#TrumpTariffs

As of June 2025, Donald Trump's tariffs remain a significant, and evolving, aspect of global trade. Here's a very short summary:

* Broad Application: Trump has implemented a 10% baseline tariff on most imported goods, with higher "reciprocal tariffs" (ranging from 11% to 50%) suspended for most countries until July 9, 2025, except for China.

* China Tariffs: Tariffs on Chinese goods are substantial, with a 30% rate for most packages and 54% for "de minimis" packages. This is in addition to existing tariffs, potentially leading to duties of around 55% on Chinese goods.

* Steel and Aluminum: Tariffs on steel and aluminum imports were recently doubled to 50% (from 25%), effective June 4, 2025, with some exceptions like the UK.

* Legal Challenges: Some of these tariffs, particularly those imposed under the International Emergency Economic Powers Act (IEEPA), are facing legal challenges, though a federal appeals court has allowed them to remain in effect during the appeals process.

* Economic Impact: Economists generally expect these tariffs to lead to higher prices for consumers and could negatively impact GDP growth, both in the US and globally. Companies are absorbing some costs for now, but price increases are anticipated.