Take Care LedgerA dated, sourced record of the second Trump administration

Tariffs and Trade Policy

Updated2026-11-09 Covers2025-02-01 to 2026-11-09

Summary

In his second term, Trump first based his tariffs on the International Emergency Economic Powers Act (IEEPA). That law lets the President restrict trade with other countries in a declared national emergency.80 A tariff is a tax on goods coming into the country, paid by the importer. Trump declared national emergencies over fentanyl and the trade deficit. He then set tariff rates on nearly every country by executive order, a written order from the President to the agencies he runs.1,2 He also put tariffs on Brazil because it prosecuted former president Jair Bolsonaro, and on Canada because of an Ontario television ad.3,139 Fed Chair Jerome Powell said most of the 2025 inflation overshoot was in goods prices. The Fed links those prices to tariffs.5 On Feb 20, 2026 the Supreme Court ruled 6–3 that IEEPA does not allow tariffs.6 Since then, more than $100 billion has been paid back. The money goes to importers of record, the companies that brought the goods in, not to consumers.7

As of November 2026 the tariffs rest on other trade laws passed by Congress. The main ones are Section 301, Section 232 and Section 338 of the Tariff Act of 1930,79 which had never been used before. These laws let the President raise tariffs when another country trades unfairly, when imports threaten national security, or when a country discriminates against U.S. trade.11,100,8 The Court of International Trade is a federal court that hears trade cases. It has upheld the end of the de minimis exemption, which let low-value packages enter duty-free.93 It has also certified a class of importers seeking IEEPA refunds, which lets them sue as one group.108 The truce with China runs, reportedly, to early 2027.9

Background

Article I, §8 of the Constitution gives Congress two trade powers. Congress can tax imports, which the Constitution calls laying “duties” (cl. 1).74 Congress can also regulate trade with foreign nations (cl. 3).75 Congress has handed parts of that power to the President in specific laws. Section 232 of the Trade Expansion Act of 1962 lets the President set tariffs when imports threaten national security. The Commerce Department must investigate first.10,76 Section 301 of the Trade Act of 1974 lets the U.S. Trade Representative (USTR), the President’s top trade official, act against a country’s unfair trade practices.11,77 Section 122 of the same law allows a temporary tariff of up to 15% for 150 days. It is meant for balance-of-payments problems, when far more money flows out of a country than flows in.11,12,78 Section 338 of the Tariff Act of 1930 allows duties of up to 50% on countries that “discriminate” against U.S. trade.8,79 IEEPA, a 1977 sanctions law, does not mention tariffs.6 Before 2025 no President had used it for broad tariffs.1

Before 2025, most U.S. trading partners faced average tariffs of roughly 2–5%.13 Trump negotiated the United States–Mexico–Canada Agreement (USMCA) in his first term. It is a trade pact among the three countries.81 Under it, most North American goods crossed borders duty-free.13

What happened

IEEPA tariffs and the court challenge

On Feb 1, 2025 Trump signed Executive Order (EO) 14193 and matching orders. They put IEEPA tariffs of 25% on Canada and Mexico (10% on Canadian energy) and 10% on China. The orders cited fentanyl.1 He paused the Canada and Mexico tariffs on Feb 3. China’s tariffs took effect Feb 4, and he later let the Canada tariffs take effect on March 4 (see Canada below).14 On Feb 27 Mexico sent 29 cartel figures, including Rafael Caro Quintero, to the U.S. It did so outside the normal extradition process, the formal legal steps for handing a suspect to another country. At the time, the paused tariffs on Mexico were still pending.15,14 On April 2, 2025, Trump announced “Liberation Day” (EO 14257). He declared the trade deficit a national emergency. He set a 10% baseline tariff on nearly every country, with higher “reciprocal” rates on major trading partners. Markets fell.2 On April 9 he paused most of the higher rates for 90 days, but not China’s (see Trade deals and the China truce below).21 He posted signed tariff letters to 14 leaders on July 7, and EO 14316 that same day pushed the pause on higher rates to Aug 1. He also threatened an extra 10% on any country “aligning” with the BRICS group of nations.26,91,123,27 On July 31 EO 14326 set the rates that would apply after the pause. About 70 economies faced rates of 10% to 41% from Aug 7. Switzerland got 39%. The EU, Japan and Korea got 15%. Goods labeled “transshipped,” meaning sent through a third country, got 40%.71

A report said Amazon would display tariff costs. Press Secretary Karoline Leavitt called the plan “a hostile and political act,” and Amazon dropped it. On May 17 Trump told Walmart to “EAT THE TARIFFS… I’ll be watching.”23,24

A panel of three judges of the Court of International Trade (CIT) ruled the IEEPA tariffs unlawful. The panel included Trump appointee Timothy Reif. On May 29, 2025, after that ruling, Trump called Leonard Leo a “sleazebag.”25 On Aug 29 the Federal Circuit, the appeals court that hears trade cases, ruled en banc, meaning all its judges heard the case together. In V.O.S. Selections it voted 7–4 to agree that IEEPA does not allow the “trafficking” and “reciprocal” tariffs. It called them “unbounded in scope, amount, and duration.” It cancelled the lower court’s order blocking the tariffs for everyone. It also paused its own ruling so the Supreme Court could review the case.95 The Supreme Court heard Learning Resources, Inc. v. Trump82 on Nov 5, 2025, and decided it on Feb 20, 2026. It held 6–3 that IEEPA does not allow tariffs. That ruling wiped out the Liberation Day and fentanyl tariffs.50,6 Later, EO 14421 (Aug 26, 2026) declared a new IEEPA emergency over foreign-made equipment for the power grid. It lets the Energy Secretary bar imports and installations linked to a “Covered Foreign Entity.” It also lets the Secretary set conditions on equipment already installed, up to ordering its removal. The order names no country.111

Refunds and de minimis

On July 30, 2025 EO 14324 used IEEPA to end the $800 “de minimis” exemption for all countries. That rule had let low-value packages enter duty-free. The change took effect Aug 29, nearly two years before the 2027 repeal that Congress had passed.70 EO 14388 kept the suspension in place on the day of the Supreme Court ruling.70 On Aug 13, 2026 the CIT upheld it (Axle of Dearborn).93

Liquidation is the final step in which customs officials settle the duty owed on an import. On Dec 15, 2025 a CIT panel (AGS v. CBP) refused to stop liquidation of imports that paid IEEPA duties. The reason was that the government had formally agreed to refund any unlawful duties “with interest.”99 According to Supply Chain Dive, on Mar 4, 2026 the CIT gave an order to U.S. Customs and Border Protection (CBP). CBP had to settle open entries, and redo settled entries that were not yet final, “without regard” to the cancelled IEEPA duties.109,126 On April 20 CBP opened a refund website for about $166 billion owed to roughly 330,000 importers.53 The Cato Institute estimated total collections at $170–175 billion.54 The next day Trump spoke about companies that had not filed for refunds: “If they don’t do that, I’ll remember them.”55 On Oct 8 the CIT certified a nationwide class of importers that paid IEEPA duties (Freestyle World v. CBP). A class is a group of similar people or companies who sue together. This class wants its imports settled again without those duties.108

