Tariff shock 2025: how US trade policy rattled markets and exporters
From 'Liberation Day' to the deal with the EU: a detailed timeline of tariff policy and its impact on stock markets and German exporters.
According to Destatis, the United States is the largest buyer of German exports. That made the turn in US trade policy after President Donald Trump took office in January 2025 all the more significant. This timeline places the key steps in context using official documents.
First tariffs on steel, aluminium and cars
In spring 2025 the US government imposed 25 percent tariffs on steel and aluminium imports, later raised. Tariffs on imported cars and car parts followed – a particularly sensitive market for German carmakers.
2 April 2025
On 2 April 2025 President Trump announced sweeping tariffs dubbed 'Liberation Day': a 10 percent baseline on imports from almost all countries plus much higher country-specific rates. Stock markets worldwide fell sharply in the following days. On 9 April 2025 the higher country rates were paused for 90 days while the baseline remained. With China the conflict escalated temporarily to triple-digit reciprocal tariffs before both sides agreed a provisional reduction in May 2025.
The deal with the EU
On 27 July 2025 President Trump and Commission President Ursula von der Leyen agreed a framework under which most EU goods face a 15 percent US tariff. The Commission published explanations; critics pointed to the deal's asymmetry, supporters to the gain in predictability.
Impact on world trade
The WTO lowered its 2025 forecasts for global goods trade, citing tariff uncertainty. The IMF also named trade policy a key downside risk for the world economy.
What exporters do
Many firms front-loaded shipments to the US ahead of new tariffs and examined expanding local production. Others sought markets in Asia and Europe. For mid-sized firms the frequent changes above all meant heavy administrative effort.
Assessment
The tariff conflict showed how quickly trade conditions can change and how strongly markets react to political announcements. For exporters, diversifying markets and supply chains remains the main safeguard. Official documents are linked below.