Here are some key points about Trump tariffs:
- *Tariff Rates*: The average effective US tariff rate has risen to 27%, the highest level in over a century, with baseline tariffs on Chinese imports at 145% and 25% on steel, aluminum, and automobiles from all countries.
- *Trade Wars*: The #US has initiated trade wars with China, Canada, and Mexico, with China imposing a minimum 125% tariff on US goods and restricting rare earth exports.
- *Recent Developments*:
- The #US and #China agreed to cut tariffs introduced after "Liberation Day" to 10% for 90 days.
- The US and UK signed a limited trade deal reducing tariffs on metal, car exports, and American beef and ethanol exports.
- Trump announced plans to impose a 100% tariff on films produced in foreign lands, citing national security concerns.
- *Economic Impact*: Higher tariffs have contributed to downgraded GDP growth projections and rising expectations of a recession.
- *Legality*: Trump's tariffs have sparked controversy, with many economists and legal experts questioning their legitimacy under international trade rules and US law ¹.