#TrumpTariffs

President Trump's tariffs are part of his "America First" trade policy, aiming to reduce the US trade deficit and promote fair trade practices. Here's an overview of the current situation ¹ ²:

- *Baseline Tariff*: A 10% tariff applies to all countries unless replaced by a country-specific rate.

- *Country-Specific Tariffs*: Higher tariffs are imposed on countries with which the US has significant trade deficits, such as:

- *China*: 34% tariff (delayed until August 12 for some imports)

- *India*: 27% tariff (delayed until July 9)

- *EU*: 20% tariff (delayed until July 9, with potential additional tariffs starting June 1)

- *Product-Specific Tariffs*:

- *Aluminum*: 25% tariff (effective March 12, 2025)

- *Steel*: 25% tariff (effective March 12, 2025)

- *Automobiles*: 25% tariff (effective April 3, 2025, with specific rules for USMCA-compliant vehicles)

- *Automobile Parts*: 25% tariff (effective May 3, 2025)

Some exceptions apply, including ²:

- *USMCA-Compliant Goods*: Duty-free treatment for goods from Canada and Mexico under the United States-Mexico-Canada Agreement.

- *Copper, Pharmaceuticals, Semiconductors*: Excluded from reciprocal tariffs.

- *Energy and Certain Minerals*: Excluded from reciprocal tariffs if not available in the US.

The tariffs aim to address trade imbalances, promote US manufacturing, and protect national security. However, potential impacts on global trade and economies are being monitored ¹.