Replacement tariffs under Sections 122 and 301

On Feb 20, 2026 the White House put a 10% tariff on goods from all countries under Section 122. It took effect Feb 24. Trump promised 15%, and the record does not confirm that he raised it.51,52 On Mar 5, 24 states sued in the CIT. They argued that Section 122 covers “large and serious balance-of-payments deficits,” not trade deficits. They also argued that the tariff’s exceptions break the law’s rule that all countries be treated alike.110,128 On Mar 11–12 USTR opened Section 301 investigations. One looks at “structural excess capacity” in 16 economies. The other looks at how 60 economies enforce bans on forced labor.105,131,11 On May 7 the CIT ruled 2–1, with Judge Stanceu disagreeing, that the Section 122 tariff was unlawful. That tariff was set by Proclamation 11012, a formal public announcement by the President. But the court blocked the tariff only for Washington State, Burlap and Barrel and Basic Fun. It ordered their duties refunded with interest. It dismissed the other states’ claims for lack of standing, meaning they had not shown a real injury. On May 20 it refused to pause its ruling.12,104,127 The Federal Circuit paused the ruling on June 11, and the tariff ran until it expired on July 24.56 On July 23 USTR replaced it with “forced labor” tariffs under Section 301 on 60 economies, at 10% or 12.5%.11 USTR’s Section 301 actions aimed at Nicaragua and Brazil are covered under Tariffs tied to non-trade matters below.

Section 232 sector tariffs

Under Section 232, Trump restored the full 25% steel tariff and raised the aluminum tariff from 10% to 25% (Feb 10, 2025). He raised both to 50% (June 3). He also added tariffs on autos and parts (25%, March 26), copper (50%, July 30), lumber (10%, Sept 30) and heavy trucks (Nov 1).16,17,18,19,20 Pfizer got a three-year break from threatened Section 232 tariffs on medicines. In return it agreed to give Medicaid most-favored-nation pricing and to sell through TrumpRx. Other drugmakers later announced similar deals.35 Proclamations of Jan 14, 2026 found that imports of processed critical minerals were a threat to national security. They also put 25% on certain advanced chips not used in U.S. data centers.100

Proclamation 11020 (Apr 2, 2026) set a 100% tariff on patented drugs. Companies with Commerce-approved plans to move production to the U.S. pay 20%. Drugs from Japan, the EU, Korea and Switzerland pay 15%, and drugs from the UK pay 10%. The rates took effect Jul 31 for listed companies and Sept 29 for others.101 The same day Proclamation 11021 reorganized the metals tariffs. Goods made almost entirely of steel, aluminum or copper pay 50%. Products made partly from those metals pay 25%. Some equipment pays lower rates.100,116 Later orders cut the metals rate on farm and some industrial equipment to 15% (Jun 1). They ordered talks on aircraft (Jul 9) and set minimum prices for polysilicon (Aug 6). An order of Aug 13 set new drone tariffs from Sept 3, 100% on drones over 25 kg or with heat-sensing cameras, and on docking stations and key parts. Lighter drones pay 25%.100,117,118,119,120 On Oct 22 a proclamation adopted the Commerce Secretary’s conclusion that wind energy is unreliable and “burdensome” on the power grid. It found that imports of wind turbines threaten national security. An order on robotics followed on Oct 28. Both orders call for negotiations, not tariff rates.102,100,121 Most of these orders cap the rates for trading partners at 15%, and the UK’s at 10%.100

Trade deals and the China truce

U.S. tariffs on Chinese goods reached 145%, and China’s tariffs on U.S. goods reached 125%. Then the May 12, 2025 truce in Geneva cut them to 30% and 10% for 90 days. EO 14334 (Aug 11) extended that pause to Nov 10.21,22,92,122 Trump and Xi met in South Korea on Oct 30. The truce that followed (Nov 10) halved the fentanyl tariff to 10% and kept the reciprocal rate at 10%. The U.S. put off a rule limiting exports. China paused its limits on rare-earth exports. China also promised to buy at least 25 million metric tons of U.S. soybeans a year in 2026–2028.44,45 Xi’s state visit (Sept 24, 2026) extended the truce, reportedly to Jan 10, 2027, and lowered tariffs on $30 billion of nonsensitive goods each way.9 A Reuters analysis on Nov 2, 2026 found China’s purchases of U.S. farm goods other than soybeans at their lowest level since 2019. That was despite the $17 billion-a-year pledge the White House announced in May. Reuters reported that China is on track to meet its soybean promise. The White House has not said when the $17 billion clock started.144 On Nov 9, at Trump’s direction, USTR paused for two more months, to Jan 10, 2027, the Section 301 fees on Chinese-linked ships and the duties on Chinese ship-to-shore cranes. They had been due to restart Nov 10. The notice says the pause allows “further discussion with China.”142 The same day USTR extended all 178 remaining exclusions from the Section 301 tariffs on Chinese goods through Jan 9, 2027. An exclusion frees a product from the tariff.143

The General Terms of the U.S.–UK deal took effect May 8, 2025. They set a 10% baseline tariff. Under EO 14309 (June 16), up to 100,000 UK cars a year can enter at a combined 10%.90 Vietnam got 20% (July 2). Politico reported that the terms changed after Trump stepped in. Citizens for Responsibility and Ethics in Washington (CREW) reported that Vietnamese officials sped up a $1.5 billion Trump-branded golf project during the talks.28 The EU accepted 15%. In return it offered $750 billion in energy purchases and $600 billion in investment. The EU said it could not guarantee them.29 On Jan 21, 2026, during Trump’s tariff threats over Greenland, the European Parliament paused its approval of the deal.135 Japan accepted 15% (Sept 4) and pledged $550 billion.30 Its chief negotiator, Akazawa, said “investment will comprise 1% or 2%” of it. The rest would be loans and loan guarantees.31 Pakistan got 19%.33 By December the administration had deals with about a dozen countries, at rates from 10% to 20%. The Peterson Institute for International Economics (PIIE) said the deals brought “stability but no legitimacy.”32,34

In early November 2025 Swiss executives gave Trump a Rolex clock and a one-kilogram gold bar. Bloomberg reports he accepted them as donations to his presidential library. The Nov 14 framework cut Switzerland’s 39% rate to 15%. White House spokesman Kush Desai called suggestions of a link “completely unfounded.”97,113 Eric Trump had sought Irish government support to bring the Irish Open tournament to Trump’s Doonbeg resort. At that tournament Trump said on Sept 13, 2026 that he would remove the 10% tariff on Irish whiskey.107

