#TrumpTariffs President Trump's tariffs are part of a protectionist trade policy aimed at reducing the US trade deficit and promoting domestic manufacturing. Here's a summary

- Tariff Increases: Trump imposed a minimum 10% tariff on all US imports, effective April 5, 2025, with higher tariffs on imports from 57 countries, ranging from 11% to 50%. China faces a baseline tariff rate of 145%.

- Country-Specific Tariffs:

- China: 145% tariff rate, with retaliatory measures including a minimum 125% tariff on US goods and restrictions on rare earth exports.

- Canada and Mexico: Initially imposed 25% tariffs, later granting indefinite exemptions for USMCA-compliant goods.

- European Union: Faces tariffs of 25% on imports, with potential adjustments to reciprocal tariff rates.

- Economic Impact:

- GDP Growth: Downgraded GDP growth projections by the Federal Reserve and OECD, with expectations of a recession.

- Inflation: Increased inflation expectations, potentially boosting consumer prices by 1-1.5%.

- Employment: Estimated loss of up to 500,000 jobs in the US.

- Trade Agreements: The US has begun negotiating trade deals, including reducing tariffs with China for 90 days, and reached a limited framework agreement with the UK.

- Legality: Trump's tariffs are based on Section 232 of the Trade Expansion Act and the National Emergencies Act, allowing the President to impose tariffs for national security reasons.

- Reactions: Critics argue that tariffs will lead to higher consumer prices, reduced economic growth, and increased trade tensions. Supporters believe tariffs will protect domestic industries and promote manufacturing.