#TrumpTariffs Here’s the latest on #TrumpTariffs, including recent actions, impact, legal developments, and what it means for consumers, investors, and global trade:

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⚙️ Key Developments

• New China Deal: On June 11, Trump announced a preliminary U.S.–China trade agreement, setting a 55% tariff on Chinese imports and a 10% tariff on U.S. goods entering China. In addition, there’s a 10% global reciprocal tariff, a 20% fentanyl-trafficking tariff, and the existing 25% tariff on Chinese goods remains  .

• Steel & Aluminum Tariffs: As of June 4, Section 232 tariffs on steel and aluminum have been raised to 50%, with UK maintaining 25% under current deals .

• Unilateral Threats: Trump is preparing to issue letters to other trading partners, warning of broad unilateral tariffs ahead of a July 9 deadline if no trade deal is reached .

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📈 Economic Effects

• Consumer Prices Rising: Essential baby goods are up about 24% since April, leading to an estimated extra $98 burden per family—and $875 million nationwide in 2025 . Inflation in May ticked up to 2.4% annually, partly due to these tariffs .

• Macroeconomic Drag: The World Bank warns that U.S. GDP growth may halve to 1.4% in 2025 due to tariff pressures. Global growth is forecast at 2.3–2.4%, down from earlier projections . The Penn Wharton model projects a potential 6% drop in long-run U.S. GDP, with average household wages shrinking 5%, and $22 000 lifetime losses per middle-income family .

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🏭 Impact on Industry

• Domestic Manufacturing Mixed: Some industries like steel and aluminum report gains from 50% tariffs—but others suffer from higher input costs and supply chain disruptions .

• Stock Market Volatility: Markets have been jittery—Dow fell over 230 points on tariff fears before rebounding—the VIX spiked, and uncertainty lingers over July’s potential escalation .