#TrumpTariffs

Trump tariffs refer to the taxes imposed on imported goods and services by former President Donald Trump as part of his economic strategy. The goal was to reduce the United States' trade deficit and boost U.S. manufacturing. Here's a breakdown of the tariffs:

*Tariff Rates:*

- *Baseline Tariff:* 10% on most goods from most countries, effective April 5, 2025

- *China:* 145% tariff on Chinese imports, later lowered to 30% for 90 days starting May 12, 2025

- *Steel and Aluminum:* 25% tariff, with a recent announcement to increase steel tariffs to 50%

- *Automobiles:* 25% tariff on imported cars and key auto parts

- *European Union:* Proposed 50% tariff on all EU imports starting June 1, 2025

*Affected Countries:*

- *Canada and Mexico:* 25% tariff on most goods, with some exemptions under the USMCA framework

- *China:* Retaliatory tariffs on U.S. goods, lowered to 10% for 90 days starting May 12, 2025

- *European Union:* Proposed tariffs on U.S. goods worth €95 billion

*Impact:*

- Economists argue that Trump's tariff policies will harm the U.S. economy by increasing costs for businesses and consumers, exacerbating inflation, and potentially slowing economic growth

- Some GOP lawmakers have pushed back against Trump's tariffs, citing negative economic impacts

- Trading partners have responded with retaliatory measures, leading to a tense trade environment ¹