#TrumpTariffs #TrumpTariffs
US President Donald Trump's tariff updates are as follows.
- *Global Tariffs*: A universal 10% tariff on all imports from all countries was imposed on April 5, 2025, with elevated tariffs on 57 nations.
- *Country-Specific Tariffs*: Countries face varying tariff rates, such as:
- *China*: 104% total tariff, including an additional 50% tariff announced on April 8, 2025
- *Canada and Mexico*: 25% tariff on most imports, with a 10% tariff on Canadian energy products
- *EU*: Potential 50% tariff on goods, initially set for June 1 but pushed to July 9 and now August 1
- *South Africa*: 31% reciprocal tariff imposed on April 2, 2025
- *South Korea*: 25% tariff imposed on April 2, 2025
- *Israel*: 17% import duty imposed on April 2, 2025
- *Zimbabwe*: 18% tariff imposed on April 2, 2025
- *Singapore*: 10% tariff imposed on April 2, 2025
- *New Tariff Rates*: Letters have been sent to multiple countries, including 14 key trading partners, warning of new reciprocal tariff rates effective August 1, 2025, ranging up to 70%.
- *August Deadline*: Countries have until August 1 to reach agreements; otherwise, additional tariffs will be imposed.
- *Impact*: US firms plan to pass on the costs of Trump's tariffs to consumers, according to Federal Reserve minutes.