TRUMP'S TARIFFS
Donald Trump's tariff strategy for his second presidency resumes and intensifies his protectionist "America First" policy. The key objectives are to reduce the trade deficit, protect industry and jobs in the U.S., and use tariffs as leverage to force trade renegotiations.
To implement these measures, Trump justifies the tariffs primarily under the national security clause (Section 232), although their use has expanded to include issues such as immigration and drug trafficking, which many consider a negotiation tactic and tool of foreign policy.
The tariff plans for this second term are higher, broader, and with fewer exceptions than in the first, including a universal tariff of 10%, customized reciprocal tariffs, increases on steel and aluminum, significant tariffs on Canada and Mexico (also linked to immigration and fentanyl), and 25% on automobiles and auto parts. A substantial increase in tariffs on China is planned, potentially reaching up to 125% or 145%. "Secondary tariffs" have also been introduced against third countries that trade with target nations like Venezuela.
The impact of this strategy is significant, generating high economic uncertainty and causing sharp declines in financial markets. In the U.S., it translates to higher costs for consumers and businesses, with projections of lower GDP and household purchasing power. Globally, it is seen as a return to a fragmented and destabilized world, generating retaliation from other countries and undermining the WTO dispute resolution system.