#TrumpTariffs President Trump has launched sweeping tariffs in 2025, including a universal 10 percent levy and targeted duties (up to 50 percent on steel/aluminum, cars, vehicles) under IEEPA and Section 232 authorities . A “Liberation Day” pause ends July 9, when new reciprocal tariffs will hit dozens of countries . Economists warn these measures may shrink U.S. GDP by ~6 percent, lower wages 5 percent, and impose lifetime losses near $22,000 per household . U.S. businesses—especially mid‑sized firms—are incurring tens of billions in costs, likely passed to consumers . Critics argue the tariffs could trigger inflation, supply‑chain disruptions, and international retaliation despite claims of protecting American industry.