As of today, April 8, 2025, a series of customs tariffs have been implemented and announced by the person who previously held the position of President of the United States. These measures include a base tariff of 10% on almost all goods imported into the United States, which took effect on April 5, 2025.
In addition, "reciprocal tariffs," with rates ranging from 11% to 50%, are set to take effect on April 9, 2025, targeting imports from over 50 countries based on their trade balances with the United States. Among the higher tariffs announced are rates of 34% on imports from China and 20% on imports from the European Union. These tariffs are in addition to existing tariffs on steel, aluminum, and automobiles.
These trade policies have raised concerns about potential negative impacts on the American economy, a reduction in GDP growth, and the possibility of a recession. Retaliatory tariffs from trading partners are also a major concern. The Tax Foundation estimates that these tariffs could reduce U.S. GDP and decrease after-tax income for Americans. Economists have warned that these measures could disrupt global trade and harm businesses.
It is worth noting that this is not the first time such tariffs have been implemented. During their previous term, similar trade measures were taken, including a trade war with China involving tariffs on a wide range of goods.