#TrumpTariffs 🇺🇸 #TrumpTariffs – What is happening?

📅 Background: "Liberation Day Tariffs" (April 2025)

On April 2, 2025, President Trump signed an executive order imposing a base tariff of 10% on all imports, citing a "national economic emergency" due to trade deficits.

Some countries face even higher tariffs, up to 30-40%, depending on the trade deficit with the U.S.

The low-value exemption (“de minimis”) for products from China was also removed.

This triggered a collapse in global financial markets, with a 10% drop in two days in U.S. and European stock exchanges.

⚖️ Legal Situation

In May 2025, a federal court declared that these tariffs were illegal under the International Emergency Economic Powers Act (IEEPA), but the measure remains in effect while the decision is appealed.

Other tariffs imposed for national security (such as those on steel or automobiles under Section 232) remain legal.

📊 Current Status (August 2025)

Country / Region Current Tariff

Global (base) 10%

Canada 35%

Switzerland 39%

Myanmar / Laos ~40%

China / India Under negotiation / no agreement

EU / United Kingdom Bilateral agreements in process

As of August 7, 2025, more tariffs on $3 trillion worth of imports from over 60 countries are set to take effect.