#TrumpTariffs

President Donald Trump's tariff policy aims to reshape America's trade relations by imposing taxes on imported goods. The current structure includes a 10% baseline tariff on most imports, effective April 5, 2025, and higher reciprocal tariffs on 57 trade partners with which the US has trade deficits. Country-specific tariffs include 145% on Chinese imports, 20% on Vietnamese exports, and 25% on steel and aluminum imports from the UK. The administration hopes to protect American industries, reduce trade deficits, and negotiate better trade deals. However, critics argue that tariffs can lead to higher consumer prices, trade retaliation, and disrupted global supply chains. The impact on the US economy is debated, with potential revenue gains of up to $3.3 trillion over 10 years, but also potential losses of $2,900 in real income per taxpayer in 2026. Trump's tariffs have generated significant revenue, with $37.8 billion collected in April and May 2025, but critics warn of lasting damage to global trade and US consumers.