#TrumpTariffs The Trump tariffs have had a significant impact on the US economy and trade relationships with other countries. President Trump imposed tariffs on various countries, including China, Canada, Mexico, and the European Union, affecting over $1 trillion in imports ¹.

*Key Tariffs and Their Effects:*

- _Tariffs on China_: A 10% tariff on all imports from China, with plans to increase it to 20% ¹.

- _Tariffs on Canada and Mexico_: 25% tariffs on imports from both countries, with exemptions for autos and USMCA-compliant imports ¹.

- _Steel and Aluminum Tariffs_: 25% tariffs on steel and aluminum imports, with no country exemptions ¹.

- _Auto Tariffs_: 25% tariffs on auto imports, excluding US content from Canada and Mexico ¹.

These tariffs have led to retaliatory measures from affected countries, resulting in a trade war that has reduced US economic output by an estimated 0.4% and led to job losses ¹.

*Economic Impact:*

- Reduced US GDP by 0.4% ¹

- Lost 358,000 full-time equivalent jobs ¹

- Increased average tariff rate on all imports to 8.4%, the highest since 1946 ¹

The Trump tariffs have been a contentious issue, with proponents arguing they protect American industries and jobs, while critics claim they harm US businesses and consumers.