#TrumpTariffs

#TrumpTariffs Donald Trump's tariffs have been a significant aspect of his economic policy, impacting international trade and the US economy. Here's a breakdown ¹:

- *Tariff Types*:

- *IEEPA Fentanyl Tariffs*: 25% tariffs on Canada and Mexico, and 10% tariffs on China, aimed at addressing fentanyl trafficking.

- *Section 232 Tariffs*: 25% tariffs on steel and aluminum imports from all countries, with some exemptions.

- *Auto Tariffs*: 25% tariffs on autos and certain auto parts, excluding US content from Canada and Mexico.

- *Reciprocal Tariffs*: 10% baseline tariff on most US trading partners, with higher tariffs on countries with significant trade surpluses with the US.

- *Economic Impact*:

- Reduced US GDP by 0.7% due to imposed and scheduled tariffs.

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

- Increased federal tax revenue by $2.1 trillion over the next decade, but reduced US economic output.

- *Retaliation*:

- China, Canada, and the European Union have imposed or announced retaliatory tariffs, affecting $330 billion of US exports.

- Estimated reduction in US GDP by 0.2% due to retaliatory tariffs.

- *Recent Developments*:

- 90-day pause on escalations with China, reducing tariffs from 125% to 10%.

- US-UK trade deal to lower auto tariffs from 25% to 10% on the first 100,000 vehicle imports and eliminate steel and aluminum tariffs.