New York: The anticipated tariffs from former US President Donald Trump have ignited trade conflicts internationally, creating a climate of uncertainty as new tariffs are intermittently introduced.

Trump has a history with tariffs, having initiated a trade war during his initial term, particularly targeting China with taxes on a wide range of its products.

In retaliation, China imposed its own tariffs on American goods, affecting everything from fruits to vehicles.

Additionally, Trump leveraged the threat of tariffs to compel Canada and Mexico to renegotiate the North American trade agreement, known as the US-Mexico-Canada Agreement, in 2020.

Upon President Joe Biden's inauguration, he maintained most of Trump's tariffs against China and introduced some new restrictions, although his administration claimed to adopt a more focused strategy.

Currently, economists warn that Trump's expansive tariff policies could have severe repercussions for businesses and economies globally, with consumers likely facing increased prices.

The fluctuating nature of Trump's tariff threats and the subsequent retaliatory actions over recent months have left many feeling disoriented.

Here’s a chronological overview of the developments leading to the current situation:

January 20: Trump is inaugurated and reiterates his commitment to taxing foreign nations to benefit American citizens, announcing plans for a new agency, the External Revenue Service, which has yet to materialize.

On his first day, he indicates intentions to impose 25% tariffs on imports from Canada and Mexico starting February 1, while withholding details on taxing Chinese goods.

January 26: Trump threatens 25% tariffs on all Colombian imports following President Gustavo Petro's rejection of US military aircraft carrying migrants, accusing Trump of inhumane treatment of deportees.

In retaliation, Colombia initially announces a 25% increase in tariffs on US products but later retracts this decision, leading to a resolution of the trade dispute.

February 1: Trump signs an executive order to impose tariffs on imports from Mexico, Canada, and China — 10% on Chinese goods and 25% on those from Mexico and Canada, effective February 4.

He cites a national emergency regarding undocumented immigration and drug trafficking to justify these actions, prompting immediate backlash from all three nations.

February 3: Trump agrees to a 30-day suspension of tariff threats against Mexico and Canada as both countries take steps to address his concerns about border security.

February 4: The 10% tariffs on Chinese imports take effect, prompting China to announce a series of countermeasures, including new tariffs on various American products and an investigation into Google.

China's tariffs on coal, liquefied natural gas, and other products commence on February 10.

February 10: Trump reveals plans to increase tariffs on steel and aluminum starting March 12, eliminating previous exemptions and raising aluminum tariffs from 10% to 25%.

February 13: Trump proposes 'reciprocal' tariffs, aiming to match the import taxes imposed by other countries, which economists warn could disrupt global trade.

Beyond China, he indicates that countries like India and those in Europe may also face increased tariffs.

February 25: Trump instructs the Commerce Department to evaluate the necessity of tariffs on imported copper for national security reasons, citing its importance in defense and technology.

March 1: Another executive order is signed to assess tariffs on lumber and timber, arguing their significance for the construction industry and military.

March 4: The 25% tariffs on imports from Canada and Mexico are enacted, with a reduced 10% tariff on Canadian energy. Both nations promise retaliatory actions.

Canadian Prime Minister Justin Trudeau announces tariffs on over $100 billion worth of American goods within 21 days.

Mexican President Claudia Sheinbaum also indicates plans for retaliatory tariffs without specifying the products, aiming for de-escalation.

China imposes tariffs on key US agricultural exports, effective March 10, and expands restrictions on US companies.

March 12: Trump's tariffs on steel and aluminum imports take effect, with both metals taxed at 25%. The EU responds with its own trade measures against US products.

Canada announces retaliatory tariffs worth CAD 29.8 billion on US imports, set to begin March 13.

March 13: Trump threatens a 200% tariff on European wines and spirits if the EU proceeds with its planned tariffs on American whiskey.

March 24: Trump announces a 25% tariff on imports from any country purchasing oil or gas from Venezuela, alongside new tariffs on Venezuela itself.

March 26: Trump imposes a 25% tariff on auto imports, claiming it will boost domestic manufacturing, but it may strain automakers reliant on global supply chains.

These tariffs will begin on April 3, starting with fully imported vehicles and extending to auto parts by May 3.

April 2: Trump reveals his long-anticipated 'reciprocal' tariffs, instituting a 10% baseline tax on imports starting April 5, with higher rates for countries with trade surpluses with the US effective April 9.

Among these, a 34% tax on Chinese imports, 20% on EU imports, and varying rates for South Korea, Japan, and Taiwan are introduced.

These new tariffs compound existing levies, including the previously announced 20% tax on all Chinese imports.

For Canada and Mexico, USMCA-compliant imports will continue to enter the US duty-free, with potential reductions in tariffs once Trump’s immigration and drug trafficking demands are met.