#TrumpTariffs What is happening now

1. Tariff levels increased: as of June 4, a 50% tariff was imposed on steel and aluminum (previously it was 25%) .

2. Tariffs on Chinese goods added up to 55% under the new agreement (tariffs + rare earths) .

3. Introduction of a number of new investigations (lead, pharmaceuticals, copper, aviation industry) under section 232.

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⚖️ Legal aspect

• On May 28, the International Trade Court declared most IEEPA tariffs illegal and ordered their immediate suspension .

• However, the Appeals Court temporarily upheld them until July 31, when the next hearings will take place.

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📈 Economic impact

• Consumer inflation in May rose to 2.4%, although slightly lower than expected; part of the increase is attributed to tariffs—especially in the toy and auto sectors .

• Global economic slowdown: The World Bank estimates global GDP growth for 2025 at 2.3%, and Trump's tariffs are one of the key risks.

• Domestic industry: the imposition of 50% tariffs on steel/aluminum has harmed the manufacturing sector (PMI index has fallen for the third month).

• A Penn Wharton study estimates long-term GDP losses at ~6%, wages at -5%, and households at $22,000 over a lifetime .