Canada

After the IEEPA fentanyl tariffs on Canada took effect on March 4, 2025,14 EO 14325 (July 31) raised that tariff to 35%. The higher rate covers Canadian goods that do not qualify under USMCA.72 An Ontario TV ad quoted Ronald Reagan speaking against tariffs. Trump called it a “hostile act,” ended trade talks with Canada, and added 10% (Oct 23–25). The Reagan Foundation said the ad misrepresented Reagan’s speech.4,139 The Senate voted 50–46 to end the Canada emergency. The House did not act.43 On Jan 24, 2026 Trump posted that “If Canada makes a deal with China, it will immediately be hit with a 100% Tariff.”48

USTR said the U.S. would not renew the USMCA in its current form (July 1, 2026).57 On July 20 Trump used Section 338 for the first time. He set 50% on most Canadian goods, including items USMCA had exempted.8 Proclamation 11056 (Aug 18) suspended the duties. In its words, Canada had “expressed a commitment to remove the discriminations or unreasonable and unequal impositions.” A later proclamation says Canada “reneged” on Aug 21, and the duties took effect Aug 22.106,60,132,134 Canada’s own tariffs on U.S. goods took effect Sept 8, and Washington announced bans on Canadian alcohol, motorcycles and dairy. On Sept 16 the President issued a memorandum, a written instruction to agencies. It ordered Canadian items removed from federal civilian purchasing “to the extent appropriate and consistent with law.” Proclamation 11076 (Oct 23) changed which products are covered, starting Oct 30.59,106,133,134 Sources say the Section 338 tariffs cover $20–28 billion of goods. They put Canada’s response at roughly $20 billion or C$27.6 billion.60,59

Tariffs tied to non-trade matters

In a July 2025 letter to Brazil’s President Lula, Trump called Bolsonaro’s trial over a coup plot a “Witch Hunt that should end IMMEDIATELY!” He threatened 50% tariffs. Yet the U.S. runs a trade surplus with Brazil, meaning it sells Brazil more than it buys.36 EO 14323 declared an emergency over Brazil’s “politically persecuting a former President.” It added a 40% IEEPA tariff. Sanctions are penalties that freeze a person’s assets and bar dealings with them. Treasury put sanctions on Justice Alexandre de Moraes under the Global Magnitsky Act, a law aimed at foreign officials tied to human-rights abuses or corruption.3,83 Brazil’s Supreme Court convicted Bolsonaro on Sept 11. Trump exempted Brazilian beef and coffee (Nov 20). The sanctions on de Moraes were lifted (Dec 12).37 On July 15, 2026 USTR imposed 25% Section 301 tariffs on Brazil.58 On Oct 20, 2025 USTR made a finding under Section 301 about Nicaragua. It said Nicaragua’s practices on labor rights, human rights and the rule of law were “unreasonable” and burdened U.S. trade.96

On Aug 6, 2025 Trump doubled India’s tariff to 50%. He added an extra 25% IEEPA duty because India bought Russian oil. China, the largest buyer, faced no similar duty.38 India called the move “unfair, unjustified and unreasonable,” and Modi met Xi and Putin at the Shanghai Cooperation Organisation summit.38,39 EO 14384 (Feb 6, 2026) removed the extra duty from Feb 7, citing India’s promise to stop buying Russian oil.40,124 Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act (Sept 18, 2026).85,141 The law required duties of up to 100% on the top buyers of Russian oil, in practice China and India. It also required duties of up to 500% on Russian goods. On Oct 16, two days before the duties took effect, Trump waived nearly all of them, with no end date.61,62

On March 24, 2025 EO 14245 allowed a 25% tariff, from Apr 2, on all goods from any country that buys Venezuelan oil. The Secretary of State decides whether to apply it. China was the country most exposed. India and Spain would also face the tariff unless exempted.69 EO 14380 (Jan 29, 2026) allowed tariffs on any country that supplies oil to Cuba.49 EO 14382 (Feb 6) allowed a tariff of about 25% on goods from any country that buys from Iran.73 These are called secondary tariffs because they punish a country for its dealings with a third country. EO 14389 ended the Venezuelan-oil and Iran secondary tariffs on Feb 20, 2026.69,73 On Jan 17, 2026 Trump announced tariffs on eight European allies. They would start at 10% from Feb 1, rise to 25% on June 1, and last “until such time as a Deal is reached for the Complete and Total purchase of Greenland,” in his words. He withdrew the threat at Davos (Jan 21).46,115,47

On Oct 9, 2025, Treasury announced a $20 billion currency swap for Argentina. The money comes from the Exchange Stabilization Fund (ESF), a Treasury fund used to steady currencies. Congress did not vote on it. Trump said of Argentina’s President Javier Milei: “If he loses, we are not going to be generous with Argentina.”84,41,136 Milei’s party won about 41% of the vote on Oct 26. Treasury Secretary Scott Bessent called the swap “not a bailout,” and ranchers objected to added beef imports from Argentina. The National Cattlemen’s Beef Association said it “cannot stand behind the President” on those imports.42,137,138 The ledger marks this entry contested.41

Key dates

Why it matters

Tariff power (Art. I, §8, cl. 1 and cl. 3; IEEPA, 50 U.S.C. §1701 et seq.). The first question was whether IEEPA’s power to “regulate” imports during an emergency includes tariffs. If it did, a second question followed. Two court-made rules limit how much power Congress can hand off. The major-questions rule says Congress must speak clearly before the executive decides an issue of vast economic importance. The nondelegation rule says Congress cannot hand off its lawmaking power without clear limits. The question was whether those rules allow Congress to hand over tariff power so broadly.50,82 The administration said IEEPA does allow tariffs. It set tariffs under emergencies over fentanyl (EO 14193), the trade deficit (EO 14257), Brazil (EO 14323) and India’s purchases of Russian oil.1,2,3,38 In May 2025, the CIT ruled against the tariffs.25 On Aug 29, 2025, the full Federal Circuit agreed 7–4.95 On Feb 20, 2026 the Supreme Court held 6–3 that IEEPA does not allow tariffs.6 The Senate voted 50–46 to end the Canada emergency. The House did not act.43 Under the IEEPA orders, tariffs on Chinese goods rose to 145% and fell to 30% within about five weeks.21,22 The Learning Resources ruling dealt with tariffs only. EO 14421 instead uses IEEPA’s power to “regulate… prevent or prohibit” imports. It defines a “Covered Foreign Entity” to include any person the Energy Secretary decides is engaged in conduct “detrimental to the national security or foreign policy of the United States.” No court has ruled on that use.111,80

De minimis and refunds (50 U.S.C. §1702(a)(1)(B); 19 U.S.C. §1321). There are two questions. First, IEEPA lets the President “nullify [or] void” any “privilege.” Does that let him suspend the de minimis exemption that Congress wrote into law, even after Learning Resources? Second, how do importers get back the cancelled duties?80,94 The administration kept the suspension in place with EO 14388.70 In December 2025 it formally agreed in court to refund unlawful IEEPA duties with interest.99 On Aug 13, 2026 the CIT held that the “privilege” power covers the exemption. It also held that this does not violate the separation of powers, the Constitution’s division of power among Congress, the President and the courts. No appeal was confirmed.93 The CIT held the government to its promise to refund.99 The Freestyle World class claim is still pending.108 CBP owes about $166 billion, and interest grows by about $650 million a month. Refunds go only to importers of record, so consumers have no direct claim.53

