It's been a rollercoaster of a year for U.S. trade policy.
President Donald Trump launched a barrage of new tariffs in 2025, plunging the U.S. into trade wars with nearly every country in the world. Volley after volley of threats and steeper import taxes often arrived erratically — with Trump claiming that such levies needed to be immediately imposed to close trade imbalances and take back wealth that was “stolen” from the U.S.
But the president also turned to tariffs amid personal grudges, or in response to political critics. And the whiplash of on-again, off-again duties — and responding retaliation — fueled widespread uncertainty for businesses and consumers alike, all while households continue to face rising prices.
Here's a summary of how Trump's biggest trade actions unfolded over the last year, broken down by key months.
In his first few months back in office, Trump focuses his new tariffs on America’s three biggest trading partners: Canada, Mexico and China. On-again, off-again levies and responding retaliation begin to bubble up.
Worldwide, the U.S. also heightens import taxes on steel and aluminum to 25% — expanding Trump's previously-imposed 2018 import taxes.
Trump's trade wars escalate to new heights in April. The president unveils sweeping “Liberation Day” tariffs on almost every country in the world — sending the stock market tumbling. And more turbulence follows after he tells investors that it's a “great time to buy” mere hours before postponing dozens of steeper import taxes.
China is the exception. Washington and Beijing trade more and more sky high, tit-for-tat levies — reaching 145% and 125%, respectively.
Separately, Trump’s 25% auto tariffs begin, plunging the industry into uncertainty and bringing more retaliation from trading partners like Canada.
The Trump administration spends much of the summer boasting about trade “framework” deals with countries like China, the U.K. and Vietnam. But his administration sends letters to dozens of other nations promising that heightened levies are on the way — and notably escalates trade wars with Brazil and India.
Otherwise, Trump continues to expand sector-specific tariffs, hiking steel and aluminum taxes to a punishing 50%.
Meanwhile, a key legal challenge over Trump's tariffs gains traction. A federal court blocks Trump from imposing some of his most sweeping levies under an emergency-powers law — but an appeals court temporarily halts the order, allowing tariff collections to continue as the case wends through court.
Heightened U.S. tariffs on more than 60 countries and the European Union kick in. After several delays, most of these rates span from April’s “Liberation Day” — but separately, Trump hikes import taxes on Canada to 35%.
Punishing 50% levies on goods from Brazil and India also take effect, along with a new 50% rate on most imported copper worldwide. And low-value imports coming into the U.S. lose their duty-free status with the end of the “de minimis” rule.
Separately, the U.S. extends its trade truce with China. And a U.S. appeals court rules that Trump went too far when he declared national emergencies to justify his tariffs — but doesn't strike them down entirely, allowing the administration to take its case to the Supreme Court.
The Trump administration officially takes its tariff fight to the Supreme Court. In initial oral arguments, the justices appear skeptical about the president's authority to impose such sweeping levies.
Meanwhile, Trump continues to promise more sectoral tariffs — and 25% levies on kitchen cabinets and other furniture take effect. But other threats get delayed. Amid rising price pressures, the president also lowers or scraps a few previous tariffs, notably for goods like beef and fruit. He also suggests that Americans will receive a $2,000 dividend from new tariff revenue — but details remain very scarce.
FILE - Containers with Yang Ming Marine Transport Corporation, a Taiwanese container shipping company, are stacked up at the Port of Los Angeles with the the Long Beach International Gateway Bridge seen in the background on Wednesday, April 9, 2025 in Los Angeles. (AP Photo/Damian Dovarganes, File)
OKLAHOMA CITY (AP) — Just a few weeks ago, the defending champion Thunder were making it appear that the rest of the NBA would be playing for second place.
Oklahoma City won 24 of its first 25 games, with the Thunder often blowing out opponents and resting starters in the fourth quarter.
Three losses to the San Antonio Spurs later, a legitimate threat to Oklahoma City's crown has emerged. San Antonio defeated the Thunder 117-102 on Thursday, handing Oklahoma City its first home loss of the season.
