#TrumpTariffs

📅 Timeline and Scope of Tariffs

April 2, 2025 ("Liberation Day"): Trump announced a basic tariff of approximately 10% on all imports using powers under the International Economic Emergency Powers Act (IEEPA), with sectoral tariffs reaching 25%–50%, and tariffs on Chinese goods possibly reaching 145%.

July 9, 2025: A 90-day suspension period on many of the higher tariffs ended — leaving the basic tariff at 10% — while higher tariffs are expected to resume later.

New date – August 1: Commerce Secretary Lutnik confirmed that most tariffs will take effect on August 1, with messages sent to trading partners by July 9, including an additional 10% tariff on countries allied with "BRICS".

🌍 Global Reactions and Markets

Mixed impact on markets: Stock futures fell and the US dollar rose following the tariff announcements. Asian and European indices experienced varied fluctuations, and prices for industrial metals fell.

Rejection by BRICS Group: BRICS countries condemned this US move, describing it as "coercive" and inconsistent with the principles of the World Trade Organization.

⚖️ Economic Impacts and Legal Challenges

Costs on American Businesses: An AP study estimated that business owners in the United States