Replacement statutes (Section 122, 19 U.S.C. §2132; Section 301, §2411; Section 338, §1338; Section 232, §1862). The question is whether the conditions in each law were met.8 The administration gave a reason for each. For Section 122, it cited balance-of-payments problems. For Section 301, it cited failures to enforce forced-labor bans in 60 economies. For Section 338, it cited Canadian “discrimination.” For Section 232, it cited Commerce Department national-security findings, including one that wind energy is unreliable.51,11,8,102 The CIT held 2–1 that the trigger for Section 122 does not cover trade deficits. The Federal Circuit paused that ruling because it found the government likely to win. The tariff then expired.12,56 The challengers to the Section 301 tariffs argue that USTR did not make the findings about each country that the law requires.63,129 The case was argued Sept 30, extra written arguments followed Oct 16, and no ruling has come.63,130 Section 338 has no investigation process like those of Sections 232 and 301. No court has tested it.8 In FEA v. Algonquin SNG (1976), the Supreme Court upheld import fees under Section 232.103 Its IEEPA ruling did not address Section 232. The drug tariffs set different rates for different companies, based on the Commerce Secretary’s assessment. That raises the question of how far Section 232 lets the executive branch set duties for individual firms.68,101

Tariffs tied to non-trade matters (IEEPA; Section 301; Global Magnitsky Act). The question is what an emergency or an unfair-trade finding can be based on. Can it rest on a foreign court case, a country’s governance, a demand for territory or a TV ad? EO 14323 cited Brazil’s “politically persecuting a former President.”3 USTR’s Brazil action cited digital payments, ethanol and other practices.58 Its Nicaragua finding cited labor and human rights.96 Trump called the Ontario ad a “hostile act.”139 The Greenland tariffs and the 100% Canada tariffs were threatened but not imposed (Threats Against Nigeria, Greenland, Cuba and Mexico).46,47,48 The IEEPA tariff on Brazil fell on Feb 20.6 No court has ruled on the Section 301 tariff on Brazil.58

Export Clause (Art. I, §9, cl. 5) and Export Control Reform Act. The Export Clause of the Constitution bars taxes on goods exported from any state. The Export Control Reform Act is the law that lets the government limit exports of sensitive technology. These two laws frame the deals in which chipmakers share revenue with the government.86,87 Nvidia’s 10-K, its annual report to investors, says the 15% revenue share was never written into a regulation. The share on H200 chips was later recast as a 25% import tariff. Nvidia reported about $60 million in licensed H20 sales. No review by a court or by the Government Accountability Office (GAO), Congress’s auditing arm, is recorded.65 In the Busan truce the U.S. also put off a rule limiting exports (China and North Korea).44

Foreign Emoluments Clause (Art. I, §9, cl. 8) and 18 U.S.C. §208. The Foreign Emoluments Clause is the Constitution’s rule against the President taking payments or gifts from foreign governments. It covers presents from a “foreign State,” meaning a foreign government.98 Section 208 is a federal criminal law. It bars officials from acting on matters in which they have a personal money interest. It does not count an adult child’s interests as the official’s own.88,66 One question is whether the clause covers gifts from Swiss business leaders who came as private citizens before the Swiss tariff cut.97,113 Another is whether it covers a whiskey-tariff announcement made at a Trump resort hosting an event that Ireland’s government supported.107 A third is whether §208 covers Commerce Secretary Howard Lutnick’s role in tariffs while his sons run Cantor Fitzgerald (Cabinet Financial Disclosures and Ethics Complaints).66 MKS PAMP said the gifts were cleared with White House ethics lawyers.97 Lutnick’s 2025 disclosure calls a $192 million payment from Cantor “a tax distribution handled under the ethics agreement he signed before taking office,” CNBC reported.66 On Jan 28, 2026 Sen. Ron Wyden asked USTR who recommended the Swiss cut.97,114 On Feb 25, 2026 Sens. Warren, Van Hollen and Wyden questioned Lutnick. No public answers or court rulings are recorded.66 The record also notes the fast-tracked Trump project in Vietnam and World Liberty Financial’s deals with Pakistan (April 2025, January 2026). These entries document timing, not an exchange of favors (Trump Organization Foreign Deals).28,64,112

Exchange Stabilization Fund (31 U.S.C. §5302). The question is whether the ESF may pay for a $20 billion swap without a vote in Congress. The swap supports a foreign currency before that country’s election. Bessent said the swap comes from the ESF and is “not a bailout.”41,137 No court, GAO or congressional action is recorded.41

Outcome

Where things stand

As of Nov 8, 2026, U.S. tariffs rest on Sections 232, 301 and 338 instead of IEEPA. The IEEPA tariffs are being undone through refunds.11,100,8 A court filing says more than $100 billion of about $166 billion owed had been refunded by early August.7 Interest grows by about $650 million a month.53 Only importers of record are paid. UPS, FedEx and DHL promised to pass refunds on to customers. Amazon promised to do so only where it can trace the charges. Class actions by consumers against Amazon, Costco, Nike and Walmart are at an early stage. Sen. Warren is investigating seven retailers.7,67 The average effective U.S. tariff, the average rate actually paid on imports, was 12.1% as of July 21.63 Bolsonaro was convicted on Sept 11, 2025.37 The EU has said its investment pledge is not guaranteed. Japan has said its pledge is mostly not direct investment.29,31 On Nov 9, 2026 USTR paused the China ship fees and crane duties to Jan 10, 2027 and extended 178 China tariff exclusions through Jan 9, 2027.142,143

Gaps: the ledger extract has no entry on the farmer bailout or on 2025 soybean export losses. It has only China’s purchase pledge. It does not confirm whether the Section 122 tariff rose to 15%. Later entries call it a 10% tariff until it expired. The status of appeals in the Section 301, Freestyle World and Axle of Dearborn cases is unresolved.

