#TrumpTariffs Donald Trump's tariff policies aim to boost federal revenue, increase jobs, and promote domestic manufacturing. His approach involves using tariffs as a negotiation tool, punitive measure, and macroeconomic strategy.
*Key Tariff Proposals:*
- *Universal Tariff*: 10-20% tariffs on imports from all countries
- *China-Specific Tariff*: 60% or higher tariff on imports from China
- *Reciprocal Tariffs*: Tariffs matching or exceeding those imposed by other nations on US exports
*Economic Impact:*
- Increased federal revenue, potentially up to $2.7 trillion
- Higher costs for American consumers, potentially $1,700-$6,000 per household annually
- Potential reduction in economic growth and employment
*Legal Authorities:*
- International Emergency Economic Powers Act (IEEPA)
- Section 301 of the Trade Act of 1974
- Section 232 of the Trade Expansion Act of 1962
*Controversies and Criticisms:*
- Potential overstepping of executive power
- Negative impact on trade relationships and global economy
- Disproportionate burden on certain industries and consumers¹ ²
