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Event 10 · Tariffs

US sets reciprocal tariffs, China curbs rare-earth exports

On 2 April 2025 the US ordered tariffs on imports from all countries, and on 4 April China put seven rare earths under export licensing; the US rate on Chinese goods rose to 125% before a truce in Geneva on 12 May. After Xi and Trump met in Busan on 30 October, China suspended the wider controls it had announced on 9 October, a truce since extended to 10 January 2027.

  • 2 Apr 2025 – ongoingdates
  • 2economies named
  • 3products watched
  • 18sources

Before and after

All goods, Jun 2025 against Jun 2024, lens M (3-month sum against a year earlier). Economies are coloured by the change in their trade; the economies the event names have a dashed ring.

Jun 2025, change against Jun 2024

Loading the network…

What to watch Reporters' monthly imports from China against the same months a year earlier, through the April 2025 escalation, the Geneva cut and the 2026 ruling; rare-earth magnet (8505.11) exports by destination and who else supplies magnets and rare-earth compounds. China has filed only to December 2024, so after that its exports show only as partners' imports.

Measured, not asserted

Changes on a year earlier and in partner shares between Jun 2024 and Jun 2025. They say what moved in the window, not why it moved.

World trade in all goods: change on a year earlier

World trade in all goods, lens M (3-month sum against a year earlier): +1.3% in Jun 2024 (the base), +0.8% in Jun 2025. Lowest since the base: −2.8% in Jan 2025.

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

The named economies’ all goods trade, Jun 2025 against a year earlier

Largest fall: United States imports +0.7%; largest rise: United States exports +4.8%.

Grey rows: the economy had not filed its own report for Jun 2025; the change is read from its partners’ reports.Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

Diversion: partner shares, Jun 2024 to Jun 2025

Largest move: China → United States, −4.5 pp (12.7% → 8.2%).

Each bar is one partner’s share of the economy’s imports (A → B: A supplies B) or exports (A → B: A sells to B), Jun 2024 against Jun 2025.Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

Who gained and lost share of world all goods exports

Shares of world all goods exports, Jun 2024 to Jun 2025: gained most: Hong Kong +1.9 pp; lost most: China −2.1 pp.

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

Who gained and lost share of world permanent magnets of metal (NdFeB, SmCo) exports

Shares of world permanent magnets of metal (NdFeB, SmCo) exports, Jun 2024 to Jun 2025: gained most: Japan +2.9 pp; lost most: China −11.2 pp.

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

Who gained and lost share of world rare earths exports

Shares of world rare earths exports, Jun 2024 to Jun 2025: gained most: Malaysia +13.6 pp; lost most: Myanmar −37.3 pp.

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

Reading the numbers

Documented context for the figures above that run against the event’s headline. The measurements stand as they are; each item cites its sources.

Apr–Jun 2025 spans the 10% baseline tariff (5 April), the 125% rate on China (9 April to the Geneva truce of 12 May) and the first weeks of China's rare-earth licences: the immediate impact, after a first quarter in which US imports ran 25% above a year earlier on front-loading. China's filings end in December 2024, so its figures are read from partners.

  1. How the data are reported

    Hong Kong → China: 0.83% → 26.6% of China's all-goods imports, $5.2bn → $116.6bn (Apr–Jun 2024 → Apr–Jun 2025). China's filings end in December 2024, so the 2025 figure is Hong Kong's export report, which counts re-exports of goods made elsewhere (of HK$295.6bn exported to the US in 2024, HK$289.7bn were re-exports). Importers record goods by country of origin, so in 2024 China reported $18.5bn of imports from Hong Kong against Hong Kong's $378bn of exports to China. [12] [13]

  2. How the data are reported

    China's all-goods exports −13.0% and imports −29.2% on a year earlier (Apr–Jun 2025), both bars grey. China has filed nothing for 2025, so these bars sum what partners reported, and Taiwan (not a Comtrade reporter), Vietnam, Russia and the UAE are missing from the sum. China's customs put first-half 2025 exports at +7.2% and imports at −2.7% in yuan terms; trade with the United States fell 9.3% and trade with ASEAN rose 9.6%. [14] [15] [16]

  3. Substitution

    China → United States: 12.7% → 8.2% of US all-goods imports, $106.2bn → $68.9bn; Vietnam → United States 4.1% → 6.0% (Apr–Jun 2024 → Apr–Jun 2025). Census tables agree: imports from China $100.8bn → $64.7bn in April–June, after a first quarter only 5.5% above 2024, while imports from Vietnam rose $32.9bn → $48.6bn. The WTO attributes early-2025 trade growth to a surge in North American imports ahead of tariff hikes; Vietnam's statistics office puts first-half exports to the US at $70.9bn and imports from China at $84.7bn. [9] [10] [11] [18]

  4. Scope of the measure

    United States imports of permanent magnets −35.7% on a year earlier (Apr–Jun 2025); China 77.0% → 66.4% of them. From 4 April 2025 China's licence covers samarium-cobalt magnets and NdFeB magnets containing terbium or dysprosium, not every magnet in 8505.11. Customs data reported by Reuters: China's magnet exports fell to 1,238 tonnes in May, 74% below a year earlier, then 3,188 tonnes in June, of which 353 tonnes went to the US, up 660% from May. [2] [17]

Partner shares, economy by economy

Each named economy’s five largest partners over the window, in fixed colours, with the rest as Other. The table gives the change in percentage points between Jun 2024 and Jun 2025.