Status

Item Status Latest development (date) What would change it
IEEPA tariffs (fentanyl, reciprocal, Brazil) Blocked (Learning Resources v. Trump) Supreme Court ruled 6–3 that the law does not allow them (Feb 20, 2026)6 —
IEEPA refunds Pending (CIT) Court let importers who paid sue as one group in Freestyle World (Oct 8, 2026)108 A CIT ruling on the group’s claim108
De minimis suspension In force Kept in place by EO 14388; upheld by the CIT in Axle of Dearborn (Aug 13, 2026)70,93 An appeal; none confirmed93
Venezuelan-oil and Iran secondary tariffs Reversed Ended by EO 14389 (Feb 20, 2026)69,73 —
EO 14421 grid-equipment emergency Pending (Energy Department) Declared (Aug 26, 2026); no court challenge recorded111. The Energy Department asked industry for input, due Oct 9; no rule yet (Sept 9, 2026)145 Energy Department rules to carry it out111
Section 122 global tariff Concluded CIT ruled it unlawful for three plaintiffs (May 7); paused (June 11); expired (July 24, 2026) without the extension from Congress that the law requires12,104,127,56,11 —
Section 301 forced-labor tariffs (10%/12.5%) In force In effect since July 24; importers’ challenge argued (Sept 30); extra written arguments (Oct 16, 2026)11,63,130 A ruling in the importers’ challenge63
Section 301 excess-capacity probes Pending (USTR) Opened (Mar 11–12, 2026); no action taken105,131 A USTR decision105
Brazil Section 301 tariff (25%) In force Imposed (July 15, 2026)58 A court ruling; none recorded58
Section 232 tariffs (metals, autos, lumber, trucks, chips, drugs up to 100%, drones up to 100%) In force Metals rates reorganized (Apr 2, 2026)68,100,101,116 —
Wind-turbine and robotics Section 232 findings Pending (negotiations) Proclamations (Oct 22 and 28, 2026)102,100,121 Results of the negotiations102
Canada Section 338 tariffs (50%) In force In effect since Aug 22; products covered changed Oct 30; Canada’s own tariffs since Sept 8 and U.S. import bans since Sept 2960,106,59,132,134 —
USMCA In force U.S. said it would not renew the pact in its current form (July 1, 2026)57,8 Yearly reviews57
China truce In force Extended, reportedly to Jan 10, 2027, with lower tariffs on $30 billion of goods each way (Sept 24, 2026)9 The Jan 10, 2027 end date9
China Section 301 ship fees and crane duties Pending (paused to Jan 10, 2027) Pause extended two more months at Trump’s direction; no one owes the fees or duties during it (Nov 9, 2026)142 The Jan 10, 2027 end of the pause142
China Section 301 tariff exclusions (178) In force Extended through Jan 9, 2027 (Nov 9, 2026)143 The Jan 9, 2027 end date143
China farm-purchase pledge ($17 billion a year) Unresolved Reuters: purchases other than soybeans at their lowest since 2019; the White House has not said when the pledge period started (Nov 2, 2026)144 A White House statement on the timeline144
EU deal (15%): European Parliament approval Pending (European Parliament) Approval paused during the Greenland tariff threats (Jan 21, 2026); no later vote recorded135 A Parliament vote to restart approval135
Switzerland rate (15%) In force Nov 14, 2025 framework97,113 —
Irish whiskey tariff removal Pending (U.S.–Ireland talks) Removal announced (Sept 13, 2026); CREW reports talks are still going on107 An end to the talks107
India IEEPA Russian-oil duty Reversed Withdrawn by EO 14384 (Feb 6, 2026)40,124 —
Graham act Russian-oil secondary duties Reversed Waived with no end date; neither China nor India pays them (Oct 16, 2026)61,62 —
Argentina ESF swap Unresolved No court, GAO or congressional action recorded41 —
Swiss-gift and Lutnick ethics questions Unresolved Senators’ letters (Jan 28 and Feb 25, 2026); no public answers97,114,66 —

Who is affected

Importers of record pay tariffs. Refunds of the cancelled International Emergency Economic Powers Act (IEEPA) duties go only to them, so consumers have no direct claim.53,7 Jerome Powell, then Federal Reserve Chair, said most of the 2025 inflation overshoot was in goods prices. The Fed links those prices to tariffs.5 Buyers of low-value foreign parcels lost the $800 duty-free de minimis exemption.70 Exporters in China, Switzerland, Canada, Brazil and India faced rates set just for their countries. Those rates came from executive orders, proclamations or trade frameworks. Canada answered with its own tariffs, and China promised to buy U.S. soybeans.21,97,60,59,3,38,44 Importers of metals, autos, drugs and other goods pay industry rates under Section 232, and importers of goods from 60 economies pay a Section 301 tariff.16,101,11

Key players

Chronology

Sources

  1. White House: fact sheet on tariffs on Canada, Mexico and China · CRS: EO 14193 · Timeline 2025-02-01 → ledger ↩↩↩↩

  2. CBS News: full Liberation Day reciprocal tariff list · Timeline 2025-04-02 → ledger ↩↩↩

  3. Federal Register: EO 14323 “Addressing Threats to the United States by the Government of Brazil” · Al Jazeera: US sanctions Brazil’s Supreme Court judge · Treasury press release · Timeline 2025-07-30 → ledger ↩↩↩↩↩↩↩

  4. CBS: Trump hikes tariffs on Canada by another 10% in response to Ontario’s anti-tariff ad · Timeline 2025-10-23 → ledger ↩↩

  5. BLS: Consumer Price Index, 2025 in review · CNBC: December 2025 CPI breakdown · Federal Reserve: Transcript of Chair Powell’s press conference (Jan 28, 2026, PDF) · Timeline 2026 (Q1 inflation tracker) → ledger ↩↩↩

  6. Supreme Court: Learning Resources, Inc. v. Trump opinion (PDF) · SCOTUSblog: Supreme Court strikes down tariffs · Timeline 2026-02-20 → ledger ↩↩↩↩↩↩↩↩

  7. CBS News: how consumers can get a refund for IEEPA tariffs (Aug 14, 2026) · Timeline 2026-04-20 → ledger ↩↩↩↩↩↩

  8. NPR: Trump imposes 50% tariffs on Canadian goods · Timeline 2026-07-20 → ledger ↩↩↩↩↩↩↩↩

  9. FT: US and China extend trade truce · Reuters: China, US agree to $30B tariff cut and AI dialogue · Timeline 2026-09-23 → ledger ↩↩↩↩↩↩

  10. CRS: expanded Section 232 tariffs · CRS: 2025 tariff timeline · Timeline 2025-02-10 → ledger ↩

  11. USTR: USTR Takes Action in Forced Labor Section 301 Investigations · Timeline 2026-07-23 → ledger ↩↩↩↩↩↩↩↩↩↩↩

  12. NYT: Global tariff ruled illegal · Cooley: Trade court rejects Section 122 tariffs · Timeline 2026-05-07 → ledger ↩↩↩↩↩

  13. PIIE: trade agreements brought stability but no legitimacy · CFR: tracking Trump’s trade deals · Timeline 2025 (year-end synthesis) → ledger ↩↩

  14. White House: fact sheet, proceeds with tariffs on Canada and Mexico · Timeline 2025-02-01 → ledger ↩↩↩

  15. CNN: Mexico sends Caro Quintero to US · Timeline 2025-02-27 → ledger ↩

  16. White House: fact sheet restoring Section 232 tariffs · Timeline 2025-02-10 → ledger ↩↩↩

  17. White & Case: steel and aluminum Section 232 tariffs raised to 50% · CRS: expanded Section 232 tariffs · Timeline 2025-06-03 → ledger ↩↩

