#TrumpTariffs in his second term represent a significant escalation of his "America First" trade policy. As of July 2025, he has implemented steep import duties, notably a universal 10% baseline tariff and much higher "reciprocal tariffs" on specific countries, with rates up to 40% (e.g., Laos, Myanmar). His stated goals are to reduce trade deficits, protect domestic industries, and force fairer trade deals. These tariffs, however, are largely paid by U.S. importers and consumers through higher prices. Many economists warn they risk global trade wars, harm economic growth, and invite retaliation, creating significant international market uncertainty.