San Antonio's first win, a close call in an NBA Cup semifinal, would have been easy to write off. But the past two victories over the Thunder –- by 20 in San Antonio on Tuesday and by 15 on Thursday – have been decisive. Still, Spurs center Victor Wembanyama was reserved when asked if San Antonio's success against Oklahoma City has sent a message to the league.
“Maybe it does, maybe it doesn’t,” he said. “But we’re focused on the rest of the season. It’s very long. We’re not even halfway through, so I’m not really sure it’s, I don’t know the word -- I’m not really sure it’s smart to think so far into the future.”
Both sides said the number of games in a short span — three in fewer than two weeks — resembled a playoff series. The results showed the Thunder they've got work ahead.
“We have to get better as a group," Thunder guard Shai Gilgeous-Alexander, the reigning league MVP, said. "You don’t lose to a team three times in a row in a short span without them being better than you. So we have to be better. You have to look in the mirror. And that’s everybody from top to bottom if we want to reach our ultimate goal.”
The Thunder have had no answers for Wembanyama. The young 7-foot-3 Frenchman has averaged 17.7 points and 8.3 rebounds in just over 23 minutes per game against the Thunder. He's been a reserve in all three matchups because he’s working his way back from a calf injury that cost him 12 games.
He has given the Thunder fits defensively with his height, reach and ability to rotate quickly. Thunder guard Jalen Williams said Wembanyama had the Thunder — typically an extremely disciplined team — out of sorts.
“Just having Victor out there just defensively covers up for a lot of their mistakes, which is why our offensive progression is much more important because it can really affect a game if you kind of let them do what they scheme to do," Williams said.
It’s been quite a jump for Spurs coach Mitch Johnson. The 39-year-old is in his first full season in place of Gregg Popovich, who stepped down to take the role of team president.
The Thunder have seen this before — a young team with a young coach maturing rapidly with the right approach. Williams said the Spurs remind him of the Thunder team from two years ago that earned the No. 1 seed in the West and reached the conference semifinals after having a losing record the previous year.
Williams said the Spurs have the hunger the 2023-24 Thunder had, and they already have learned how to channel it.
“They want the games just as bad as we do," he said. "It’s just about who can nurture that into something progressive. And we just didn’t do a good job of it, and they did.”
Another aspect of the Spurs that mirrors that Thunder team from two years ago is the focus on team ball. De'Aaron Fox is averaging 21.9 points and 6.3 assists. Stephon Castle, last year's Rookie of the Year, is averaging 18.6 points and 7.0 assists on 51.5% shooting. They are among eight Spurs players averaging double figures.
“Winning is also a symptom of everything that happens behind closed doors,” Wembanyama said. “And all of us are happy to come into work. We know we’re going to have fun. We know that we’re going to go out there and produce competitive basketball.”
For all the hype, Oklahoma City's main purpose is intact. The Thunder hope they can apply what they have learned when they play the Spurs on January 13 in Oklahoma City and perhaps again down the road.
“It’s easy to learn through the losses,” Gilgeous-Alexander said. “You feel it right away. You hate the feeling. It’s motivating. It’s easy. I expect this team to get better. We should be a way better team come the end of the season than we are today. That’s our goal.”
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San Antonio Spurs forward/center Victor Wembanyama (1) goes for the free ball against the Oklahoma City Thunder during the second half of an NBA basketball game, Thursday, Dec. 25, 2025, in Oklahoma City. (AP Photo/Gerald Leong)
San Antonio Spurs Victor Wembanyama (1) shoots against Oklahoma City Thunder center/forward Chet Holmgren (7) during the first half of an NBA basketball game, Thursday, Dec. 25, 2025, in Oklahoma City. (AP Photo/Gerald Leong)
San Antonio Spurs forward/center Victor Wembanyama (1) celebrates with San Antonio Spurs guard/forward Devin Vassell (24) during the second half of an NBA basketball game, Thursday, Dec. 25, 2025, in Oklahoma City. (AP Photo/Gerald Leong)
San Antonio Spurs Victor Wembanyama (1) drives against Oklahoma City Thunder guard/forward Jalen Williams (8) during the first half of an NBA basketball game, Thursday, Dec. 25, 2025, in Oklahoma City. (AP Photo/Gerald Leong)
