President Trump's Straighty For Making The Great America is good for all. President Trump imposed a 10% tariff on all US imports from all countries, effective April 5, 2025, with higher individualized rates for 82 countries and customs territories, ranging from 11% to 50%, starting April 9, 2025. This move aims to address what Trump describes as "non-reciprocal trade barriers" and "large and persistent US trade deficit".
Tariff Details:
- Baseline Tariff: 10% on all US imports
- Country-Specific Tariffs: Higher rates for 82 countries and customs territories, with rates between 11% and 50%
- Exceptions: Some carve-outs and exemptions, including certain auto parts from Mexico and Canada compliant with USMCA
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Economic Impact:
- Average Effective Tariff Rate: Rose from 2.5% to an estimated 27% between January and April 2025, the highest level in over a century
- Estimated Cost: Yale Budget Lab estimated the tariffs could cost the average American consumer $2,700-$3,400 per year
- Trade War: Trump's tariffs have escalated a trade war with China, with baseline tariffs on Chinese imports raised to 145%, and China imposing a minimum 125% tariff on US goods
Legality:
- Constitutional Authority: The US Constitution grants Congress the authority to levy taxes, including tariffs
- Presidential Authority: Congress has passed laws allowing the President to impose tariffs for national security reasons unilaterally, under Section 232 of the Trade Expansion Act President Trump's make Great America.
