Trump's 2025 tariffs represent a significant break from the rules-based trade order

Track how American tariffs have impacted different countries and industries.

See a chart showing how US tariff revenue has grown in recent years.

The overall economic effect of President Trump's 2025 tariffs remains unclear

Researchers from UCLA and Yale found that tariff revenue and gains to US producers largely offset importers' costs—but the broader picture is murkier, as the trade deficit rose, manufacturing jobs declined, and 90% of tariff costs were passed through to importers rather than absorbed by foreign exporters.

President Trump's 2025 Tariffs added less inflationary pressure to the economy than expected in their first year

A year after the so-called "Liberation Day" in April 2025, tariffs have had a milder effect on inflation than feared—core goods prices have added only about 0.2% to the headline Consumer Price Index—but persistent policy uncertainty has rattled small business owners, who say the constant back-and-forth makes long-term planning difficult.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

The Supreme Court ruled in February 2026 that Trump's emergency tariff powers didn't extend to imposing tariffs

In a 6-3 decision, the court held that the International Emergency Economic Powers Act—a 1977 law granting the president authority to regulate commerce during national emergencies—does not authorise the president to unilaterally impose tariffs, a power the Constitution reserves to Congress.

Auto and consumer goods companies absorbed billions in costs due to President Trump's 2025 tariffs.

The GATT and its successor, the WTO, were established to lower trade barriers

Signed in 1947, the General Agreement on Tariffs and Trade began systematically reducing tariffs and trade barriers among member nations. In 1995, it was replaced by the World Trade Organization, which expanded those rules and established a formal dispute settlement system.

An economic evaluation of US tariffs

Most economists agree that the implementation of large-scale tariffs on foreign goods would hurt both the American and global economies. This video from The Wall Street Journal explains the rationale for tariffs as a tool for domestic job creation, but explains why they may hurt the overall economy.

The WTO is the global body that sets and enforces the rules of international trade

Founded in 1995, with 164 member countries, the WTO negotiates trade agreements, resolves disputes between nations, and aims to reduce barriers to international commerce.

Trump's 2025 asylum suspension departed from a policy framework in place since 1980

In January 2025, President Trump issued an executive order suspending the asylum program and halting application processing at the southern border. This represents a departure from recent American asylum policy traditions and international humanitarian commitments.

President Trump invoked the Monroe Doctrine in 2025, announcing a new 'Trump Corollary'

On Dec. 2, 2025, the 202nd anniversary of the doctrine, President Donald Trump issued a proclamation reaffirming US "dominance" in the Western Hemisphere. His administration's national security strategy officially codified the "Trump Corollary," stating that the US would prevent non-hemispheric powers from gaining strategic influence in the Americas.

The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations.

Tariffs once fueled the US economy, historically serving as a primary source of revenue and a means to protect domestic industries.

Tariffs are typically paid by the importing company or organization to the US Treasury.

Policymakers make complex trade-offs when considering tariffs—while they can generate government revenue and encourage the consumption of locally produced goods, they can also lead to higher consumer prices and may negatively impact economic growth.

Behind the scenes on tariff politics

Economist Gene Grossman joined the Trade Talks Podcast to discuss why tariffs really happen. The episode digs into how voters, politicians, lobbyists, and even campaign cash can affect when protectionist trade policies are put forward. Produced in 2019, the podcast also discusses how populist trade policies and identity politics accounted for Donald Trump’s victory in the 2016 Presidential election.

President Donald Trump signed an executive order in 2025 to restrict birthright citizenship

In 2025, President Trump signed an order attempting to end automatic citizenship for children born to undocumented immigrants or temporary visa holders—limiting it to those with a US citizen or permanent resident parent.

China's WTO membership produced significant disputes

Two decades after China joined, its trade practices—such as state subsidies, intellectual property disputes, and market access restrictions—have sparked accusations that it has not fully met WTO commitments of free and open trade.

Global trade volume is roughly 45 times what it was when the General Agreement on Tariffs and Trade was founded

Since 1950, world trade values have grown nearly 410 times, mainly due to the successive tariff reductions negotiated under GATT and the WTO.

Listen to a podcast episode that outlines 250 years of world trade history.

Despite the Supreme Court ruling that President Donald Trump's 2025 tariffs were unconstitutional, billions of dollars in refunds remain unresolved

Over 2,000 lawsuits seeking refunds have been filed by major companies, including FedEx and Costco, but CBP says its systems can't handle the volume. Interest on unpaid refunds is accruing at an estimated $650M per month.

The WTO's dispute settlement system has been effectively paralyzed

The US has blocked appointments to the WTO's appellate body since 2017, arguing that the panel has overstepped its mandate. Without a functioning appeals court, the WTO can no longer enforce rulings or settle disputes.

Tariffs are taxes levied on goods imported from abroad.

Fast fashion companies such as Temu and Shein often took advantage of the de minimis exemption, a US tariff loophole that ended in 2025.

