President Donald Trump made a lot of tariff threats and trade promises this year. Many materialized into a barrage of new import taxes that overturned decades of U.S. economic policy — but others have yet to be fulfilled as 2025 comes to a close.
Some of Trump’s unrealized threats reflect a broader approach from a president with a track record of using sky-high levies to pressure other countries into new trade deals, one-up retaliatory measures or even punish political critics. At the same time, they arrived as growing list of tariffs did go into effect — from Trump's punishing new taxes on imported metals, to tit-for-tat levies with top U.S. trading partners like China — plunging consumers and businesses worldwide into uncertainty.
Here’s what Trump said when announcing some of his biggest (but still unrealized) tariff threats and promises this year, and where things stand today.
In his words:
What happened: The External Revenue Service has yet to be established as of the end of December. While administration officials continued to reiterate plans for launching the External Revenue Service during Trump's first months back in office, the entity does not yet exist.
In his words:
What happened: The EU's planned levy on American whiskey — which it unveiled as part of broader retaliation in response to Trump's new steel and aluminum tariffs — was postponed, with the latest delay reportedly running until at least February.
Trump's 200% tariff threat on European alcohol never materialized. But spirits were not included in the EU-U.S. trade deal struck over the summer, which set a 15% rate on most European imports.
In his words:
What happened: Despite Trump's repeated threats, the U.S. has yet to impose a 100% tariff on foreign films. After his initial May promise to initiate the process, the White House said no final decision had been made. Also still unclear is how the U.S. would tax a movie made overseas.
In his words:
What happened: The president did not sign an executive order imposing a 100% tariff on pharma products on Oct. 1 and, as of today, no levy has been put into place. But Trump previously suggested that steep levies on pharmaceutical drugs could arrive further down the road, telling CNBC in August that he would start by charging a “small tariff” and potentially raise the rate as high as 250%. Meanwhile, trade agreements with specific countries set their own rates or exemptions — with the U.K., for example, securing a 0% tariff on all British medicine exported to the U.S. for three years. The administration also announced deals with specific companies with promises of lower drug prices.
In his words:
What happened: A sweeping 100% on computer chips has yet to go into effect. When announcing his plans to impose the levy back in August, Trump was not specific about the timing. And other details have remained scarce.
In his words:
What happened: Details about how, when and if a tariff dividend will reach Americans are still scarce. Budget experts have said that the math doesn't add up. And Treasury Secretary Scott Bessent suggested that it might not mean checks from the government. Instead, Bessent told ABC in November, the rebate might take the form of tax cuts. White House National Economic Council Director Kevin Hassett also told CBS News that it's up to Congress.
FILE - President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, on April 2, 2025, in Washington. (AP Photo/Mark Schiefelbein, File)
MELBOURNE, Australia (AP) — Auckland was the first major city to ring in 2026 with a fireworks display launched from New Zealand’s tallest structure, Sky Tower, followed by a defiant celebration in Australia in the aftermath of its worst mass shooting.
South Pacific countries were the first to bid farewell to 2025. Clocks stuck midnight in Auckland 18 hours before the famous ball drop in New York’s Times Square. The five-minute display involved 3,500 fireworks.
Australia’s east coast welcomed 2026 two hours after New Zealand. In Sydney, the country's largest city, celebrations were held under the pall of Australia’s worst mass shooting in almost 30 years. Two gunmen targeted a Hannukah celebration at Bondi Beach on Dec. 14, killing 15 and wounding 40.
A heavy police presence monitored the thousands who thronged to the waterfront to watch a fireworks show centered on the Sydney Harbor Bridge. Many officers openly carried rapid-fire rifles, a first for the annual event.
An hour before midnight, the massacre victims were commemorated with a minute of silence while images of a menorah were projected on the bridge pylons. The crowd was invited to show solidarity with Australia’s Jewish community.
New South Wales Premier Chris Minns urged Sydney residents not to stay away through fear, saying extremists would interpret smaller crowds at New Year’s Eve festivities as a victory.
“We have to show defiance in the face of this terrible crime and say that we’re not going to be cowered by this kind of terrorism,” he said.
In Indonesia, one of Australia’s nearest neighbors, cities scaled back festivities as a gesture of solidarity with communities devastated by floods and landslides that struck parts of Sumatra island a month ago, claiming more than 1,100 lives.