Product

United States: all goods imports by supplier

Mexico: 15.6% in Jun 2024, 16% in Jun 2025 (+0.4 pp).

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

United States: all goods exports by destination

Canada: 14.3% in Jun 2024, 12.2% in Jun 2025 (−2.1 pp).

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

China: all goods imports by supplier

Hong Kong: 0.83% in Jun 2024, 26.6% in Jun 2025 (+25.7 pp).

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

China: all goods exports by destination

United States: 12.2% in Jun 2024, 9.1% in Jun 2025 (−3.1 pp).

Source: UN Comtrade monthly data, all reporters that filed; mirror rule; lens M (3-month sum against a year earlier).

Exports as the partners report them: China has not filed these months.

Timeline

  1. US orders reciprocal tariffs: 10% on all countries from 5 April, higher rates from 9 April [1]
  2. China requires export licences for seven medium and heavy rare earths [2]
  3. US pauses the higher rates for 90 days except for China, whose reciprocal rate rises to 125% [3]
  4. Geneva joint statement: both sides suspend 24 points of their tariffs for 90 days [4]
  5. China adds five rare earths and requires licences for goods containing even trace amounts [5]
  6. Xi and Trump meet in Busan; China agrees to suspend the October expansion for a year [5]
  7. China suspends its October control announcements until 10 November 2026 [6]
  8. US Supreme Court rules that IEEPA does not authorize the President to impose tariffs [7]

What else changed

World exports of all goods changed +0.9% between Jun 2024 and Jun 2025. Jun 2025 is a partial month: the economies that had filed held 84% of 2024 world exports.

Other events in the same window:

Values are in US dollars: prices and exchange rates move them as well as volumes, and this page does not separate them. None of the numbers here says why trade moved.

Documented context for the figures that run against the headline is in “Reading the numbers”, with sources.

Coverage

Who has filed

95 economies had filed Jun 2025, 84% of 2024 world exports. Not yet filed for the latest months on the charts (to Dec 2025): China (imports, exports). In the current store China’s monthly files end in Dec 2024; after that its trade is seen only through its partners’ reports. Korea’s months from Jan 2026 come from the Korea Customs Service.

Sources

  1. Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security · The White House · 2 Apr 2025
  2. 商务部 海关总署公告2025年第18号 公布对部分中重稀土相关物项实施出口管制的决定 (Announcement No. 18 of 2025: export controls on certain medium and heavy rare-earth items) · Ministry of Commerce of China (MOFCOM) and General Administration of Customs · 4 Apr 2025
  3. Modifying Reciprocal Tariff Rates to Reflect Trading Partner Retaliation and Alignment (Executive Order 14266) · The White House · 9 Apr 2025
  4. Joint Statement on U.S.-China Economic and Trade Meeting in Geneva · The White House · 12 May 2025
  5. China to suspend new REE export controls for 1 year · MINING.COM · 30 Oct 2025
  6. 商务部、海关总署公告2025年第70号 公布暂停实施商务部、海关总署公告2025年第55号、56号、57号、58号及商务部公告2025年第61号、62号的决定 (Announcement No. 70 of 2025: suspending Announcements Nos. 55-58, 61 and 62) · Ministry of Commerce of China (MOFCOM) and General Administration of Customs · 7 Nov 2025
  7. Learning Resources, Inc. v. Trump, No. 24-1287 (slip opinion) · Supreme Court of the United States · 20 Feb 2026
  8. 商务部美大司负责人解读第八轮中美经贸磋商成果 (MOFCOM official explains the results of the eighth round of China-US trade talks) · Ministry of Commerce of China (MOFCOM) · 28 Sep 2026
  9. Trade in Goods with China · US Census Bureau, Foreign Trade · no date; accessed 25 Oct 2026
  10. Trade in Goods with Vietnam · US Census Bureau, Foreign Trade · no date; accessed 25 Oct 2026
  11. AI goods and frontloading lift world trade in 2025 but outlook dims for 2026 (Global Trade Outlook and Statistics update) · World Trade Organization · 7 Oct 2025
  12. Hong Kong – US Trade Relations: summary of Hong Kong's merchandise trade with the US · Trade and Industry Department, Hong Kong SAR · no date; accessed 25 Oct 2026
  13. Asymmetries in bilateral trade statistics (presentation by Ronald Jansen, UN Statistics Division) · UN Comtrade (comtradeapi.un.org wiki) · no date; accessed 25 Oct 2026
  14. Reporters reference table (Reporters.json) · UN Comtrade (comtradeapi.un.org) · no date; accessed 25 Oct 2026
  15. Review of China's Foreign Trade in the First Half of 2025 · General Administration of Customs of the People's Republic of China · 14 Jul 2025
  16. China's foreign trade demonstrates resilience despite global headwinds · The State Council of the People's Republic of China (Xinhua) · 14 Jul 2025
  17. China's exports of rare earth magnets to the US surge in June · Reuters (Amy Lv, Colleen Howe), via Kitco News · 21 Jul 2025
  18. Report on socio-economic situation in second quarter and six months of 2025 · National Statistics Office of Viet Nam · 5 Jul 2025

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