#TrumpTariffs Donald Trump's tariffs are a series of protective tariffs imposed on imported goods to the United States, aimed at reducing trade deficits and promoting domestic production. Here's a breakdown of the key points ¹ ² ³:
- *Universal 10% Tariff*: A 10% tariff was imposed on all imports from all countries, effective April 5, 2025, as part of a national emergency declaration related to persistent US trade deficits.
- *Country-Specific Tariffs*:
- *China*: 145% tariff, resulting from a combination of existing tariffs and additional 50% tariffs announced on April 8, 2025, and a 20% tariff related to fentanyl production.
- *Canada and Mexico*: 25% tariff on most goods, with exemptions for goods compliant with the USMCA.
- *European Union*: 50% tariff planned, but delayed to July 9, 2025.
- *Other Countries*: 25% tariffs imposed on countries like Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, and Myanmar.
- *Steel and Aluminum Tariffs*:
- *Initial Tariffs*: 25% tariff on steel and aluminum imports, expanded to include empty aluminum cans and canned beer.
- *Increased Tariffs*: Steel and aluminum tariffs doubled to 50% effective June 4, 2025.
- *Rationale and Impact*:
- *Goals*: Protect American industries, reduce trade deficits, and encourage countries to lower trade barriers.
- *Potential Consequences*: Higher consumer prices, mixed effects on domestic manufacturing, and risks of global trade disputes and retaliation.
- *Reactions and Retaliation*:
- *China*: Imposed 34% tariffs on US goods, extended until August 31, 2025, and curbed exports of rare earth elements.
- *European Union and Canada*: Announced counter-tariffs in response to US actions.
- *Other Countries*: Criticized US actions, with some considering retaliatory measures.