  18. White House: fact sheet on automobile and parts imports · Timeline 2025-03-26 → ledger ↩↩

  19. Wiley: new Section 232 tariff orders · Tax Foundation: tariff tracker · Timeline 2025-07-30 → ledger ↩↩

  20. CRS: 2025 tariff timeline · Thompson Hine: truck tariffs from Nov 1 · Timeline 2025-09-30 → ledger ↩↩

  21. NBC News: Trump announces 90-day tariff pause, what to know · Timeline 2025-04-09 → ledger ↩↩↩↩↩

  22. White House: Joint Statement on U.S.–China Economic and Trade Meeting in Geneva · CNBC: China strikes back with 125% tariffs on U.S. goods · Timeline 2025-05-12 → ledger ↩↩↩

  23. CNBC: Trump called Bezos about tariff cost report · Timeline 2025-04-29 → ledger ↩

  24. CBS News: Trump tells Walmart to eat the cost · PBS: ‘I’ll be watching’ · Timeline 2025-05-17 → ledger ↩

  25. Bloomberg Government: Trump slams ex-Federalist Society leader after tariff ruling · HuffPost (via Yahoo): Trump rips “sleazebag” Leonard Leo · Timeline 2025-05-29 → ledger ↩↩↩

  26. CNBC: Trump tariff letters to Japan and others · Axios: Trump tariff letters to Japan, Korea · Timeline 2025-07-07 → ledger ↩

  27. NPR: BRICS summit ends with Trump tariff threat · TIME: Trump tariff threat against BRICS · Timeline 2025-07-06/07 → ledger ↩

  28. Politico: Vietnam tariff deal shifted after Trump stepped in · CNN: Vietnam trade deal · CREW: foreign property income set to explode · Timeline 2025-05-21 → ledger ↩↩

  29. White House: fact sheet on US–EU trade deal · FactCheck.org: EU and Japan investment claims · Timeline 2025-07 (late) → ledger ↩↩

  30. White House: fact sheet implementing the U.S.–Japan framework agreement · Bloomberg: Trump signs order cementing 15% Japan tariff · Timeline 2025-09-04 → ledger ↩

  31. FactCheck.org: EU and Japan investment claims · Timeline 2025-09-04 → ledger ↩↩

  32. CRS: 2025 tariff timeline · Sandler Travis Rosenberg: Trump trade agreements list · Timeline 2025-05-08 → ledger ↩

  33. White House: Further Modifying the Reciprocal Tariff Rates (Jul 31, 2025; annex lists Pakistan at 19%) · Timeline 2025-04 (late) → ledger ↩

  34. PIIE: trade agreements brought stability but no legitimacy · Timeline 2025-05-08 → ledger ↩

  35. WH fact sheet: Sept first deal · CNN: TrumpRx and Pfizer deal · WSJ: TrumpRx and BlinkRx · Timeline 2025-09-30 → ledger ↩↩

  36. CNN: Trump’s tariff letters (Brazil) · Timeline 2025-07-09 → ledger ↩

  37. Politico: Trump strikes tariffs on Brazilian coffee, beef · France 24: Treasury lifts sanctions on Brazil justice · Timeline 2025-09-11 → ledger ↩↩↩↩

  38. WaPo: India, Modi, Trump tariffs · Timeline 2025-08-06 → ledger ↩↩↩↩↩↩↩

  39. Al Jazeera: India will not bow down · Timeline 2025-08-06 → ledger ↩

  40. White House: Modifying Duties to Address Threats to the United States by the Government of the Russian Federation (EO 14384, Feb 6, 2026) · Timeline 2025-08-06 → ledger ↩↩↩

  41. France 24 (AFP): Trump boosts Argentina’s Milei with $20 bn economic lifeline as US buys pesos · Al Jazeera: Argentine markets plunge after Buenos Aires loss · Timeline 2025-10-09 → ledger ↩↩↩↩↩↩↩

  42. Buenos Aires Times: Milei emerges strengthened from midterms · Timeline 2025-10-26 → ledger ↩

  43. CBS News: Senate approves Democratic resolution to block Trump’s tariffs on Canada · Timeline 2025-10-29 → ledger ↩↩

  44. White House: fact sheet on China economic and trade deal · CNBC: what Trump and Xi agreed to in the trade truce · Timeline 2025-10-30 → ledger ↩↩↩↩

  45. White House: fact sheet on China economic and trade deal · Supply Chain Dive: US–China trade truce · Timeline 2025-11-10 → ledger ↩↩

  46. BBC: Trump says he will ‘100%’ carry out Greenland tariffs threat · Guardian: Trump links Greenland threats to Nobel snub · Timeline 2025-12-21 → ledger ↩↩

  47. CNBC: Trump drops Feb 1 tariffs, cites Greenland “framework” with Rutte · Timeline 2026-01-21 → ledger ↩↩

  48. Al Jazeera: Trump threatens 100 percent tariff on Canada over China deal (Wikipedia — underlying reference not retrievable for: the Jan 6, 2025 “51st State” Truth Social post and “Governor” Trudeau taunts (Truth Social page unreadable)) · Timeline 2026-01-24 → ledger ↩↩↩

  49. White House: Addressing Threats to the United States by the Government of Cuba (EO 14380) · France 24/AFP: Cuba wins UN vote with weakest backing in 30 years · Timeline 2026-10-28 → ledger ↩

  50. SCOTUSblog: the other arguments in Trump’s tariffs case · Constitution Center: Supreme Court showdown on tariffs · Timeline 2025-11-05 → ledger ↩↩

  51. Honigman: 10% global tariff response · PIIE: what the Supreme Court’s tariff ruling changes and what it doesn’t · Timeline 2026-02-20 → ledger ↩↩

  52. NBC News: Trump’s global tariff takes effect at 10%, despite announcement of 15% · CNBC: Bessent says global 15% tariff starts this week · Timeline 2026-02-20 → ledger ↩

  53. NPR: businesses can apply for refunds · National Law Review: the $166 billion question · Timeline 2026-04-20 → ledger ↩↩↩↩↩

  54. Cato: sore losers refusing refunds · Timeline 2026-02-20 → ledger ↩

  55. CNBC: Trump says he’ll ‘remember’ companies that don’t seek tariff refunds · Timeline 2026-04-21 → ledger ↩↩

  56. STR: Section 122 tariff remains in place after appeals ruling · International Trade Insights: Federal Circuit stays Section 122 tariff injunction · Timeline 2026-06-11 → ledger ↩↩↩↩

  57. USTR: Ambassador Greer Issues Statement on the USMCA Joint Review · Timeline 2026-07-01 → ledger ↩↩↩↩

  58. USTR: Section 301 Action on Brazil’s Unreasonable Acts, Policies, and Practices · Timeline 2026-07-15 → ledger ↩↩↩↩↩↩↩

  59. Reuters: Canada’s retaliatory tariffs take effect · WaPo: Trump threatens Bombardier ban as Canada’s tariffs take effect · Timeline 2026-09-08 → ledger ↩↩↩↩↩

