#TrumpTariffs President Trump's tariffs are significantly impacting global trade, with the average effective US tariff rate rising to an estimated 27% - the highest level in over a century. Here's a breakdown of the current situation ¹:

Key Tariff Rates

- *China*: Baseline tariffs on Chinese imports have been raised to 145%, with China retaliating by imposing a minimum 125% tariff on US goods and restricting exports of rare earths critical to high-tech industries.

- *Canada and Mexico*: Trump imposed a 25% tariff on both countries, framing it as a measure to hold them accountable for contraband drug trafficking and illegal immigration. However, he later granted indefinite exemptions for goods compliant with the USMCA.

- *Universal Tariff*: A minimum 10% tariff on all US imports was announced, effective April 5, with higher tariffs on imports from 57 countries ranging from 11% to 50%. These higher tariffs were suspended for 90 days for all countries except China.

Economic Impact

- The tariffs are expected to reduce long-run US GDP by 0.7%, with the imposed and scheduled tariffs increasing federal tax revenues by $157.4 billion in 2025.

- The average US household is estimated to face a tax increase of over $1,190 in 2025 and $1,462 in 2026 due to the tariffs.

- Critics argue that tariffs are fees paid by US consumers and businesses, either directly or through increased prices, and may lead to higher prices and reduced consumer choice ².

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*Key Statistics:*

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