U.S. President Donald Trump wears a 'Make America Great Again' (MAGA) hat as he attends the commencement ceremony at West Point Military Academy in West Point, New York, U.S., May 24, 2025. / REUTERS/Eduardo Munoz/File Photo

U.S. President Donald Trump's tariff decisions since he took office on Jan. 20 have shocked financial markets and sent a wave of uncertainty through the global economy.

Here is a timeline of the major developments:

Feb. 1 - Trump imposes 25 percent tariffs on Mexican and most Canadian imports and 10 percent on goods from China, demanding they curb the flow of fentanyl and illegal immigrants into the United States. 

Feb. 3 - Trump suspends his threat of tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement. The U.S. does not reach such a deal with China.

Feb. 7 - Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue.

Feb. 10 - Trump raises tariffs on steel and aluminum to a flat 25 percent "without exceptions or exemptions". 

Mar. 3 - Trump says 25 percent tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20 percent.

Mar. 5 - The president agrees to delay tariffs for one month on some vehicles built in Canada and Mexico after a call with the CEOs of General Motors and Ford and the chair of Stellantis.

Mar. 6 - Trump exempts goods from Canada and Mexico under a North American trade pact for a month from the 25 percent tariffs.

Mar. 26 - Trump unveils a 25 percent tariff on imported cars and light trucks.

Apr. 2 - Trump announces global tariffs with a baseline of 10 percent across all imports and significantly higher duties on some of the U.S.' biggest trading partners.

Apr. 9 - Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier following an upheaval in financial markets that erased trillions of dollars from bourses around the world. 

The 10 percent blanket duty on almost all U.S. imports stays in place. 

Trump says he will raise the tariff on Chinese imports to 125 percent from the 104 percent level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145 percent, including the fentanyl-related tariffs imposed earlier.

Apr. 13 - The U.S. administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China.

Apr. 22 - The Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors.    

May 4 - Trump imposes a 100 percent tariff on all movies produced outside the U.S.

May 9 - Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10 percent tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.

May 12 - The U.S. and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the U.S. will cut the extra tariffs it imposed on Chinese imports to 30 percent from 145 percent, while China's duties on U.S. imports will be slashed to 10 percent from 125 percent.

May 13 - The U.S. cuts the low value "de minimis" tariff on China shipments, reducing duties for items valued at up to $800 to 54 percent from 120 percent.

May 23 - Trump says he is recommending a straight 50 percent tariff on goods from the European Union starting on Jun. 1.

He also warned Apple it would face 25 percent tariff if phones it sold in the U.S. were manufactured outside of the country.

May 25 - Trump backpedals on his threat to slap 50% tariffs on imports from the EU, agreeing to extend the deadline for talks between the U.S. and the block until Jul. 9.

May 28 - A U.S. trade court blocked Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from U.S. trade partners. The Trump administration said it would appeal the ruling.

May 29 - A federal appeals court temporarily reinstates the most sweeping of Trump's tariffs, saying it was pausing the lower court's ruling to consider the government's appeal, and ordered the plaintiffs in the cases to respond by Jun. 5 and the administration by Jun. 9.

May 30 - At a rally in Pennsylvania, Trump says he plans to increase tariffs on imported steel and aluminum to 50 percent from 25 percent.