1. Market insights
  2. US trade policies and tariffs

US trade policies and tariffs

A look at the global economic impacts of new US trade measures

Sign up for weekly updates

Sign up today to get the best of our expert insight in your inbox.

For details on how your data is used and stored, see our Privacy Notice.
 

The resurgence of trade tensions

Following the 2024 US presidential election, Donald Trump's return to office has ushered in a new era of trade policies, reminiscent of his first term but with renewed vigour and broader scope. This shift in America's trade stance has sent ripples through the global economy, prompting a reassessment of international trade relationships and economic strategies worldwide. 

Iconic Manhattan skyline, with a close-up of the Empire State building, New York City

What are President Trump's new trade policies?

President Trump's latest trade initiatives, enacted shortly after taking office in 2025, include heightened tariffs on a wider range of imported goods, particularly targeting China and several other key trading partners. These measures aim to reduce the US trade deficit, boost domestic manufacturing, and reshape global supply chains in favour of American interests. 

International flags in front of high-rise building.

How is the global economy responding?

The international community has reacted swiftly to these policy changes, with many countries implementing retaliatory measures. This has led to increased volatility in global markets, shifts in investment patterns, and a reconfiguration of international trade flows. The ripple effects are being felt across various sectors, from technology and agriculture to heavy industry and consumer goods.

How is this impacting different industries?

Our ongoing analysis delves into the consequences of these new trade policies across power and renewables, commodities and metals and mining.

This hub serves as a central resource for our continually updated insights into the evolving impacts of President Trump's trade policies, offering a comprehensive view of this unfolding global economic scenario.

Capitol Hill Building and reflection in the Capitol Lake, at dusk. Washington DC, USA.
Featured

Horizons | Trading cases: tariff scenarios for taxing times

Uncertain times require planning for divergent outcomes. Horizons sets out three distinct scenarios that consider the potential impacts on four sectors: oil, gas and LNG, renewable power, and metals and mining.

Explore the scenarios

Navigate tariff turbulence with our new P&R Supply Chain and Cost Hub

Find out more

The energy transition outlook

Read our latest US trade and tariffs content

Tariffs begin to redirect global energy trade flows

The full impact of the new tariffs has not yet worked through world markets, but US energy exports to China have been falling

Liberation Day tariffs threaten to disrupt US wind and solar industries

Our experts unpack how the new tariffs are sparking turbulence in US clean energy - raising costs, straining supply chains and casting uncertainty over future wind and solar projects

What do the tariff wars mean for low-carbon energy?

Tariffs, AI and clean energy collide - industry experts reveal what’s next for solar and storage in an unpredictable global market.

Solar import duties highlight the challenges in building up US manufacturing

Can tariffs jump-start US solar manufacturing or are they putting progress at risk? Explore the policy shake-ups reshaping the future of American solar.

Have policy headwinds pushed electric vehicles into the slow lane?

After strong global growth last year headwinds from the West will have a decelerating effect for EVs and the battery supply chain.

Tariff shockwaves shake the energy industry

Steep new US tariffs and global retaliation send shockwaves through energy markets - discover what it means for prices, demand and industry investment.

Tariffs - implications for the oil and gas sector

Tariffs could shake up oil and gas markets – find out how companies are preparing for price volatility, capital discipline and potential M&A opportunities in a turbulent landscape.

Can energy close US trade gaps?

Buoyant US oil and gas exports can only be a partial solution to the deficits targeted by the Trump administration

US tariffs push Canada to consider alternative export routes

The cost of the threatened 10% tariff on oil and gas would fall mainly on Canadian producers, because they are tied to the US market

Reduced flow on several US-bound Canadian pipelines following introduction of tariffs

On 4 March, the United States imposed 25% tariffs on imports from Canada and Mexico. A 10% exception was given to energy imports from Canada – including oil and gas – highlighting the imperative co-dependency between Canadian producers and US refiners.

Supply chain call to action: navigating tariff uncertainty today

Our new checklist provides a list of urgent actions for supply chain resilience across the power and renewables industry

Pressure builds on US energy tax credits

US energy policy is shifting - what does it mean for renewables, oil and gas?

What do President Trump’s tariffs mean for energy?

How will Trump’s latest tariffs impact US energy, trade and climate goals?

US tariff announcements add to uncertainty

Trump’s latest tariffs could drive up costs for US energy companies and disrupt global trade.

7 questions about Trump tariffs and their impact on the North American oil market answered

US threats and potential retaliation from Canada and Mexico create a range of possible scenarios.

US oil tariffs on Canada and Mexico would significantly impact North American crude flows

US oil tariffs on Canada and Mexico would initiate a significant shift in crude flows in North America as higher prices would push a portion of US imports into overseas markets, according to a recent report from Wood Mackenzie.

Questions over the Trump administration’s plans for solar and wind

Trump administration’s renewable energy restrictions could impact U.S. solar and wind projects, conflicting with efforts to boost electricity supply for AI data centers. Learn how policy shifts, tax credits, and grid challenges shape the future of clean energy.

A second Trump administration

A new Trump administration will have huge influence across both the domestic and international arenas. Introducing more import tariffs, abandoning climate policy and resolving conflicts are all high on the agenda. There are major implications for the energy and natural resources sectors.