#TrumpTariffs Donald Trump's tariffs have had significant economic impacts. The average tariff rate on all imports is expected to rise from 2.5% in 2024 to 18.8% in 2025, the highest average rate since 1933 ¹. These tariffs will cause imports to fall by 28% and reduce US GDP by 0.8% ¹.

*Key Tariff Policies:*

- _IEEPA Fentanyl Tariffs_: 25% tariffs on Canada and Mexico, and 10% tariffs on China ¹.

- _Reciprocal Tariffs_: 10% baseline tariff on all countries, with higher rates on 60 trading partners ¹.

- _Section 232 Steel and Aluminum Tariffs_: 25% tariff on steel and aluminum imports ¹.

- _Section 232 Auto Tariffs_: 25% tariff on auto imports ¹.

*Economic Effects:*

- Reduced after-tax incomes by 2.1% on average ¹.

- Top 1% of taxpayers see a smaller 1.8% reduction in after-tax incomes ¹.

- Increased federal tax revenue by $290.4 billion in 2025 ¹.

These tariffs have also led to retaliation from other countries, including China, Canada, and the European Union ¹.