#TrumpTariffs President Trump's tariffs are a key component of his economic policy, impacting global trade and the US economy. Here's a breakdown¹ ²:

- *Types of Tariffs*: Trump's administration uses tariffs as a negotiation tool, punitive measure, and macroeconomic tool to protect domestic industries, decrease trade deficits, and increase revenue.

- *Tariff Rates*: The administration has imposed various tariff rates, including:

- *10% universal tariff* on many countries, with higher rates for some trading partners based on their trade balance with the US.

- *25% tariffs* on steel and aluminum imports from certain countries.

- *145% total tariff rate* on most imports from China, combining IEEPA border security and fentanyl tariffs with reciprocal tariffs.

- *Economic Impact*: Trump's tariffs are expected to:

- Raise $2 trillion in revenue over the next decade, but reduce US GDP by 0.8%.

- Increase federal tax revenues by $156.2 billion in 2025, making it the largest tax hike since 1993.

- Amount to an average tax increase of $1,183 per US household in 2025.

- *Retaliation*: Countries like China, Canada, and the European Union have imposed or announced retaliatory tariffs, affecting $330 billion of US exports.

- *Court Rulings*: The US Court of International Trade ruled that the IEEPA tariffs are illegal, but the Trump administration has appealed, and the tariffs remain in effect until the court rules otherwise.

Some key countries affected by Trump's tariffs include:

- *China*: 10% tariffs on all imports, with additional tariffs on certain products.

- *Canada*: 25% tariffs on certain imports, suspended for some products like autos.

- *Mexico*: 25% tariffs on certain imports, suspended for some products like autos.

- *European Union*: 20% reciprocal tariff rate on imports from the EU.

- *Vietnam*: 20% baseline tariff, with a 40% tariff on transshipments.