Economy
Trump’s disruptive tariffs: Timeline of how we got here
U.S. President Donald Trump’s sweeping tariffs and quickly changing decisions since he took office on Jan. 20 have roiled global financial markets and sent a wave of uncertainty through the global economy.
Here is a timeline of the major developments:
February
Feb. 1 – Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China, demanding they curb the alleged flow of fentanyl and illegal immigrants into the U.S.
Feb. 3 – Trump suspends his threat of tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement. The U.S. does not reach such a deal with China.
Feb. 7 – Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue.
Feb. 10 – Trump raises tariffs on steel and aluminum to a flat 25% “without exceptions or exemptions.”
March
March 3 – Trump says 25% tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20%.
March 5 – He agrees to delay tariffs for one month on some vehicles built in Canada and Mexico after a call with the CEOs of General Motors and Ford and the chair of Stellantis.
March 6 – Trump exempts goods from Canada and Mexico under a North American trade pact for a month from the 25% tariffs.
March 26 – Trump unveils a 25% tariff on imported cars and light trucks.
April
April 2 – He announces global tariffs with a baseline of 10% across all imports and significantly higher duties on some of the U.S.’s biggest trading partners.
April 9 – Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier, following an upheaval in financial markets that erased trillions of dollars from bourses around the world.
The 10% blanket duty on almost all U.S. imports stays in place.
Trump says he will raise the tariff on Chinese imports to 125% from the 104% level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145%, including the fentanyl-related tariffs imposed earlier.
April 13 – The U.S. administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China.
April 22 – The Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors.
May
May 4 – Trump imposes a 100% tariff on all movies produced outside the U.S.
May 9 – Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.
May 12 – The U.S. and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the U.S. will cut the extra tariffs it imposed on Chinese imports to 30% from 145%, while China’s duties on U.S. imports will be slashed to 10% from 125%.
May 13 – The U.S. cuts the low-value “de minimis” tariff on China shipments, reducing duties for items valued at up to $800 to 54% from 120%.
May 23 – Trump says he is recommending a straight 50% tariff on goods from the European Union starting on June 1.
He also warns Apple that it would face a 25% tariff if the phones it sold in the U.S. were manufactured outside of the country.
May 25 – Trump backpedals on his threat to slap 50% tariffs on EU imports, agreeing to extend the deadline for talks until July 9.
May 28 – A U.S. trade court blocks Trump’s tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from U.S. trade partners.
The Trump administration says it will appeal the ruling.
May 29 – A federal appeals court temporarily reinstates the most sweeping of Trump’s tariffs, pausing the lower court’s ruling to consider the government’s appeal, and orders the plaintiffs in the cases to respond by June 5 and the administration by June 9.
June
June 3 – Trump signs an executive proclamation activating a hike in the tariffs on imported steel and aluminum to 50% from 25%.
June 12 – Trump warns at the White House event that he may soon hike auto tariffs, arguing that it could prod automakers to speed U.S. investments.
July
July 3 – Trump says the U.S. will place a 20% tariff on many Vietnamese exports, with trans-shipments from third countries through Vietnam facing a 40% levy.
July 6 – He says on Truth Social that countries aligning themselves with the “Anti-American policies” of BRICS will be charged an additional 10% tariff.
July 7 – Trump says on Truth Social that the additional higher duties announced in earlier months will kick in with a delay on Aug. 1, as the U.S. closes in on the completion of several trade deals.
President Recep Tayyip Erdoğan on Friday announced a fresh increase in export financing, raising the annual limit for rediscount loans to TL5 billion while unveiling a target of boosting Türkiye’s exports to distant markets to $50 billion by 2028.
Speaking at the Turkish Exporters Assembly’s (TIM) 33rd Ordinary General Assembly and Export Champions Awards Ceremony in Istanbul, Erdoğan said the government would continue supporting exporters through expanded financing as Türkiye seeks to maintain its export-driven growth.
The president said the annual limit for rediscount loans, which had previously been raised from TL300 million to TL4.5 billion, would now increase to TL5 billion with an additional TL500 million in funding.
“We had previously raised the annual limit for rediscount loans from TL300 million to TL4.5 billion. With an additional TL500 million, we are increasing this figure to TL5 billion,” Erdoğan said.
He also announced that Türkiye aims to raise exports to distant countries to $50 billion by 2028, describing the target as part of Ankara’s broader strategy to diversify export markets and sustain economic momentum.
Erdoğan noted that Türkiye has recorded uninterrupted economic growth for 23 consecutive quarters, highlighting exports as one of the key drivers of that performance.
Congratulating companies and business leaders honored during the ceremony, Erdoğan said export success requires perseverance, determination and hard work, adding that he understands the challenges faced by exporters through his own background in trade.
