#TrumpTariffs President Trump's tariffs are a key part of his economic policy, aiming to protect American industries and workers. Here's a breakdown:
Country-Specific Tariffs
- *China*: 125% tariff rate, suspended until August 12, with a 10% baseline reciprocal tariff rate during this time
- *Canada and Mexico*: 0%-25% tariff rates, depending on the product, with some goods entered duty-free under the USMCA
- *EU*: 20% tariff rate, delayed until July 9, with additional duties ranging from 4.4% to 50% on €8 billion worth of goods
- *India*: 27% tariff rate, delayed until July 9
- *Indonesia*: 32% tariff rate, delayed until July 9
Product-Specific Tariffs
- *Aluminum*: 25% tariff rate, effective March 12, 2025, including beer and empty aluminum cans
- *Automobiles*: 25% tariff rate, effective April 3, 2025, applying to non-USMCA compliant vehicles and non-US content in USMCA-compliant vehicles
- *Automobile Parts*: 25% tariff rate, effective May 3, 2025, with some exceptions for USMCA-compliant parts
Key Updates
- *Suspensions and Delays*: Some country-specific tariffs have been suspended or delayed, including China's country-specific rate suspension starting May 14
- *Reciprocal Tariff Exceptions*: Some products are exempt from reciprocal tariffs, such as aluminum and derivative products subject to Section 232 tariffs¹
These tariffs aim to promote American industries and workers, but their impact on the economy and trade relationships remains to be seen.