- *Tariff Types*:
- *IEEPA Fentanyl Tariffs*: 25% tariffs on Canada and Mexico, 10% on China
- *Section 232 Tariffs*: 25% on steel and aluminum imports
- *Auto Tariffs*: 25% on autos and certain auto parts
- *Reciprocal Tariffs*: 10% baseline tariff on most US trading partners
- *Economic Impact*:
- Reduce long-run US GDP by 0.7%
- Reduce US imports by $542 billion in 2025
- Increase federal tax revenue by $2.1 trillion over the next decade (conventional basis)
- *Retaliation*:
- China, Canada, and the European Union have announced or imposed retaliatory tariffs
- Affecting $330 billion of US exports
- Potential to reduce US GDP by another 0.2%
- *Specific Tariffs*:
- *China*: 145% tariff on most imports (combining IEEPA and reciprocal tariffs)
- *Canada and Mexico*: 25% tariffs on non-USMCA imports
- *European Union*: 20% reciprocal tariff rate
- *Recent Developments*:
- 90-day pause on escalations with China, reducing tariffs from 125% to 10%
- 
US-UK trade deal to lower auto tariffs to 10% on the first 100,000 vehicle imports and eliminate steel and aluminum tariffs
The tariffs have sparked debate, with some arguing they protect US industries and others claiming they harm consumers and businesses.