The capital, Jakarta, was not ringing in 2026 with its usual fanfare, choosing subdued celebrations with a program centered on prayers for victims, city Gov. Pramono Anung said last week.
Makassar Mayor Munafri Arifuddin urged residents of one of Indonesia’s largest cities to forgo parties, calling for prayer and reflection. "Empathy and restraint are more meaningful than fireworks and crowds,” he said.
Concerts and fireworks on Indonesia’s tourist island of Bali were canceled and replaced with a cultural arts event featuring traditional dances.
Hong Kong, too, was ringing in 2026 without the usual spectacle in the sky over iconic Victoria Harbor, after a massive fire in November killed at least 161 people.
The facades of eight landmarks were turning into giant countdown clocks presenting a three-minute light show at midnight.
Many parts of Asia welcome the new year by observing age-old traditions.
In Japan, crowds were gathering at a Buddhist temple in Tokyo for a bell striking at midnight. In the South Korean capital, Seoul, a bell tolling and countdown ceremony were being held at the Bosingak Pavilion.
Tourists and Berliners alike marked the end of 2025 by enjoying snowfall, taking selfies and making snowmen in front of the German capital's cathedral and the iconic Brandenburg Gate. The Berlin TV Tower was nearly invisible thanks to the falling flakes and fog.
Greece and Cyprus were ringing in 2026 by turning down the volume, replacing traditional fireworks with low-noise pyrotechnics, light shows and drone displays in capital cities. Low-noise fireworks avoid the explosive bursts that generate the loud cracks of traditional displays.
Officials in the countries said the change is intended to make celebrations more welcoming for children and pets, particularly animals sensitive to loud noise.
Saaliq reported from New Delhi, India. Associated Press writers around the world contributed to this report.
People gather to celebrate the New Year at the Zojoji Buddhist temple, on Wednesday, Dec. 31, 2025 in Tokyo. (AP Photo/Eugene Hoshiko)
A Buddhist prays in front of lanterns on New Year's Eve at the Jogye temple in Seoul, South Korea, Wednesday, Dec. 31, 2025. (AP Photo/Lee Jin-man)
Fireworks burst over the Sydney Harbour Bridge during the New Year celebrations in Sydney, Thursday, Jan. 1, 2026. (AP Photo/Rick Rycroft)
Swimmers enter the water during the traditional Sylvester swim at lake Moossee in Moosseedorf, Switzerland, Wednesday, Dec. 31, 2025. (Anthony Anex/Keystone via AP)
A child poses for a photo with a prosperity decoration to welcome 2026 Year of the Horse, following the Chinese zodiac at a shopping district on new year's eve, in Beijing, Wednesday, Dec. 31, 2025. (AP Photo/Andy Wong)
A person walks by illuminated decorations on New Year's Eve in Seoul, South Korea, Wednesday, Dec. 31, 2025. (AP Photo/Lee Jin-man)
Fireworks burst over the Sydney Harbour Bridge as New Year's celebrations begin in Sydney, Wednesday, Dec. 31, 2025. (AP Photo/Rick Rycroft)
Fireworks burst over the Sydney Harbour Bridge as New Year's celebrations begin in Sydney, Wednesday, Dec. 31, 2025. (AP Photo/Rick Rycroft)
Ryan Seacrest and Rita Ora, hosts of "Dick Clark's New Year's Rockin' Eve with Ryan Seacrest 2026," in New York at the New Year's Eve Times Square Ball on Tuesday, Dec. 30, 2025. (AP Photo/Ted Shaffrey)
A vendor sells New Year's eve party goods at a market in downtown Lima, Peru, Tuesday, Dec. 30, 2025. (AP Photo/Guadalupe Pardo)
A families pose for a photo with a prosperity decoration to welcome 2026 Year of the Horse, following the Chinese zodiac as people visit a shopping district on new year's eve, in Beijing, Wednesday, Dec. 31, 2025. (AP Photo/Andy Wong)
A child poses for a photo with a prosperity decoration to welcome 2026 Year of the Horse, following the Chinese zodiac at a shopping district on new year's eve, in Beijing, Wednesday, Dec. 31, 2025. (AP Photo/Andy Wong)
