NEW YORK — Volley after volley of new tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad and continue to escalate uncertainty for businesses and households.
Trump is no stranger to tariffs. He launched a trade war during his first term as well, taking particular aim at China by putting taxes on most of its goods. At the time, Beijing responded with its own retaliatory tariffs on a range of U.S. products. And Trump also used the threat of more tariffs to force Canada and Mexico to renegotiate a North American trade pact.
When President Joe Biden took office, he preserved most of the tariffs Trump had enacted against China, in addition to imposing some new restrictions. But his administration claimed to take a more targeted approach.
Fast-forward to today, and economists stress there are greater consequences on businesses and economies worldwide under Trump's more sweeping tariffs this time around — and that higher prices leave consumers footing the bill. There's also been a sense of whiplash from Trump's back-and-forth tariff threats and responding retaliation seen over the last few months.
Here's a timeline of how we got here:
January 20
Trump is sworn into office. In his inaugural address, he again promises to ''tariff and tax foreign countries to enrich our citizens." And he reiterates plans to create an agency called the External Revenue Service, which has yet to be established.
On his first day in office, Trump also says he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1, while declining to immediately flesh out plans for taxing Chinese imports.