Since January 2025, President Donald Trump has raised tariffs on the United States’ largest trading partners, Canada and Mexico, particularly on imports that do not comply with the United States-Mexico-Canada Agreement (USMCA). He has also raised tariffs on China, the European Union, Japan and many other countries. These tariffs have also changed as “trade deals” are finalized (or not) with each country. In addition, Trump has applied a global tariff on various sectors, including steel and aluminum, autos, copper, and lumber.