#TrumpTariffs The Trump tariffs have seen significant updates, with President Donald Trump imposing steep tariffs on nearly all goods imported to the US, escalating a trade war with China, Canada, and Mexico. The US trade-weighted average tariff has risen from 2% to an estimated 24%, the highest level in over a century
*Key Tariff Updates:*
- *China Tariffs*: Trump raised baseline tariffs on Chinese imports to an effective 54% after April 9, 2025.
- *Canada and Mexico Tariffs*: A 25% tariff has been imposed on most goods from these countries, with some exemptions for USMCA-compliant goods.
- *Steel and Aluminum Tariffs*: A 25% tariff has been imposed on all steel and aluminum imports, aiming to strengthen domestic production.
- *Automobile and Auto Part Tariffs*: A 25% tariff has been imposed on all imported cars, including those from Mexico and Canada, effective April 3, 2025.
*Impact and Reactions:*
- The tariffs have contributed to lowered GDP growth projections and raised expectations of a recession.
- Economists have criticized the Trump administration's tariff formula as overly simplistic and illogical.
- Some countries, like China, have retaliated with their own tariffs, while others, like Canada and Mexico, have been exempt from some tariffs due to USMCA compliance.
*Exemptions and Exclusions:*
- Six countries have been exempted from reciprocal tariffs: Belarus, Canada, Cuba, Mexico, North Korea, and Russia.
- Some goods, like those from certain remote territories, have been excluded or face lower tariffs due to errors in trade data or population considerations