#TrumpTariffs Donald Trump's tariffs are taxes imposed on imported goods and services, aimed at protecting American industries and workers. Here's a breakdown of the current situation:

## Key Tariff Actions

- *China Tariffs*: A 10% baseline tariff on all imports from China, with a 90-day pause on escalations, reducing the 125% tariff to 10%. Both the US and China will lower tariffs by 115% while retaining a 10% tariff.

- *Universal Tariff*: A 10% tariff on all imports, exempting certain goods like electronics and USMCA-compliant imports from Canada and Mexico.

- *Auto Tariffs*: 25% tariffs on autos and certain auto parts, excluding US content of imports from Canada and Mexico.

- *Steel and Aluminum Tariffs*: 25% tariffs on steel and aluminum imports, with some country exemptions ended.

## Economic Impact

- *GDP Reduction*: Trump's imposed and scheduled tariffs are estimated to reduce long-run US GDP by 0.7%, with foreign retaliation potentially reducing it further by 0.2%.

- *Revenue Increase*: The tariffs are expected to raise $2.1 trillion in revenue over the next decade, but also increase taxes on US households by $1,190 in 2025 and $1,462 in 2026.

- *Trade Impact*: Tariffs have led to retaliatory measures from countries like China, Canada, and the European Union, affecting $330 billion of US exports ¹.