#TrumpTariffs 🇺🇸 Background & Key Measures
On April 2, 2025—branded as “Liberation Day”—Trump imposed a 10 % baseline tariff on all imported goods (excluding Canada/Mexico), with higher “reciprocal” tariffs on about 60 countries based on trade deficit and non‑reciprocity analysis under IEEPA .
Specific country rates included:
China: layered tariffs combining to nearly 54–55 %, previously reaching up to **145 %** .
Canada & Mexico: 25 % on non‑USMCA goods; energy imports saw 10 % .
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📌 Recent Developments
Steel & aluminum tariffs were doubled to 50 % (June 4) under Section 232, reinstated quickly after court delays .
A U.S.–China “interim deal” from June 11 locks in 55 % U.S. tariffs on Chinese imports and 10 % Chinese retaliatory duties, while facilitating rare-earth mineral supplies and easing student-visa restrictions .
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⚖️ Legal Status & Court Challenges
The April reciprocal tariffs were struck down in late May by the U.S. Court of International Trade for exceeding IEEPA authority .
An appeals court reinstated them temporarily, scheduling argument for July 31 .
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🎯 Economic Impacts & Criticism
The Congressional Budget Office projects $2.8 trillion in tariff revenue over a decade—but Sen. Tim Kaine warns this acts like a regressive sales tax, burdening low‑ and middle-income households while benefiting wealthier taxpayers .
Bloomberg reports that tariffs are undermining manufacturing revival goals, raising costs across supply chains rather than boosting domestic production .
Revenue forecasts tied to these tariffs are now uncertain, with fiscal plans and trade negotiations in limbo while legal challenges continue .
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🗓️ What’s Coming Up
Court arguments set for July 31 will determine whether the broad reciprocal tariffs survive .
A July 9 deadline is looming for ongoing tariff pauses and setting new unilateral rates through letters to U.S. trading partners .
The U.S.–China deal remains framework-stage, pending final sign-off from Trump and Xi, with talks continuing on rare-earth supply chains and broader trade terms .
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✅ Key Takeaway
Trump's tariff strategy is in constant flux: high and expanding tariffs across major partners, legal uncertainty, and an emerging China deal that freezes some rates but keeps many in place. The outcome of the July 31 court hearing will be pivotal in determining the longevity and scope of these trade policies.