📌#TrumpTariffs : Summary of the New Tariffs and Their Impact

1. Increased tariffs on steel and aluminum

President Trump raised the tariff from 25% to 50% according to an executive order issued on June 3, 2025.

Exemptions, including legal British products, are accepted until July 2025, after which they were reduced.

2. Effects on the supply chain and global markets

Companies raised consumer prices to cover costs, with reports from regional federations indicating a slowdown in employment and production.

Rising costs are pressuring industrial sectors, such as steel in Europe, where European companies are seeking rescue measures.

3. Economic effects and growth forecasts

The CBO estimates that tariffs will reduce the deficit by $2.8 trillion over 10 years, but they increase inflation and pressure GDP.

Penn Wharton expects output to decline by 6% and wages by 5% over the long term, with an expected loss of about $22,000 for the average household.

The IMF and OECD expect a global economic slowdown due to these policies.

4. Legal and diplomatic context

Tariffs based on the International Emergency Economic Powers Act (IEEPA) were judicially invalidated, but a temporary injunction kept most of them in effect.

The administration may use other powers such as Section 232 (national security) or Section 301 for future tariffs.