  60. ABC News (archived): Trump’s 50% tariffs on Canada take effect · CNBC: Canada unveils retaliatory tariffs · Timeline 2026-07-20 → ledger ↩↩↩↩↩

  61. Kyiv Independent: House approves Graham bill · Timeline 2026-09-16 → ledger ↩↩

  62. ABC News: Trump signs order waiving Graham Act sanctions on Russia · RFE/RL: Trump waives Graham Act sanctions on Russia before they take effect · Timeline 2026-10-16 → ledger ↩↩

  63. Liberty Justice Center: Burlap and Barrel, Inc. and Collective Horology, LLC v. Greer · CNBC: Trump sued hours after new tariffs take effect · the 12.1% rate is stated in the ledger entry, which traces it to Yale Budget Lab’s living “State of U.S. Tariffs” page (now dated Nov 2, 2026; the Jul 21 reading could not be re-opened) · Timeline 2026-07-23 → ledger ↩↩↩↩↩↩↩↩

  64. Reuters: Pakistan to partner with World Liberty Financial · NYT: Trump, Pakistan deals · Timeline 2025-04 (late) → ledger ↩

  65. Nvidia Form 10-K FY2026 (SEC) · Timeline 2025-08-11 → ledger ↩

  66. Bloomberg: Lutnick taps two sons to run Cantor · CNBC: Democratic senators press Lutnick on USA Rare Earth deal · CNBC: Lutnick reports $250M+ income · Timeline 2025-02-18 → ledger ↩↩↩↩↩↩

  67. CNBC: UPS and FedEx on tariff refunds · Timeline 2026-04-20 → ledger ↩↩

  68. PIIE: what the Supreme Court’s tariff ruling changes and what it doesn’t · Timeline 2026-02-20 → ledger ↩↩

  69. Federal Register: EO 14245 · Bloomberg: Trump authorizes 25% ‘secondary’ tariff on Venezuela oil buyers · France 24: Trump announces 25% tariff on countries buying Venezuelan oil · Timeline 2025-03-24 → ledger ↩↩↩

  70. Federal Register: EO 14324 · Timeline 2025-07-30 → ledger ↩↩↩↩↩↩

  71. Federal Register: EO 14326 · National Law Review: reciprocal tariffs to take effect on August 7 · CRS: Presidential 2025 tariff actions, timeline and status · Timeline 2025-07-31 → ledger ↩↩

  72. Federal Register: EO 14325 · Timeline 2025-07-31 → ledger ↩

  73. Federal Register: EO 14382 · Federal Register: EO 14389 Ending Certain Tariff Actions · Timeline 2026-02-06 → ledger ↩↩↩

  74. Cornell LII: U.S. Constitution, Article I (§8, cl. 1) legal authority ↩

  75. Cornell LII: U.S. Constitution, Article I (§8, cl. 3) legal authority ↩

  76. Cornell LII: 19 U.S.C. §1862 legal authority ↩

  77. Cornell LII: 19 U.S.C. §2411 legal authority ↩

  78. Cornell LII: 19 U.S.C. §2132 legal authority ↩

  79. Cornell LII: 19 U.S.C. §1338 legal authority ↩↩

  80. Cornell LII: 50 U.S.C. §1701 · Cornell LII: 50 U.S.C. §1702 legal authority ↩↩↩

  81. USTR: United States–Mexico–Canada Agreement (entered into force July 1, 2020; links to full text) legal authority ↩

  82. Supreme Court: Learning Resources, Inc. v. Trump, No. 24-1287, 607 U.S. ___ (Feb 20, 2026) legal authority ↩↩

  83. Cornell LII: 22 U.S.C. §10102 (Global Magnitsky Human Rights Accountability Act, Pub. L. 114-328 §1263) legal authority ↩

  84. Cornell LII: 31 U.S.C. §5302 legal authority ↩

  85. White House: EO 14436, Implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 (Oct 16, 2026) · Holland & Knight: Graham Act (Pub. L. 119-111) legal authority ↩

  86. Cornell LII: U.S. Constitution, Article I (§9, cl. 5) legal authority ↩

  87. Cornell LII: 50 U.S.C. §4801 (Export Control Reform Act of 2018, short-title note) legal authority ↩

  88. Cornell LII: 18 U.S.C. §208 legal authority ↩

  89. Supreme Court: Learning Resources, Inc. v. Trump, together with No. 25-250, Trump v. V.O.S. Selections, Inc. (Feb 20, 2026; Federal Circuit en banc judgment, 149 F.4th 1312, affirmed) legal authority ↩

  90. Federal Register: EO 14309 · PIIE: Trump’s trade war timeline 2.0 (May 8 and Jun 16, 2025 entries) · Timeline 2025-05-08 → ledger ↩

  91. Federal Register: EO 14316 · CRS: 2025 tariff actions timeline (R48549) · Timeline 2025-07-07 → ledger ↩

  92. Federal Register: EO 14334 · Timeline 2025-05-12 → ledger ↩

  93. CIT: Axle of Dearborn v. Dep’t of Commerce, Slip Op. 26-94 (Aug 13, 2026) · Timeline 2026-08-13 → ledger ↩↩↩↩↩↩

  94. Cornell LII: 19 U.S.C. §1321 legal authority ↩

  95. Holland & Knight: Court of Appeals strikes down IEEPA tariffs · CIT: Freestyle World v. CBP, Slip Op. 26-123, n.1 (citation) · Timeline 2025-08-29 → ledger ↩↩↩

  96. PIIE: Trump’s trade war timeline 2.0 (Oct 20, 2025 entry, linking the USTR determination) · Timeline 2025-10-20 → ledger ↩↩

  97. Swissinfo (Bloomberg): Rolex and gold given to Trump before Swiss deal queried by senator · Swissinfo (FT): Swiss politicians decry “gold bar diplomacy” · Timeline 2025-11 (early) → ledger ↩↩↩↩↩↩↩↩↩

  98. Cornell LII: U.S. Constitution, Article I (§9, cl. 8) legal authority ↩

  99. CIT: AGS Co. Auto. Sols. v. CBP, Slip Op. 25-154 (Dec 15, 2025) · Timeline 2025-12-15 → ledger ↩↩↩

  100. Federal Register: P11002 · FR: P11001 · FR: P11021 · FR: P11032 · FR: P11040 · FR: P11052 · FR: P11055 · FR: P11077 · Timeline 2026-01-14 → ledger ↩↩↩↩↩↩↩↩↩↩

  101. Federal Register: Proclamation 11020 · Timeline 2026-04-02 → ledger ↩↩↩↩↩

  102. Sabin Center · Federal Register: Adjusting Imports of Wind Turbines · Timeline 2026-10-22 to 28 → ledger ↩↩↩↩

  103. Cornell LII: Federal Energy Administration v. Algonquin SNG, Inc., 426 U.S. 548 (1976) legal authority ↩

  104. Cooley: Trade court rejects Section 122 tariffs · CIT: Slip Op. 26-53 (May 20, 2026) · Timeline 2026-05-07 → ledger ↩↩↩

