#TrumpTariffs

Trump's tariffs are taxes imposed on imported goods from various countries, affecting international trade and the US economy. Here's a breakdown ¹:

- *Tariff Types:*

- *Section 232 Tariffs:* Imposed on steel, aluminum, and autos, citing national security concerns.

- *IEEPA Tariffs:* Imposed on countries like Canada, Mexico, and China, related to fentanyl and economic national emergency.

- *Reciprocal Tariffs:* Aimed at countries with perceived unfair trade practices.

- *Economic Impact:*

- Estimated to reduce US GDP by 0.7% in the long run.

- Potential loss of 685,000 full-time equivalent jobs.

- Increased prices for consumers and businesses.

- *Revenue Generation:*

- Expected to raise $2.1 trillion in revenue over the next decade (conventional basis).

- Dynamic basis estimate: $1.4 trillion.

- *Retaliation:*

- Countries like China, Canada, and the European Union have imposed or announced retaliatory tariffs.

- Affecting $330 billion of US exports.

Some specific tariffs include:

- *Autos:* 25% tariff on autos and certain auto parts.

- *Steel and Aluminum:* 25% tariff on steel and aluminum imports.

- *China:* 10% baseline tariff, with scheduled increases to 125% on certain imports.

- *Canada and Mexico:* 25% tariffs on non-USMCA imports.