#TrumpTariffs

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Scope and scale: From January to April 2025, the average import tariff in the U.S. increased from 2.5% to about 27%, the highest in over a century. From April 5, 2025, all imported goods are subject to a 10% tax, along with higher "reciprocal" tariffs for countries with large trade deficits with the U.S. (from April 9, 2025). The tariffs are imposed under the International Economic Emergency Powers Act (IEEPA), citing a national emergency due to trade deficits.

-Tariffs apply to many countries, for example: Israel 17%, Japan 24%, Taiwan 32% (except semiconductors), Singapore 10%. More than 70 countries have been temporarily exempted from the high tariffs in April 2025, reverting to 10% for negotiations. India has proposed exempting tariffs on auto parts, while Japan and Israel are affected by the market.

- Economic impact: The tariffs are expected to bring in $46.6 billion by May 8, 2025, an increase of 46.3% compared to the same period last year, but not enough to replace income from income taxes ($2.4 trillion in 2024). Imports are expected to decrease by $542 billion (16%) in 2025, with U.S. GDP projected to decline by 0.7%. Inflation is rising, with food prices increasing by 2.41% compared to the previous year in March 2025. Consumers face higher costs (e.g., a $6,000 wheelchair has $3,500 in taxes). Middle-income households lose an additional $2,237/year due to taxes.

- Reasons and criticisms: Trump argues that the tariffs promote domestic production, reduce trade deficits, and address drug and immigration issues. However, critics argue that the tariffs increase prices, disrupt supply chains, and risk causing a global recession. The IMF lowers its growth forecast for 2025.