Taking Stock: Gains and Losses after Liberation Day Tariffs
Descartes Datamyne global trade data reports changes in U.S. inbound trade, top trade partners, and top imports over the short but impactful life of International Emergency Powers Act (IEEPA) tariffs. Key Takeaways U.S. imports declined 4.5% in the 12 months following Liberation Day. The U.S. trade deficit narrowed as imports slowed. Mexico strengthened its position ...
In the aftermath of Liberation Day tariffs, U.S. imports experienced a 4.5% decline from May 2025 to April 2026, according to Descartes Datamyne global trade data. Prior to the IEEPA tariffs, import growth slowed to 1.7% in April 2025 and flattened through July. The tariffs' impact on imports was uneven, with some countries, like Taiwan and Vietnam, experiencing significant gains due to reciprocal trade agreements, while others faced substantial losses, such as Mexico (-19.8%) and Canada (-15.4%).
Following the Supreme Court's cancellation of the tariffs in February 2026, imports rebounded by 9% year over year in April 2026. The trade deficit narrowed to its lowest level in October 2025 at $20.4 billion, a 39% decline from the previous month. Meanwhile, waterborne import volumes fell by 4.3% over the 12-month period after Liberation Day.
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