#TrumpTariffs Trump tariffs refer to the tariffs imposed during the Trump administration, which can be divided into two periods: 2017-2021 and 2025-present. Here's a breakdown of the tariffs ¹ ²:
Tariff Details
- *Section 232 Tariffs*: 25% tariff on steel imports and 10% tariff on aluminum imports, expanded to cover derivative products and increased aluminum tariff rate to 25%.
- *Section 301 Tariffs*: Tariffs on Chinese goods, including:
- *List 1*: 25% tariff on $34 billion worth of Chinese imports
- *List 2*: 25% tariff on $16 billion worth of Chinese imports
- *List 3*: 10% tariff (later increased to 25%) on $200 billion worth of Chinese imports
- *List 4A*: 15% tariff (later reduced to 7.5%) on $112 billion worth of Chinese imports
- *Reciprocal Tariffs*: 10% baseline tariff on most US trading partners, with higher tariffs on countries with significant trade balances with the US.
- *Country-Specific Tariffs*:
- *Canada and Mexico*: 25% tariffs on certain imports, suspended for 30 days and later exempted for USMCA-compliant imports.
- *China*: 10% tariff on all imports, increased to 145% on most imports due to "reciprocal" tariffs.
- *European Union*: 20% "reciprocal" tariff rate, with plans to impose 50% tariff on EU imports starting June 1.
Economic Impact
The Trump tariffs are estimated to:
- Reduce long-run US GDP by 0.7% to 0.9%
- Increase federal tax revenue by $2.1 trillion over the next decade
- Raise prices and reduce economic output, with potential negative impacts on employment and trade
Retaliation
Countries affected by Trump's tariffs have imposed retaliatory tariffs, including:
- *China*: 34% tariffs on $144 billion worth of US exports, increased to 84% and later reduced to 10% under a 90-day pause.
- *Canada*: 25% tariffs on $20.8 billion worth of US exports.
- *European Union*: 50% tariffs on $8 billion worth of US exports.
