President Donald Trump has made many tariff threats and trade promises this year. Many of these measures crystallized into a series of new import taxes, overturning decades of U.S. economic policy — but others have yet to materialize as 2025 draws to a close.
Some of Trump’s unfulfilled threats reflect a broader approach by a president who has used steep tariffs to force other countries into new trade deals, one-off retaliatory measures and even punish political critics. Meanwhile, consumers and businesses around the world are plunged into uncertainty as a growing list of tariffs goes into effect — from Trump’s new punitive duties on imported metals to tit-for-tat levies with major U.S. trading partners like China.
Here’s what Trump said when he announced some of the year’s biggest (yet still unfulfilled) tariff threats and promises, and where they stand now.
external revenue services
In his words:
What happened: As of late December, the IRS had not yet been established. Although administration officials continue to reiterate plans to activate the IRS within Trump’s first months in office, the entity does not yet exist.
200% tariff on European wine, champagne and spirits
In his words:
What happened: The EU’s planned tariffs on American whiskey – unveiled as part of wider retaliation for Trump’s new steel and aluminum tariffs – have been delayed, with the latest delay reportedly lasting until at least February.
Trump’s threat to impose 200% tariffs on European alcohol never materialized. But spirits were not included in this summer’s EU-US trade deal, which imposed a 15% tariff on most European imports.
100% tariff on foreign films
In his words:
What happened: Despite Trump’s repeated threats, the U.S. has not imposed 100% tariffs on foreign films. After he initially pledged to start the process in May, the White House said no final decision had been made. Also unclear is how the U.S. will tax films produced overseas.
Drug tariffs
In his words:
What happened: On October 1, the president did not sign an executive order imposing 100% tariffs on drugs, and as of today, no tariffs have been imposed. But Trump has previously said that he may impose high tariffs on drugs in the future. He told CNBC in August that he would first impose “small tariffs” and may increase the tax rate to 250%. Meanwhile, trade deals with specific countries set their own rates or exemptions – for example, the trade deal with the UK ensures zero tariffs for three years on all UK pharmaceutical exports to the US. The government also announced deals with specific companies that promise to lower drug prices.
100% tariff on computer chips
In his words:
What’s happening: The full 100% acquisition of computer chips has not yet taken effect. Trump did not specify when he planned to impose tariffs in August. Other details remain scarce.
$2,000 tariff bonus
In his words:
What happened: Details are still scarce on how, when and whether the tariff dividend will reach Americans. Budget experts say that number doesn’t hold up. Finance Minister Scott Bessant said that may not mean a check from the government. Instead, Bessant told ABC in November that the rebate would likely take the form of a tax cut. White House National Economic Council Director Kevin Hassett also told CBS News it’s up to Congress.
