#TrumpTariffs Let's break down the key points about Trump Tariffs:

Current Tariff Status

- *Steel and Aluminum Tariffs*: Increased to 50% on June 4, 2025, with existing exemptions ended on March 12, 2025.

- *Automobile Tariffs*: 25% tariff on autos and certain auto parts, effective April 3, 2025, for autos and May 3, 2025, for auto parts.

- *Universal Tariff*: 10% tariff on all imported goods, effective April 5, 2025, with some exclusions.

- *China Tariffs*: 145% tariff on Chinese goods, paused for 90 days pending trade talks.

Economic Impact

- Estimated to reduce long-run US GDP by 0.8-1.3%, depending on the scope of tariffs and foreign retaliation.

- Potential increase in federal tax revenues by $156.4 billion in 2025, making it the largest tax hike since 1993.

- Average tax increase per US household estimated at $1,183 in 2025 and $1,445 in 2026 ¹.

Retaliation and Trade Agreements

- Countries like China, Canada, and the European Union have announced or imposed retaliatory tariffs.

- The US Court of International Trade ruled the IEEPA tariffs unconstitutional, but the ruling is being appealed ¹ ².