"President Donald Trump made a lot of tariff threats and trade promises this year. Many materialized into a barrage of new import taxes that overturned decades of U.S. economic policy - but others have yet to be fulfilled as 2025 comes to a close."
"Some of Trump's unrealized threats reflect a broader approach from a president with a track record of using sky-high levies to pressure other countries into new trade deals, one-up retaliatory measures or even punish political critics. At the same time, they arrived as growing list of tariffs did go into effect - from Trump's punishing new taxes on imported metals, to tit-for-tat levies with top U.S. trading partners like China - plunging consumers and businesses worldwide into uncertainty."
"The External Revenue Service has yet to be established as of the end of December. While administration officials continued to reiterate plans for launching the External Revenue Service during Trump's first months back in office, the entity does not yet exist."
President Donald Trump issued numerous tariff threats and trade promises throughout 2025, leading to a mix of implemented levies and unmet threats. Several new import taxes overturned decades of U.S. economic policy, including punitive metals tariffs and tit-for-tat duties with major trading partners such as China. Some announced measures remained unrealized by year-end, including the External Revenue Service, a 200% tariff on European alcohol, and a proposed 100% tariff on foreign-made films. The EU postponed retaliatory levies on American whiskey and a summer EU-U.S. deal set a 15% rate on most European imports. The tariff actions created uncertainty for consumers and businesses worldwide.
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