#TrumpTariffs Donald Trump's tariffs are a key component of his economic policy, aimed at protecting American industries and workers. Here's a breakdown ¹:

- *Tariff Rates:*

- *Average Effective US Tariff Rate:* rose to 27%, the highest level in over a century

- *China:* baseline tariffs on Chinese imports increased to 145%

- *Canada and Mexico:* initially imposed 25% tariff, later granted exemptions for USMCA-compliant goods

- *Steel and Aluminum:* 25% tariff on all imports

- *Automobiles:* 25% tariff on all imported cars

- *Rationale:*

- Trump frames these actions as efforts to hold countries accountable for contraband drug trafficking, illegal immigration, and unfair trade practices

- Aims to support domestic manufacturing and reduce trade deficits

- *Impact:*

- Downgraded GDP growth projections by the Federal Reserve and OECD