#TrumpTariffs

Trump's tariffs refer to the taxes imposed on imported goods by former US President Donald Trump. The aim was to¹:

- *Protect American Industries*: By increasing the cost of imported goods, Trump hoped to encourage Americans to buy domestic products, boost tax revenue, and attract investments.

- *Reduce Trade Deficits*: Trump sought to narrow the gap between US imports and exports, claiming that America was being "exploited" by other countries.

*Key Tariffs Implemented*

- *Steel and Aluminum Imports*: 25% tariff on steel and aluminum imports to safeguard domestic industries and jobs.

- *Vehicles and Auto Parts*: 25% tariff on imported vehicles and auto parts to promote domestic manufacturing.

- *China-Specific Tariffs*: Tariffs ranging from 10% to 145% on Chinese goods, targeting products like electronics, machinery, and furniture.

- *Canada and Mexico Tariffs*: 25% tariff on certain imports from Canada and Mexico, although some exemptions and delays were implemented.

*Economic Impact*

- *Increased Costs*: Tariffs lead to higher prices for consumers and businesses, potentially affecting demand and economic growth.

- *Trade Tensions*: Trump's tariffs sparked retaliatory measures from other countries, escalating trade tensions and impacting global economic stability.

- *Revenue Generation*: Tariffs are expected to generate significant revenue, potentially used to reduce federal debt.

*Potential Consequences*

- *Inflation*: Higher prices due to tariffs could lead to inflation, affecting consumers' purchasing power.

- *Reduced Investment*: Uncertainty surrounding tariffs may deter investments, impacting economic growth.

- *Global Trade Impact*: Trump's tariffs may lead to a decline in international trade, affecting economies worldwide.