President Donald Trump’s cascade of new tariffs, including the “Liberation Day” tariffs of last April, were aimed at reducing imports, and these steps were accompanied by other policies designed to spur exports. Yet the data show that imports surged in the first half of 2025, whereas exports declined in the same period.
Why Trump’s actions had the opposite of their intended effects, at least initially, is complicated. One reason that imports surged is that importers were trying to bring more goods into the United States before the tariffs took effect. And paradoxically, exports declined in the same period, in part because inputs for those exports were either more expensive or not available.
The “Liberation Day” tariffs were declared on April 2, imposed on almost all imports from all countries. In other announcements the president imposed product-specific tariffs on categories like steel and autos, and country-specific tariffs on China and Brazil.