#TrumpTariffs

President Trump's tariffs are a key component of his economic policy, aimed at protecting American industries and raising revenue. Here's an overview of the tariffs imposed during his presidency¹:

Tariff Rates and Effective Dates

- Universal Tariff: A 10% tariff on all US imports, with higher rates for specific countries, effective April 2, 2025

- Auto Imports: 25% tariff on autos and certain auto parts, effective April 2, 2025

- Steel and Aluminum: 50% tariff on steel and aluminum products, effective June 4, 2025, after being doubled from 25%

- Chinese-Origin Goods: Tariffs ranging from 90% to 120% ad valorem or $75 to $200 per item, effective May 2, 2025, and June 1, 2025

- Venezuelan Oil: 25% tariff on imports of goods from countries that directly or indirectly purchase Venezuelan oil, effective April 2, 2025

- European Union: 50% tariff on EU imports, delayed until July 9, 2025, for trade negotiations

Impact and Reactions

- The average effective US tariff rate rose to an estimated 27%, the highest level in over a century, due to the Liberation Day tariffs

- The EU has imposed retaliatory 25% tariffs on US goods, including almonds and yachts

- Some countries, like Canada and Mexico, were initially exempt from certain tariffs but may face tariffs under specific circumstances²

Economic Effects

- The Penn Wharton Budget Model has analyzed the economic effects of President Trump's tariffs, providing insights into their impact on the US economy

- Tariffs can lead to higher prices for consumers and businesses, potentially affecting economic growth and trade relationships.