#TrumpTariffs Here's a summary of Trump Tariffs and their economic impact:
Key Tariff Rates
- *China*: 20% tariff on all imports, plus a 125% tariff on certain imports, totaling 145% on most imports
- *Mexico*: 25% tariff on all imports, reduced to 12% after 2025 for non-USMCA imports
- *Canada*: 10% tariff on energy and potash imports, plus 25% on remaining imports, reduced to 12% after 2025 for non-USMCA imports
- *European Union*: 20% "reciprocal" tariff rate
- *Autos*: 25% tariff on autos and certain auto parts, excluding USMCA trade
- *Steel and Aluminum*: 50% tariff, doubling from 25%
Economic Impact
- Reduce long-run US GDP by 0.8% before foreign retaliation
- Raise $2 trillion in revenue over the next decade, or $603 billion if IEEPA tariffs are enjoined
- Increase average tax burden on US households by $1,183 in 2025 and $1,445 in 2026
Retaliation
- China, Canada, and the European Union have announced or imposed retaliatory tariffs affecting $330 billion of US exports
- Estimated to reduce US GDP by 0.2% and 10-year revenue by $132 billion .
