#TrumpTariffs

The Trump tariffs refer to a series of taxes imposed on imported goods by the United States under former President Donald Trump's administration, with some continuing into the current administration. These tariffs aim to protect American industries but have sparked controversy and retaliatory measures from other countries.

Key Tariff Proposals and Implementations:

-Universal Tariff:A 10% tariff on all imports, with higher rates for specific countries based on their trade balance with the US

- Country-Specific Tariffs:

- China:20% tariff on all imports, plus an additional 125% tariff on certain goods, totaling 145% on most imports

-Canada and Mexico:25% tariffs on non-USMCA imports, initially suspended for 30 days

-European Union:20% "reciprocal" tariff rate

-Product-Specific Tariffs:

- Steel and Aluminum:25% and 10% tariffs, respectively, expanded to cover more products and countries

-Autos: 25% tariff on all auto imports, exempting USMCA-compliant imports

Economic Impact:

-GDP Reduction: Estimated 0.7% reduction in long-run US GDP before foreign retaliation

-Job Losses:Estimated 685,000 full-time equivalent job losses

-Tax Revenue:Estimated $2.1 trillion increase in federal tax revenue over 10 years on a conventional basis, but $1.4 trillion on a dynamic basis

-Trade Impact: Imports expected to fall by 16% ($542 billion) in 2025

Retaliation:

-China:Imposed 84% tariffs on all US exports, later reduced to 10% under a 90-day pause

-Canada:Imposed 25% tariffs on $20.8 billion of US exports

-European Union:Imposed tariffs of up to 50% on $8 billion of US exports.