Courts have blocked the Trump administration's 2025 executive order limiting birthright citizenship

In June 2025, the Supreme Court declined to rule on the constitutionality of the order. Since then, two federal appellate courts have found the order unconstitutional, halting its enforcement nationwide.

The US dollar has served as the world's reserve currency for 80 years—but is its dominance coming to an end?

Since the establishment of the Bretton Woods economic system, about 90% of global foreign exchange transactions have involved USD. Although no viable alternative exists yet, the dollar's share of central bank reserves has decreased from 73% to 58% from 2001 to 2024, and President Trump's 2025 tariffs have sped up this trend.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

Trump's H-1B fee hike could reshape US industries and global talent flows

Analysts warn the new H-1B fee could trigger labor shortages in tech, medicine, and universities; push firms to offshore more work; and drive skilled Indian workers and students toward other countries—weakening America's innovation edge.

The US apparel and textile industry was long set up to limit competition from nations in the developing world—but shifts in international trade regulation in the 1990s changed that, paving the way for the fast fashion industry to develop.

The Trump administration said the new H‑1B fee curbs abuse but still attracts top talent

In announcing a fee on new H‑1B petitions, the Trump administration claimed the visa was exploited to replace American workers and suppress wages. Officials argued that a steep fee would deter abuse while still allowing employers to bring in the "best of the best" temporary foreign talent.

Explore over a century of US-Canadian relations.

Trade between the US and China has significantly increased in recent decades.

What Trump's executive order provides TikTok

Just a few days into his second term, President Trump paused the US law banning TikTok through an executive order. While that may sound like an all-out reversal, it's more of a time out, granting ByteDance an additional 75 days to find a US-based seller. This resource breaks down what Trump's executive order provides the Chinese company and what it might mean for the future of the app.

China's relationship to the rules-based order is contested

In this piece, Paul Gewirtz, a professor of constitutional law at Yale Law School, argues that China has been a beneficiary, a rule-bender, and an increasingly assertive challenger of the rules-based order, aiming to revise norms it sees as reflecting Western rather than universal values.

The 2025-26 Supreme Court docket is poised to reshape presidential power

As the Supreme Court begins a new term, several major cases could define the scope of presidential authority. The court may rule on President Trump's efforts to control state National Guard units, fire independent officials, impose tariffs, and cut congressionally mandated federal spending.

Hear the reasoning behind Trump's resurrection of the Monroe Doctrine in 2025.

How do tariffs work?

This brief animated video from Time walks through a simple example of a tariff on a single good, illustrating how this would affect the market for the good—both domestically and abroad—and who would eventually bear the cost of the tariff.

The history of the World Trade Organization

This episode of the "Brettonomics with Nancy Jackson" podcast explores the history of the WTO and its predecessor, the GATT, revealing the key people, negotiations, and decisions that shaped today's international trade rules.

The US exported $426.3B in goods to Canada and imported $453.6B in goods from Canada in 2025.

President Trump implemented a $100K fee on new H-1B visa applications

In September 2025, President Trump announced a $100K application fee for new H-1B petitions, framing it as a way to limit misuse of the program. His administration later clarified it was a one-time fee for new applicants, not an annual charge. (Some users may experience a paywall.)

China joined the WTO in 2001

After 15 years of negotiation, China joined the WTO as the 143rd member. This move gave it access to the global market in exchange for commitments to economic liberalization, despite skepticism from existing members about integrating a state-controlled economy into a free-market system.

Experts believe a Supreme Court ruling on birthright citizenship is likely in 2026

In September 2025, the Trump administration asked the Supreme Court to review lower court rulings striking down its executive order on birthright citizenship. If the court takes the case, a decision is expected by mid-2026.

A majority of Americans think President Trump is using more power than previous presidents

An October 2025 Pew Research Center survey found that 69% of Americans believed President Trump was trying to exert more power than previous presidents. Most Democrats viewed it negatively, while about half of Republicans said it was good for the country.

President Trump ordered an end to US production of the penny in 2025

The US will stop producing pennies after more than 233 years in 2026, though they will still be considered legal tender. It takes roughly three cents to produce a single penny, with an annual price tag of nearly $100M.

The history of tariffs stretches back to ancient Rome and Greece, where taxes were levied on imported grain and textiles to control trade.

President Trump has changed decades-long norms for the DOJ during his second term

The Trump administration made changes to ethics oversight, instructed US attorneys to coordinate with the White House, dismissed cases, and overhauled the career hiring process in the Civil Rights division. The administration asserts these changes were justified and aimed to end what they claim as the weaponization of government.

Only about 70 employers have paid Trump's $100K H-1B fee as of February 2026

Only about 70 employers have paid the $100K fee for certain H-1B hires since it was imposed by presidential proclamation in September 2025, a DOJ attorney said in court, as judges weigh whether the charge requires explicit congressional authorization.

A UN-led treaty may establish rules to phase out plastic globally

With support from more than 175 nations, a treaty led by the United Nations is being negotiated to establish enforceable global rules for plastic production and pollution by 2025. Negotiations come as the total amount of plastic in the ocean has increased by 50% from 2017 to 2022.