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In his second term, Trump resumed a trade war with China and launched a second with Canada and Mexico, framing these actions as a way to hold these countries accountable for contraband drug trafficking and illegal immigration while supporting domestic manufacturing.[2][3] On March 4, 2025, he raised tariffs on all Chinese imports to 20%. He also imposed a 25% tariff on most Canadian and Mexican goods but later exempted all USMCA-compliant goods until April 2.

On March 12, 2025, a 25% global tariff on steel and aluminum products took effect. A "reciprocal tariff policy" is expected to take effect on April 2, 2025 and impact 15% of U.S. trading partners.[4] Canada, China, and the European Union have announced counter-tariffs, while other countries began proactive negotiations with the administration to prevent additional trade disputes.