#TrumpTariffs Donald Trump's tariffs in his second administration are quite complex. Here's a breakdown¹:
- *Tariff Rates:*
- *China:* 145% baseline tariff, with some shipments subject to 54% tariffs after recent negotiations
- *Other countries:* 10% baseline tariff on nearly all US imports, with sector-specific tariffs like 25% on steel, aluminum and automobiles
- *Trade Wars:*
- *China:* Ongoing trade war with China, with both countries imposing high tariffs on each other's goods
- *Canada and Mexico:* Initially imposed 25% tariffs, later exempted USMCA-compliant goods
- *Key Events:*
- *"Liberation Day":* April 2, 2025, when Trump announced "reciprocal tariffs" on all countries not subject to other sanctions
- *Tariff Suspension:* 90-day suspension of tariffs on goods from 57 countries, except China
- *Impact:*
- *Economic Concerns:* Downgraded GDP growth projections, rising expectations of recession
- *Industry Impact:* US automakers criticized tariffs, warning of price increases and supply chain disruptions
- *Legality:*
- *National Emergencies:* Trump invoked national emergencies to impose tariffs, sparking controversy over executive power
- *WTO Disputes:* Several countries initiated WTO disputes, but the US has blocked new appointments to the Appellate Body
- *Recent Developments:*
- *US-China Deal:* Agreement to cut tariffs on some Chinese shipments to 10% for 90 days
- *UK Trade Deal:* Limited framework to cut tariffs on metal, car exports and American beef, ethanol exports.