Trade Talks 208. It's been one year since Trump's "Liberation Day" tariffs
Apr 1, 2026
Amy Williams, Financial Times reporter covering trade, climate, and U.S. foreign policy, breaks down the aftermath of Trump's April 2025 tariffs. She recounts the shock to import/export data and supply-chain shifts to India and Vietnam. Conversation covers exemptions like iPhones, rare-earth controls, trading partners’ responses, and the Supreme Court ruling’s ripple effects.
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Most Countries Avoided Full Retaliation
- Most trading partners avoided tit-for-tat tariff wars and sought deals rather than retaliation.
- Only Canada and China retaliated meaningfully, with China later easing tariffs after talks reduced peaks from 145% down toward 20%.
China's Counters Caused Big US Export Losses
- China's retaliation and export controls cut US exports to China by over 25% in 2025, devastating agriculture and manufacturing.
- Soybean exports fell nearly $10 billion and China restricted rare-earth magnets, nearly shutting US auto plants.
Magnets Nearly Shut Down US Auto Plants
- China weaponized export restrictions on rare-earth permanent magnets, halting key auto production lines.
- Jim Farley of Ford reported factory shutdowns in June, which pressured the US to deescalate with China.