Sales from industrial goods manufactured in Türkiye reached 24.03 trillion Turkish liras ($608.3 billion) in 2025, the country’s statistical authority said Friday.
Türkiye produced 1.216 million automobiles, 8.329 million household refrigerators and freezers, 334 million tons of ready-mixed concrete, 1.266 million combi boilers, 9.557 million tons of detergents and washing preparations, and 774,970 motorcycles last year, according to annual industrial product statistics released by the Turkish Statistical Institute (TurkStat).
The total value of sales from products manufactured by enterprises climbed 27.7% year-on-year in 2025, up from TL 18.815 trillion in 2024 and TL 13.344 trillion in 2023.
Food industry products accounted for 15.5% of total sales, followed by basic metals at 10.2%, motor vehicles, trailers and semi-trailers at 9.7%, and fabricated metal products at 6.1%.
High-technology products made up 3.6% of the total sales value in manufacturing last year. Low- and medium-low-technology products together accounted for 67.5%, while medium-high-technology products had a 28.8% share.
By main industrial groups, intermediate goods accounted for the largest share of total sales at 43.8%, followed by non-durable consumer goods at 23.7% and capital goods at 21.8%.
In the manufacture of motor vehicles, trailers and semi-trailers, the top five provinces accounted for 83.1% of total sales value. Kocaeli held the largest share at 34%, followed by Bursa at 29.8%, Sakarya at 11.8%, Aksaray at 3.9% and Izmir at 3.6%.
In contract manufacturing, clothing products accounted for 32.3% in manufacturing, followed by textile products at 17.6% and fabricated metal products at 9.3%.
Türkiye was home to 688 companies funded by Latin American and Caribbean capital as of the end of 2025, with their capital investment stock in the country reaching $3.4 billion, Trade Minister Ömer Bolat said.
Speaking at a meeting with ambassadors of Latin American countries at the Trade Ministry on Thursday, Bolat offered condolences on behalf of the Turkish nation and government over the earthquake in Venezuela, saying Türkiye would stand by the country in search and rescue and other relief efforts.
Bolat said relations between Türkiye and Latin America had developed on the basis of mutual respect and a shared vision, adding that the “Latin America and the Caribbean Opening Policy,” launched in 1998 and updated in 2006, had begun to bear fruit.
Pointing to the significant increase in Türkiye’s diplomatic presence in the region in recent years, Bolat said: “We increased the number of our diplomatic missions from six in 2002 to 20 today. We have trade counselor offices in most countries in the region. Likewise, we are very pleased that Latin American countries have 18 embassies in Türkiye.”
Bolat said Türkiye and Latin American countries had signed important trade and political agreements over the past two decades, while direct flights from Türkiye to the region had also begun during this period.
He also highlighted aid carried out in the region by the Turkish Cooperation and Coordination Agency (TIKA), saying Turkish institutions had rapidly delivered assistance to the region during natural disasters such as earthquakes and hurricanes.
Despite geopolitical risks and protectionist policies, Bolat said the Turkish economy had recorded positive growth for the past 23 quarters and ranked 16th in the world with an economy exceeding $1.1 trillion. He said Türkiye had introduced legal regulations to provide incentives to international investors.
Bolat noted that Türkiye had reduced the corporate tax rate for international investments from 25% to 12.5%.
“We have also launched the ‘One-Stop Office’ system to carry out the permit and licensing procedures investors need from a single center. Our national income per capita has exceeded $18,000. The downward trend in inflation and unemployment remaining in single digits for the past three years continue to make Türkiye an attractive center for investors,” he said.
Bolat said Türkiye’s combined goods and services exports reached $390 billion in 2025, adding that the target for 2026 was $410 billion. He also pointed to the global success of the Turkish contracting sector, saying Turkish firms had undertaken projects worth $562 billion in 138 countries.
Bolat said the coming period would see intense diplomatic activity, noting that Türkiye would host major international events this year, including the NATO Summit, the U.N. Climate Change Conference COP31 and the International Astronautical Congress.
He said Türkiye’s trade relations with Latin America and the Caribbean had gained momentum in recent years. The total trade volume with the region stood at just $920 million in 2000 but increased 18-fold over 25 years to reach $16.4 billion, he said.
Bolat said $5.7 billion of the total trade consisted of Türkiye’s exports to Latin America and the Caribbean, while $10.6 billion came from imports from the region.
“Trade with the region continued to increase in the first five months of this year, reaching $8.3 billion. While Türkiye’s exports to Latin America remained almost unchanged during this period, imports from the Latin American region increased by 19%. Thus, the foreign trade volume rose by 15.7%,” he said.
