#TariffsPause Tariffs imposed by the Trump administration have been a subject of controversy. Here's what's happening:

- *Tariff Rates*: The average effective US tariff rate has risen from 2.5% to an estimated 27%, the highest level in over a century. Trump enacted steep protective tariffs affecting nearly all goods imported into the US.

- *Trade Wars*: The US has ongoing trade wars with China, Canada and Mexico. Trump imposed 25% tariffs on steel, aluminum and automobiles from all countries, and 145% tariffs on Chinese imports. China retaliated with 125% tariffs on US goods.

- *Impact*: The tariffs have contributed to downgraded GDP growth projections and rising expectations of a recession. Some economists criticize the tariffs, saying they lead to higher prices, larger deficits and greater inequality.

*Key Developments:*

- *April 2 Announcement*: Trump announced a minimum 10% tariff on all US imports, effective April 5, and higher tariffs on imports from 57 countries.

- *De Minimis Exemption*: The exemption was closed for China starting May 2, with imports subject to duties of 120% of shipment value or $100 per package.

- *Solar Panels*: The Commerce department finalized plans with tariffs ranging from 41% to 3,521% on Chinese solar panel makers.

*Reactions:*

- *Market Response*: The stock market crashed after the tariff announcement, with Trump saying markets would "boom" despite continued market falls.

- *Public Opinion*: A Reuters/Ipsos poll found 73% of Americans expect price surges under Trump tariffs, while 57% oppose them ¹.