  105. PIIE timeline (Mar 11, 2026 entry; FR notice 2026-05214) · Timeline 2026-07-23 → ledger ↩↩↩

  106. Federal Register: P11056 · Federal Register: P11076 · Federal Register: Memorandum “Restoring Reciprocity in Government Procurement” (Sept 16, 2026) · Timeline 2026-09-08 → ledger ↩↩↩

  107. CREW: administration keeps rewarding foreign partners (Nov 5, 2026), citing Politico · CREW: conflicts tracker · Timeline 2026-09-13 → ledger ↩↩↩↩

  108. CIT: Freestyle World v. CBP, Slip Op. 26-123 (Oct 8, 2026) · Timeline 2026-10-08 → ledger ↩↩↩↩↩↩

  109. Supply Chain Dive: States sue Trump in bid to halt 10% global tariff · Timeline 2026-04-20 → ledger ↩

  110. Supply Chain Dive: States sue Trump in bid to halt 10% global tariff · Cooley: Trade court rejects Section 122 tariffs · Timeline 2026-05-07 → ledger ↩

  111. Federal Register: EO 14421 full text · DOE CESER: Declaring a National Emergency to Secure the United States Bulk-Power System · Timeline 2026-08-26 → ledger ↩↩↩↩

  112. Reuters: Pakistan to partner with WLF · NYT: Trump, Pakistan deals · Timeline 2026-01-14 → ledger ↩

  113. PIIE: Trump’s trade war timeline 2.0 (Nov 14, 2025 entry) · Swissinfo (Bloomberg): Rolex and gold given to Trump before Swiss deal queried by senator · Timeline 2025-11-14 → ledger ↩↩↩↩

  114. Swissinfo (Bloomberg): Rolex and gold given to Trump before Swiss deal queried by senator · Timeline 2026-01-28 → ledger ↩↩↩

  115. CNBC: Trump says 8 European nations face tariffs rising to 25% if Greenland isn’t sold to the U.S. · BBC: Trump says he will ‘100%’ carry out Greenland tariffs threat · Timeline 2026-01-17 → ledger ↩

  116. FR: P11021 · PIIE timeline · Timeline 2026-04-02 → ledger ↩↩↩

  117. FR: P11032 · Timeline 2026-06-01 → ledger ↩

  118. FR: P11040 · Timeline 2026-07-09 → ledger ↩

  119. FR: P11052 · Timeline 2026-08-06 → ledger ↩

  120. FR: P11055 · Timeline 2026-08-13 → ledger ↩

  121. FR: P11077 · Timeline 2026-10-28 → ledger ↩↩

  122. Federal Register: EO 14334 · PIIE: Trump’s trade war timeline (Aug 11, 2025 entry) · Timeline 2025-08-11 → ledger ↩

  123. Federal Register: EO 14316 · Timeline 2025-07-07 → ledger ↩

  124. White House: Modifying Duties to Address Threats to the United States by the Government of the Russian Federation (EO 14384) · Federal Register: EO 14384, Modifying Duties To Address Threats to the United States by the Government of the Russian Federation · Timeline 2026-02-06 → ledger ↩↩↩

  125. Federal Register: One Year Suspension of Expansion of End-User Controls for Affiliates (FR 2025-19846) · Timeline 2025-11-12 → ledger ↩

  126. Supply Chain Dive: States sue Trump in bid to halt 10% global tariff · Timeline 2026-03-04 → ledger ↩

  127. CIT: Slip Op. 26-53 (May 20, 2026) · Cooley: Trade court rejects Section 122 tariffs · Timeline 2026-05-20 → ledger ↩↩↩

  128. Supply Chain Dive: States sue Trump in bid to halt 10% global tariff · Timeline 2026-03-05 → ledger ↩

  129. Liberty Justice Center: Small businesses sue Trump administration to stop latest wave of tariffs on 60 trade partners · CNBC: Trump sued hours after new tariffs take effect · Timeline 2026-07-24 → ledger ↩

  130. Liberty Justice Center: Court of International Trade to hear challenge to sweeping Section 301 tariffs · Liberty Justice Center: Burlap and Barrel, Inc. and Collective Horology, LLC v. Greer · Timeline 2026-09-30 → ledger ↩↩↩

  131. PIIE timeline (Mar 11, 2026 entry; FR notice 2026-05214) · Timeline 2026-03-11 → ledger ↩↩

  132. Federal Register: P11056 · Federal Register: P11076 · Timeline 2026-08-18 → ledger ↩↩

  133. Federal Register: Memorandum “Restoring Reciprocity in Government Procurement” (Sept 16, 2026) · Timeline 2026-09-16 → ledger ↩

  134. Federal Register: P11076 · Timeline 2026-10-23 → ledger ↩↩↩

  135. BBC: EU suspends approval of US trade deal · Timeline 2026-01-21 → ledger ↩↩↩

  136. Guardian: Trump threatens to cut aid if Milei loses · Timeline 2025-10-14 → ledger ↩

  137. NBC News: Meet the Press transcript, Oct 26, 2025 (Bessent: “This is a swap line. This is not a bailout”; Exchange Stabilization Fund) · Timeline 2025-10-26 → ledger ↩↩

  138. CNBC: Trump says ranchers ‘don’t understand’ tariffs after some slam Argentine beef plan · PIIE: Trump’s trade war timeline 2.0 (Aug 26, 2026 entry) · Federal Register: “Further Ensuring Affordable Beef for the American Consumer” · Timeline 2025-10-22 → ledger ↩

  139. CBS: Trump hikes tariffs on Canada by another 10% in response to Ontario’s anti-tariff ad · Timeline 2025-10-25 → ledger ↩↩↩

  140. Al Jazeera: ‘Rupture in the world order’: Speeches by Carney, world leaders at Davos (Jan 21, 2026) · Timeline 2026-01-20 → ledger ↩

  141. Kyiv Independent: Trump signs Russia sanctions bill · Timeline 2026-09-18 → ledger ↩

  142. Federal Register (public inspection, 2026-22867): Section 301 Action: China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors; Modification · Timeline 2026-11-09 → ledger ↩↩↩↩

  143. Federal Register (public inspection, 2026-22925): Product Exclusion Extensions: China’s Acts, Policies, and Practices Related to Technology Transfer, IP, and Innovation · Timeline 2026-11-09 → ledger ↩↩↩↩

  144. Yahoo Finance/Reuters: China’s slow buying of US farm goods tests $17 billion trade pledge · Timeline 2026-11-02 → ledger ↩↩↩

  145. Federal Register: Securing the United States Bulk-Power System (Sept 9, 2026) · DOE: Bulk Power System EO and DOE RFI FAQs (updated Oct 6, 2026) · Timeline 2026-09-09 → ledger ↩