#TrumpTariffs

Here are the latest updates on Trump's tariffs:

Recent Developments

- *EU Tariffs*: President Trump announced plans to impose a 50% tariff on all imports from the European Union starting June 1, 2025, citing frustration over stalled trade negotiations and unfair trade barriers.

- *Apple Tariff*: Trump also threatened a 25% tariff on Apple products unless the company shifts iPhone manufacturing to the US.

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

- *UK Trade Deal*: Trump announced a "landmark" 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.

Tariff Status by Country

- *Canada*: 25% tariff on most Canadian goods, with energy products facing a lower 10% rate. Canada has responded with 25% tariffs on about $30 billion worth of US goods.

- *Mexico*: 25% tariff on most Mexican goods, with USMCA exemptions. Mexico has responded with its own tariffs, including a 15% duty on US goods.

- *China*: 30% tariff on US goods for 90 days, starting May 12, 2025, as part of the truce.

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

Potential Impact

- *Inflation*: 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 vehicles, potentially reducing production output by 30%.

- *Employment*: Some sectors, like steel manufacturing, have seen job growth, while others face layoffs and reduced production capacity due to increased operational expenses ¹.