#TrumpTariffs Trump's tariffs are taxes imposed on imported goods and services, aimed at protecting domestic industries and encouraging fair trade practices. Here are some key points about Trump's tariffs:

#TrumpTariffs Types of Tariffs Imposed

- *Section 232 Tariffs*: Imposed on steel and aluminum imports from all countries, with a 25% tariff on steel and 10-25% tariff on aluminum.

- *IEEPA Tariffs*: Imposed on Canada, Mexico, and China, with tariffs ranging from 10-25% on various goods.

- *Reciprocal Tariffs*: Imposed on nearly every US trading partner, with a baseline tariff of 10% and higher tariffs on trading partners with significant trade surpluses with the US.

- *Product-Specific Tariffs*: Imposed on specific goods like semiconductors, pharmaceuticals, autos, and auto parts.

#TrumpTariffs Economic Impact

- The tariffs are expected to reduce US GDP by 0.7% in the long run.

- The weighted average applied tariff rate on all imports will rise to 15.0%, the highest average rate since 1941.

- Imports are expected to fall by $542 billion in 2025, or 16%.

- The tariffs will increase federal tax revenues by $157.4 billion in 2025, but reduce market income by 1.2% in 2026.

#TrumpTariffs Retaliation from Other Countries

- Countries like China, Canada, and the European Union have imposed or threatened retaliatory tariffs on US exports.