Bolat said Türkiye’s exports to Latin American countries mainly included gold, jewelry, iron and steel, automotive products, cement and petroleum oils, while imports from the region included live cattle, raw unprocessed gold, soybeans, coffee, cotton and hard coal.
Noting that Latin America and the Caribbean still did not account for a large share of Türkiye’s foreign trade, Bolat said the region’s share in Türkiye’s total exports in 2025 was 2.1%, while its share in total imports was around 3%.
“This picture shows that our supply from the region has strengthened, but it also indicates that we need to place greater importance on mutual trade relations and achieve a more balanced structure in foreign trade. In the coming period, we will raise these rates further,” he said.
Bolat said Türkiye was closely following regional integration initiatives such as MERCOSUR, or the Southern Common Market, and the Pacific Alliance, in addition to maintaining good bilateral ties with countries in the region.
“We are also carefully monitoring developments regarding the free trade agreement signed between the European Union and MERCOSUR. We believe Türkiye’s more than 30 years of Customs Union integration experience with the European Union in industrial products is also important for developing our economic relations with MERCOSUR,” he said.
Bolat said Türkiye had free trade agreements with Chile and Venezuela in the region, Joint Economic Commission mechanisms with 24 countries and Joint Economic and Trade Committee (JETCO) mechanisms with several countries.
He said the first JETCO meeting with Paraguay had also been held recently, adding that Türkiye had agreements on the reciprocal promotion and protection of investments with eight friendly countries in the region, as well as double taxation avoidance agreements with six countries.
Bolat said there were 13 business councils for the region within the Foreign Economic Relations Board (DEIK), adding that Türkiye aimed to further advance trade, investment and economic cooperation through new projects and that he believed the number of business councils would increase further.
Highlighting mutual investments, Bolat said: “As of the end of 2025, 688 companies with Latin American and Caribbean capital had been established in Türkiye, and their capital investment stock in Türkiye stood at $3.4 billion. Direct investment and capital stock from Türkiye to Latin American countries amounts to $1.3 billion. Turkish companies have investments in many sectors in Latin America, from port operations and energy investments to construction and tourism. Considering the potential between us, it is clear that mutual investments need to increase further.”
Bolat said the total value of projects undertaken by Turkish international contracting firms in Latin America and the Caribbean had reached $1.6 billion, with 45 projects completed or undertaken to date.
He also said Turkish TV series had attracted intense interest in the region, adding that Türkiye was the world’s third-fastest-growing country in TV series and film exports after the U.S. and the U.K.
Bolat said Turkish productions had become a global brand, reaching more than 1 billion viewers daily in over 150 countries.
“Turkish TV series attract great interest across Latin America and the Caribbean, particularly in Chile, Argentina, Colombia, Peru, Mexico and Brazil, as well as in North America, both on national television channels and digital streaming platforms,” he said.
“With the growing interest in Turkish series in recent years, there has also been a significant rise in demand among people in the region to learn Turkish. According to the latest services export data, Türkiye exports around $610 million worth of TV series annually, 22% of which goes to the Americas. Around 40% of Türkiye’s TV and film exports to the Americas reach service consumers in the Latin American market,” he added.
Bolat said Türkiye also recognized Latin America’s deep-rooted production experience in the sector, noting that Latin American TV series were also followed with great interest in Türkiye.
“By combining Latin America’s experience in TV and film production with Türkiye’s production strength, intensive cooperation can be developed in areas such as joint productions, adaptations, scriptwriting and format exchange,” he said.
Climate action stands out not only as an environmental priority but also as an essential path for protecting growth, stability and prosperity, according to Treasury and Finance Minister Mehmet Şimşek.
“Climate action is not just about protecting the environment. It is about protecting growth, stability and prosperity,” the minister said at the Net Zero Delivery Summit, held as part of London Climate Action Week.
Şimşek said climate discussions over the past decade had focused mainly on targets and commitments, but the priority must now shift to implementation.
“Most countries already have ambitious targets. The real question is whether we can implement these plans at the speed and scale required,” he said.
He warned that the cost of inaction would be far higher than the cost of preventing climate-related disasters.
“If we fail to tackle climate change, the cost will be extremely high. Most studies show that the cost of inaction is many times greater than the cost of preventing a climate catastrophe,” he said.
Şimşek said developing countries, excluding China, are expected to need around $2.5 trillion annually by 2030 to meet their climate goals, while current climate finance flows stand at only about $200 billion a year.
“We are far from the scale required,” he said, adding that the issue is not a lack of capital but the need to mobilize it at scale and direct it toward investable climate projects.
“Climate risk is no longer a risk of the future. It is already an economic risk today. Moreover, this problem is not limited to individual countries; it is a global problem,” he said.
