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Global Implications of the Tariff War: A Focus on the New South

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  • Hung Q. Tran

Abstract

When President Donald Trump gave his State of the Union address to a joint session of the United States Congress on March 4, 2025, many of his announced tariffs went into effect. These included a 25% levy on most goods imports from Canada (10% on oil and gas) and Mexico (though Trump subsequently exempted Canadian and Mexican imports that satisfy USMCA rules of origin requirements); and 20% (doubling the 10% implemented in February) on all imports from China. A 25% tariff has been imposed on all imported steel and aluminum; this could be raised to 50% on Canada’s metals as President Trump has threatened. He also planned a 200% tariff on champagne and European Union spirits in response to the EU reinstating an import tax on American whiskey. Another wave of tariffs is set to be applied in early April, including sector-specific tariffs (especially on automobiles) and reciprocal levies (on countries with national sales taxes or value added taxes—implemented in Europe and many other countries). Trump has repeatedly threatened to impose 100% tariffs on BRICS countries that seek to reduce the dollar’s dominant role in global finance.

Suggested Citation

  • Hung Q. Tran, 2025. "Global Implications of the Tariff War: A Focus on the New South," Policy briefs on Commodities & Energy 2501, Policy Center for the New South.
    • Handle: RePEc:ocp:pbcoen:pb017_25
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