#TrumpTariffs

Here's the latest news and updates on Trump Tariffs:

Recent Developments

- *US-China Tariff Deal*: The US and China have agreed to a 90-day suspension and reduction of tariffs starting May 12, 2025. US tariffs on Chinese goods will be lowered from 145% to 30%, while China will reduce its tariffs on American products from 125% to 10%.

- *Trade Deal with UK*: President Trump announced a trade deal with the UK, which will see the US lower tariffs on British steel, aluminum, and automobiles. Tariffs on UK-made cars will drop from 25% to 10%, with up to 100,000 vehicles per year allowed at the reduced rate.

- *Movie Tariffs*: Trump announced a 100% tariff on foreign-made films imported for American audiences, aiming to protect American jobs and the domestic film industry ¹.

Tariff Status by Country

- *China*: 30% tariff on US goods for 90 days, maintainable baseline tariff of 10%

- *Canada*: 25% tariff on most Canadian imports, with some exemptions

- *Mexico*: 25% tariff on most Mexican goods, with USMCA exemptions

- *EU*: 25% tariffs on EU steel, aluminum, and cars, with a 10% tariff on almost all other EU goods

Economic Impact

- *Inflation Concerns*: Higher tariffs could exacerbate inflation as manufacturers pass increased costs onto consumers.

- *Automotive Industry*: Auto tariffs could add $3,000 to $6,000 to the cost of US-manufactured vehicles.

- *Employment*: Some sectors, like steel manufacturing, have seen job growth, while others face layoffs and reduced production capacity ¹.#TrumpTariffs #