Trump Tariffs: A Timeline of the 2025–2026 Trade War and Where Things Stand Now
By TopHolding Editorial · Thursday, April 30, 2026 at 3:22 PM
From a 145% peak on Chinese goods to framework deals with the EU and UK, the past 14 months reshaped global trade. Here is a clear, country-by-country look at how the tariffs evolved — and what is still in play as of April 2026.
The tariff story
Few economic policies in modern memory have moved as fast — or as far — as the tariff regime introduced in early 2025. The U.S. average effective tariff rate, which sat near 2.5% in January 2025, vaulted to roughly 27% by April 2025, the highest level in over a century. By February 2026, after a Supreme Court ruling and a string of bilateral deals, that effective rate had settled back to about 13.7%. Still well above the pre-2025 baseline, but a long way down from the peak.
Below is where each major trading partner stands today, followed by a chart that shows the full arc.
US tariff rates: before, peak, and now
Approximate effective US import tariff rates on general goods. Values are separated from bars so labels stay readable on mobile.
China — the most turbulent relationship
China entered 2025 already carrying legacy tariffs from the first Trump term, with effective rates averaging around 19%. Those rates spiked to a remarkable 145% at the April 2025 peak before a negotiated truce brought them down to roughly 30% — a 20% "fentanyl" tariff layered with a 10% "reciprocal" tariff. Higher rates remain paused through November 2026.
On top of those headline numbers, steel, aluminum, and copper products from China face 50% tariffs under Section 232. New Section 301 investigations into structural excess manufacturing capacity were launched in March 2026, so the relationship remains highly managed and the truce remains fragile.
European Union — a framework deal after a near-miss
The EU started 2025 with near-zero most-favored-nation rates on most goods. After threats of 50% tariffs in May 2025, the two sides ultimately landed a framework agreement that set a 15% baseline tariff on EU imports, with potential reductions for autos, pharmaceuticals, and semiconductors. Tariffs on autos and timber are capped at 15%.
Steel and aluminum remain at higher existing rates pending quota arrangements, and a Section 301 investigation into EU manufacturing capacity was also launched in March 2026. The relationship is stabilizing — but it is not settled.
United Kingdom — the most-favored partner
The UK has come away with the lightest treatment of any major economy. It never faced the high reciprocal rates, its steel and aluminum exports face a 25% rate (versus 50% for most others), and tariffs on autos and timber are capped at 10% — five points below the EU. Under a recently concluded UK pharmaceutical agreement, UK pharma products will also face a lower rate than the EU's 15% under the new Section 232 pharmaceutical tariffs.
India — a rough chapter, then a thaw
India took one of the rockier paths. A 25% tariff was added in late July 2025 as a secondary sanction over Russian oil purchases, pushing India's total rate to 50% by late August 2025. That penalty was withdrawn in February 2026 after several Indian oil companies agreed to stop buying Russian oil outside of pre-existing contracts.
In early February 2026, a deal lowered India's reciprocal tariff from 25% to 18%. India's situation is improving, but the new Section 301 investigations launched in March 2026 mean it is still under watch.
The big picture
The chart above tells the story at a glance: every major partner is paying meaningfully more than they were 16 months ago, but nobody is paying anything close to the April 2025 peaks. China is still more than 10× its pre-2025 rate even after the truce. The EU sits at roughly 15%, up from near zero. The UK has barely moved off baseline. India is improving but still elevated.
A few caveats matter. Steel, aluminum, autos, and pharmaceuticals face separate Section 232 tariffs that stack on top of the rates shown. The 10% global baseline currently in place under Section 122 expires in July 2026 unless Congress or the courts extend it. And several Section 301 investigations launched in March 2026 could trigger a new round of country-specific tariffs later this year.
What to watch next
Three things will determine whether the current 13.7% effective rate holds or moves higher. First, the November 2026 expiration of the China truce. Second, the July 2026 sunset of the 10% global Section 122 surcharge. Third, the outcome of the Section 301 investigations into China, the EU, and India — any one of which could re-open the negotiating table.
For now, the headline is simple: the tariff war did not end, but it cooled. The cost has come down from a once-in-a-century peak to something businesses can plan around — at least until the next deadline.