#TrumpTariffs "Trump Tariffs" refers to the protectionist trade policies implemented by President Donald Trump during his first term (2017-2021) and continued into his current, second term, which began in 2025. These policies primarily involve the imposition of import taxes (tariffs) on goods from various countries.

Here's a summary of key aspects and impacts of Trump's tariffs:

Key Characteristics and Goals:

* Protectionism: The primary goal is to protect domestic industries from foreign competition, with the belief that tariffs will create more American jobs and shrink trade deficits.

* "America First" Trade Policy: This approach prioritizes American economic interests and aims to re-industrialize the U.S. and revive manufacturing.

* Reciprocal and Retaliatory Tariffs: Trump's policy often involves imposing tariffs on other countries that match the tariffs those countries impose on U.S. goods, or as a response to perceived unfair trade practices.

* Targeted Sectors: Initially, tariffs were placed on solar panels, washing machines, steel (25%), and aluminum (10%).

* Broad Application: In his second term, Trump has enacted steep protective tariffs affecting nearly all goods imported into the U.S. The average effective U.S. tariff rate rose significantly from January to April 2025.

* Use of IEEPA: Trump has frequently invoked the International Emergency Economic Powers Act (IEEPA) to impose tariffs, citing national security or economic emergencies (e.g., related to fentanyl trafficking from Canada, Mexico, and China, or a general economic national emergency).

Impacts and Consequences:

Increased Costs for Importers and Consumers: While Trump argues that foreign nations pay the tariffs, economists widely agree that American importers pay them, and these costs are typically passed on to consumers through higher prices. This can reduce purchasing power and slow consumer demand.

Global Economic Slowdown: The tariffs are projected to cause a sharper slowdown in economic growth in the U.S. and globally. Organizations like the OECD have forecast reduced GDP growth.