#TrumpTariffs

The term "Trump tariffs" refers to a series of import duties imposed by the administration of the individual who previously held the office of U.S. President. These tariffs have been a significant feature of this individual's trade policies, both during his first term (2017-2021) and continuing into his second term (2025-present).

Here's a breakdown of the key aspects of these tariffs as of May 15, 2025:

General Policies and Principles:

* Reciprocity: A central tenet of the current tariff policy is "reciprocity," aiming to impose tariffs on countries with higher duties on U.S. goods.

* National Security: The administration has frequently invoked national security as a justification for imposing tariffs, particularly on steel and aluminum imports.

* Trade Deficit Reduction: A stated goal of the tariffs is to reduce the U.S. trade deficit by encouraging domestic consumption and production.

* Universal Baseline Tariff: As of April 5, 2025, a baseline tariff of 10% was imposed on all imports to the U.S.

* Higher Tariffs on Specific Countries: In addition to the baseline, higher, "reciprocal" tariffs have been applied to countries with which the U.S. has significant trade deficits.

Specific Tariffs and Actions:

* China:

* Initially, significant tariffs were imposed on Chinese goods, leading to retaliatory tariffs from China on U.S. products.

* As of early May 2025, tariffs on Chinese goods had reached 145%, with China imposing tariffs of 125% on U.S. goods.

* However, on May 12, 2025, an agreement was reached with China to reduce tariffs by 115% on both sides, while maintaining a baseline 10% tariff.

* Previously, a 10% tariff was imposed on most Chinese imports.

* Canada and Mexico:

* In February 2025, a 25% tariff was introduced on imports from Canada and Mexico, along with a 10% levy on Canadian energy.

* Canada responded with retaliatory tariffs, including a 25% tax on some U.S.-made vehicles.

* As of April 10, 2025, these country-specific tariffs were delayed until July 9, reverting to the 10% baseline tariff during this