He noted that only about one-quarter of climate-related losses worldwide are insured, while the remaining burden falls on households, companies and governments.
The minister also said the global financial system needs a simpler, faster and more effective climate finance architecture, with lower capital costs, improved access to finance and stronger cooperation among public institutions, multilateral development banks and investors.
He recalled that countries agreed at COP29 in Baku on a new climate finance target of $300 billion annually by 2035 and set out a road map to mobilize $1.3 trillion.
“Now the real question is how we turn these commitments into concrete results. This is precisely where Türkiye hopes to contribute as this year’s COP31 president,” Şimşek said.
He said Türkiye aims to support implementation through its Climate Implementation Bridge initiative, which seeks to help countries turn climate priorities into investable project pipelines and connect them with financing.
On Türkiye’s COP31 priorities, Şimşek said electrification will be one of the central focus areas.
“Recent energy shocks have reminded us that energy security, affordability and sustainability can no longer be considered separately,” he said.
He said Türkiye has launched a global discussion on raising electricity’s share in final energy consumption from around 20% today to 35% by 2035.
Şimşek said Türkiye’s COP31 agenda also includes waste management, cities, oceans and youth engagement, while the COP31 Business Forum was launched this week with the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), serving as the private sector representative.
The forum will convene again during New York Climate Week and later at COP31 in Antalya, while Istanbul will host Climate Finance Week in September, he said.
“What the world lacks is not commitments, but implementation. These commitments can only be realized through partnerships,” Şimşek noted.
The International Monetary Fund (IMF) said Wednesday it’s prepared to make “immediate disbursement” of more than $800 million to the Ivory Coast as part of several aid programs.
The fund’s executive board reviewed and approved three programs, allowing Abidjan to borrow approximately $832.8 million.
The lender in a statement commended Ivory Coast authorities for “sustained reform efforts” that have “helped restore macroeconomic stability.”
For nearly 15 years, the country has posted strong growth rates – among the strongest in the region – and has regained stability after a decade of strife in the early 2000s.
The Washington-based banking organization expects growth to slow to %6 in 2026, down from %6.5 in 2025, reflecting economic repercussions of the Middle East war and heightened global uncertainty.
“Inflation, which declined to near zero in 2025, has begun to rebound and is projected to average %3.3 in 2026, driven by higher food and energy prices,” the IMF said in a statement.
EU states gave their final approval Thursday to a year-old tariff deal with the United States, allowing it to enter into force ahead of a July 4 deadline set by U.S. President Donald Trump.
Struck between Trump and EU chief Ursula von der Leyen in July 2025, the deal sets levies of %15 on most of EU exports to the U.S., and zero tariffs for U.S. industrial goods coming into the 27-nation bloc.
But the EU had yet to fulfil its side of the accord – after Trump’s threats to Greenland and a U.S. Supreme Court decision striking down many of his tariffs fuelled months of delay.
The sign-off by member states – who had already agreed the deal in substance – clears the final legislative hurdle on the EU side, following parliament’s approval earlier this month.
The deal’s approval “confirms the EU’s commitment to a stable, predictable and mutually beneficial transatlantic trade relationship, while preserving the necessary guardrails to protect European economic interests,” an EU statement said.
Lawmakers added a series of safeguards, including giving the European Commission power to suspend the pact if the U.S. side fails to meet its commitments or acts to disrupt trade and investment.
Parliament also introduced an expiration date of end-2029, unless the agreement is renewed by then.
“Openness must go hand in hand with safeguarding our interests,” said Michael Damianos, the commerce minister for the Greek Cypriot administration which holds the EU’s rotating presidency.
“These measures achieve both, supporting stable and predictable trade flows with the U.S. while ensuring the EU can respond swiftly and proportionately when the deal is not respected or its interests are at stake,” he said.
The two texts enacting the EU side of the accord – removing duties on U.S. industrial goods and introducing preferential access for certain seafood and farm products – will formally take effect a day after publication in the EU’s official journal.
-
Daily Agenda2 days agoEfficiency certificate for those who use water economically
-
Politics2 days agoTürkiye’s CHP launches election process as infighting mounts
-
Politics3 days agoTürkiye key to Middle Corridor, connectivity agenda: EU commissioner
-
Daily Agenda3 days agoSpeaker of the Grand National Assembly of Turkey Kurtulmuş met with Prime Minister of Azerbaijan Esedov
-
Daily Agenda3 days agoNo algorithm can replace maternal compassion
-
Politics3 days agoCHP lawmaker joins Türkiye’s ruling AK Party
-
Economy3 days agoUndoing over 40 years of Iran sanctions won’t be easy or quick
-
Politics3 days agoTürkiye vows continued support for Palestinian statehood