If you’re confused about what the heck is going on with President Donald Trump’s tariffs, you’re not alone.
First was a flurry of taxes levied against trade partners (Canada and Mexico, for instance) and global adversaries (China) alike.
Then, late Wednesday, May 28, the U.S. Court of International Trade blocked most, but not all, of the tariffs.
The White House appealed immediately, signaling it’ll fight all the way to the Supreme Court.
Not even 24 hours later, the U.S. Court of Appeals temporarily reinstated the tariffs, letting them stay in effect while the legal battle plays out.
In the meantime, businesses — as well as traders on markets like Kalshi and Polymarket — are left wondering what comes next.
Here’s what we know right now, but bear in mind, it’s an extremely fluid situation.
First, a Recap
Trump’s team imposed sweeping tariffs — 30% on China, 25% on Mexico and Canada, and a 10% blanket rate on most imports — citing fentanyl concerns and economic emergency powers.
The lower court called shenanigans, saying Trump overstepped under the International Emergency Economic Powers Act. But the appeals court said, not so fast.
What are Trump’s Options?
If he wins, he wins. If he loses, he could try to reimpose similar tariffs using other trade laws, like Section 232’s national security clause, which is part of the Trade Expansion Act of 1962. It lets the president slap tariffs on imports if they’re deemed a threat to national security.
It’s basically the “because I said so” of trade law. The idea is: if something we’re importing too much of could weaken the country — like steel, aluminum, or maybe semiconductors — the White House can step in, claim it’s a security issue, and tax it to death.
How Long Will the Appeal Process Take?
There’s no way to know for sure. The U.S. Court of Appeals wants written arguments from both sides which, according to reports, could be filed as early as June. After that, it’s anybody’s guess about the duration of the process.
So Where Do We Stand Now?
That’s an excellent question and the short answer is: Back to how things were on Tuesday, before the U.S. Court of International Trade blocked many of Trump’s tariff efforts. But, again, we’ll need to see how the appeals process plays out.
Note that a universal 10% tariff applies to imports from countries not listed, as part of the baseline tariff policy implemented in April 2025. Also important: These tariffs are subject to change based on ongoing trade negotiations and legal challenges.
That said, here are the current tariffs, by country and percentage.
China
- Current Tariff: 30%
- Background: Initially set at 145%, the tariff was reduced to 30% for 90 days starting May 14, 2025, following a temporary trade agreement.
Canada
- Current Tariff: 25% on most goods; 10% on energy products
- Exemptions: Goods compliant with the USMCA are exempt.
Mexico
- Current Tariff: 25% on most goods
- Exemptions: Goods compliant with the USMCA are exempt.
European Union
- Proposed Tariff: 50%
- Status: Implementation delayed until July 9, 2025, pending ongoing trade negotiations.
Japan
- Current Tariff: 24%
- Note: Part of the reciprocal tariff regime targeting countries with significant trade barriers.
South Korea
- Current Tariff: 25%
- Note: Included in the reciprocal tariff measures.
India
- Current Tariff: 26%
- Note: Subject to reciprocal tariffs due to trade imbalances.
Taiwan
- Current Tariff: 32%
- Note: Included in the reciprocal tariff list.
Vietnam
- Current Tariff: 46%
- Note: One of the highest reciprocal tariffs imposed.
Thailand
- Current Tariff: 36%
- Note: Part of the reciprocal tariff measures.
Cambodia
- Current Tariff: 49%
- Note: Among the highest tariffs due to trade practices.
Laos
- Current Tariff: 48%
- Note: Subject to high reciprocal tariffs.
Madagascar
- Current Tariff: 47%
- Note: Included in the list of countries facing high tariffs.
Myanmar
- Current Tariff: 44%
- Note: Part of the reciprocal tariff regime.
Lesotho
- Current Tariff: 50%
- Note: Facing the highest tariff rate imposed.
Iran
- Current Tariff: 41%
- Note: Subject to high tariffs due to geopolitical concerns.
Syria
- Current Tariff: 41%
- Note: Included in the list of countries facing elevated tariffs.
