 

  • Other certain minerals not available in the U.S. The White House has not specify what this means. 

  • Bullion, including gold.

  • Smartphones, computers, flat panel TVs, semiconductors, LED devices and other electronics.

The full list of exempted products is available here.

What other tariffs are on deck?

On July 30, Trump moved to shut down the de minimis exemption, worldwide. The long-standing loophole excludes businesses from paying tariffs on low-value packages shipped to the U.S. It’s been around since 1938 and was originally intended to ease trade inefficiencies, and was expanded in the 1990s to cut costs for businesses and consumers. Trump had ended the exemption for Chinese businesses in May. The expanded order won’t go into effect until Aug. 29.

Additional tariffs are under consideration for select goods, including lumber, pharmaceuticals, rare earth minerals, aircraft and related components and trucks. The U.S. is also set to release the results of its probe into semiconductor and chip imports by mid-August.

When will we feel the effects from tariffs?

When taking all tariffs into account, consumers face an overall effective average tariff rate of 18.2% — the highest since 1934, according to a report from Yale University’s Budget Lab released on July 28.

The Budget Lab projects that the tariffs are likely to disproportionately affect clothing and textiles, driving up commodity prices for leather products like shoes and handbags (+39%); apparel (+37%); and textiles (+39%).

The full effects of tariffs haven’t been felt and, with retailers stocking up goods ahead of the tariff deadlines, it’s unclear exactly when consumers will begin to see higher prices.

During a press conference following the Federal Open Markets Committee (FOMC) July meeting last week, Fed Chair Jerome Powell said that companies are absorbing most costs, but consumer prices are starting to go up for certain goods, but how much prices will rise depends on the retailer. “We know from surveys that companies feel that they have every intention of putting this through to the consumer,” Powell said. “But, the truth is they may not be able to in many cases.”

Financially resilient companies may be able to absorb higher costs in the immediate term. For example, the 25% tariffs on automobiles have been in effect for months, yet prices haven’t risen dramatically. A July 14 report from Kelley Blue Book, shows that the average sales prices for a car went up 1.2% in June — higher than previous months, but still well below the 10-year average annual price increase of 3.9%.

Still, it’s uncertain how long carmakers will be willing to keep price increases down. Tariffs have reportedly cost General Motors $1.1 billion and Volkswagen $1.5 billion over the last three months. Yale’s Budget Lab projects that motor vehicle prices could rise 12.3% over the next couple of years.

An ongoing court case could halt tariffs

In the midst of sweeping tariffs and continuing negotiations with major trade partners, a federal appeals court case could upend Trump’s trade war.

In May, a federal trade court judge determined that Trump overstepped his bounds with some of his tariffs by invoking the emergency powers law. Trump has argued that trade deficits and drug trafficking justifies use of the International Emergency Economic Powers Act, which has been in place since 1977 and can only be used when there is an “unusual and extraordinary threat.”

However, the Justice Department soon appealed, allowing for a temporary halt that kept tariffs active. On July 31, judges in the U.S. Court of Appeals for the Federal Circuit heard the case, but no decision date has been set.

The results of that decision are likely to be appealed to the Supreme Court, which could opt to take on the case, or not.

(Photo by Chip Somodevilla/Getty Images News via Getty Images)