Throughout this year, President Donald Trump has issued numerous threats concerning tariffs and made bold trade promises. Many of these have led to a significant wave of new import taxes that have shifted the direction of U.S. economic policy, although some have yet to materialize as we approach the end of 2025.

Trump’s unfulfilled tariff threats highlight his strategy of leveraging high tariffs to coerce countries into negotiating new trade agreements, retaliate against trade barriers, or penalize political adversaries. This approach coincided with the implementation of various tariffs, including new taxes on imported metals and reciprocal tariffs with key trading partners like China, resulting in widespread uncertainty for consumers and businesses globally.

Here’s a closer look at some of Trump’s major, yet-to-be-realized, tariff threats and promises from this year and their current status.

External Revenue Service

In his own words:

What happened: The External Revenue Service has yet to be established as of the end of December. While administration officials continued to reiterate plans for launching the External Revenue Service during Trump’s first months back 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 levy on American whiskey — which it unveiled as part of broader retaliation in response to Trump’s new steel and aluminum tariffs — was postponed, with the latest delay reportedly running until at least February.

Trump’s 200% tariff threat on European alcohol never materialized. But spirits were not included in the EU-U.S. trade deal struck over the summer, which set a 15% rate on most European imports.

100% tariff on foreign-made films

In his words:

What happened: Despite Trump’s repeated threats, the U.S. has yet to impose a 100% tariff on foreign films. After his initial May promise to initiate the process, the White House said no final decision had been made. Also still unclear is how the U.S. would tax a movie made overseas.

Tariffs on pharmaceutical drugs

In his words:

What happened: The president did not sign an executive order imposing a 100% tariff on pharma products on Oct. 1 and, as of today, no levy has been put into place. But Trump previously suggested that steep levies on pharmaceutical drugs could arrive further down the road, telling CNBC in August that he would start by charging a “small tariff” and potentially raise the rate as high as 250%. Meanwhile, trade agreements with specific countries set their own rates or exemptions — with the U.K., for example, securing a 0% tariff on all British medicine exported to the U.S. for three years. The administration also announced deals with specific companies with promises of lower drug prices.

100% tariff on computer chips

In his words:

What happened: A sweeping 100% on computer chips has yet to go into effect. When announcing his plans to impose the levy back in August, Trump was not specific about the timing. And other details have remained scarce.

$2,000 tariff dividend

In his words:

What happened: Details about how, when and if a tariff dividend will reach Americans are still scarce. Budget experts have said that the math doesn’t add up. And Treasury Secretary Scott Bessent suggested that it might not mean checks from the government. Instead, Bessent told ABC in November, the rebate might take the form of tax cuts. White House National Economic Council Director Kevin Hassett also told CBS News that it’s up to Congress.