#TrumpTariffs President Trump's tariffs in 2025 aim to significantly impact global trade, with far-reaching consequences for the US economy. Here's a breakdown of the key aspects ¹ ² ³:

- *Tariff Rates*: A minimum 10% tariff on all US imports, with higher rates on imports from 57 specific countries, ranging from 11% to 50% or more. For instance, China faces a 145% tariff rate, while Canada and Mexico initially faced 25% tariffs, later suspended for certain goods.

- *Economic Impact*: The Tax Foundation estimates Trump's tariffs will reduce long-run GDP by 0.7% to 6%, with potential long-term losses equivalent to $80-110 billion annually. This could lead to slower GDP growth, reduced employment, and increased prices for consumers.

- *Revenue Generation*: The tariffs are projected to raise $2.1 trillion in revenue over the next decade on a conventional basis, but only $1.4 trillion on a dynamic basis, considering the negative effects on the US economy.

- *Trade Partners' Response*: Countries like Canada, Mexico, China, and the European Union have announced or imposed retaliatory tariffs, affecting $330 billion of US exports. China has agreed to a 90-day suspension of high retaliatory tariffs, reducing its tariffs on US goods from 125% to 10%.

- *Sector-Specific Tariffs*:

- *Automobiles*: 25% tariff on auto imports, potentially adding $3,000 to $6,000 to vehicle prices.

- *Steel and Aluminum*: 25% tariff on steel and aluminum imports, with some exemptions.

- *Semiconductors and Pharmaceuticals*: Threatened 25% tariffs.

- *Agricultural Products*: Tariffs on "external" agricultural products, starting April 2, 2025.

- *Recent Developments*:

- A trade deal with the UK would lower auto tariffs to 10% on the first 100,000 vehicle imports and eliminate steel and aluminum tariffs.

- A 90-day truce with China reduces tariffs on Chinese imports from 145% to 30%, while China cuts its tariffs on US goods from 125% to 10%.