#TrumpTariffs As of May 14, 2025, the latest developments regarding President Donald Trump's tariff policies, often referred to as "TrumpTariffs," are as follows:
🇺🇸 U.S.–China Tariff Truce
On May 12, 2025, the United States and China agreed to a 90-day suspension of certain tariffs to ease escalating trade tensions. The U.S. reduced tariffs on Chinese goods from 145% to 30%, while China lowered its tariffs on U.S. products from 125% to 10%. This agreement followed negotiations in Geneva and aims to provide a window for further discussions on trade relations.
📊 "Liberation Day" Tariffs
On April 2, 2025, dubbed "Liberation Day," President Trump announced a new tariff structure:
A universal 10% tariff on all imports, excluding Canada and Mexico.
Additional "reciprocal" tariffs on approximately 60 countries, with rates varying based on perceived trade imbalances.
Notably, tariffs on Chinese goods were increased to an effective rate of 54%, and later escalated to 145% before the recent truce.
🏛️ Legal and Political Challenges
President Trump's use of the International Emergency Economic Powers Act (#IEEPA ) to impose tariffs has faced legal scrutiny. A recent federal court hearing questioned the legality of these tariffs, expressing skepticism about the broad executive authority claimed.
In Congress, bipartisan efforts are underway to limit the president's unilateral tariff powers. However, with the House under Republican control, significant legislative changes are unlikely in the immediate future. #TrumpTariffs #BinanceAlphaAlert