#TrumpTariffs

Trump intensified the trade war with China, raising the basic tariffs on Chinese imports to 145%. In retaliation, China imposed a minimum tariff of 125% on American products and restricted the exports of rare earths, crucial for high-tech industries. Trump also initiated a trade war with Canada and Mexico by imposing a 25% tariff on both countries, but later granted indefinite exemptions for products that complied with the USMCA. He presented these actions as efforts to hold countries accountable for drug smuggling and illegal immigration while supporting domestic manufacturing. [3] [4] Subsequently, Trump added a 25% tariff on steel, aluminum, and cars from all countries.

On April 2, a day he called 'Liberation Day,' Trump announced a minimum tariff of 10% on all US imports, effective from April 5, and higher tariffs on imports from 57 countries. The announcement of these controversial [5] [6] [7] [8] 'reciprocal tariffs' provoked retaliation from trading partners and triggered a stock market crash.