The Weekly Current

The first week of the Trump administration’s second term met many expectations from the campaign trail, with key issues prioritized on the President’s agenda. However, missing from day one—and the first week—was the implementation of new tariffs. While tariffs have been discussed and identified in executive actions, the exact timing, specific countries, commodities, and mechanisms are still to be determined.

The America First Trade Policy was signed on day one and requires several government agencies to submit reports and recommendations by April 1 on a range of trade issues, including global tariff policies and the feasibility of establishing an External Revenue Service (ERS). During week one, the President referenced February 1—or February in general—multiple times in relation to potential tariffs involving Mexico, Canada, and China, including concerns surrounding fentanyl. However, as of January 28, no tariff actions with a February effective date have been formally implemented.

While importers face no immediate actions, the potential for tariffs surfaced multiple times during the week. On Saturday evening, many went to bed anticipating 25% tariffs on imports from Colombia after the country initially refused to accept U.S. military flights carrying repatriated Colombian nationals. By the following day, the tariff threat had eased after Colombia agreed to accept the flights, while certain visa-related measures remained in place pending the successful return of the first group of deportees.

During an Air Force One press session Monday night, President Trump was questioned about the idea of an “across-the-board” 2.5% tariff reportedly under consideration by incoming Treasury Secretary Scott Bessent. Trump responded, “I have it in my mind what it’s going to be, but I won’t be setting it yet. But it’ll be enough to protect our country.” In the same session, Trump discussed potential tariffs on specific sectors, including semiconductors, pharmaceuticals, steel, copper, aluminum, and automobiles. Several of these sectors have previously been affected by tariff exclusions or other trade measures and are also areas of focus for domestic manufacturing initiatives.