#TrumpTariffs The Trump Tariffs refer to the tariffs imposed by former US President Donald Trump, with the goal of promoting American industry and protecting national security. Here's a breakdown of the tariffs and their economic impact:

Tariff Details

- *Section 232 Tariffs*: Trump imposed tariffs on steel and aluminum imports, citing national security concerns. The tariffs are set at 50% for steel and 25% for aluminum, but were doubled to 50% for aluminum starting June 4, 2025.

- *IEEPA Tariffs*: Trump also imposed tariffs on imports from Canada, Mexico, and China under the International Emergency Economic Powers Act (IEEPA), citing fentanyl and national security concerns. The tariffs are set at 25% for Canada and Mexico, and 10% for China, with scheduled increases later in 2025.

- *Reciprocal Tariffs*: Trump announced a universal tariff of 10% on all imports, with higher tariffs on trading partners depending on their trade balance with the US. Some countries, like China, face even higher tariffs, up to 145%.

Economic Impact

- *GDP Reduction*: The tariffs are estimated to reduce US GDP by 0.8% before foreign retaliation, and 0.9% when including threatened and imposed retaliatory tariffs.

- *Revenue Increase*: The tariffs would raise $2 trillion in revenue over the next decade, but if the IEEPA tariffs are permanently enjoined, the revenue would decrease to $603 billion.

- *Household Impact*: The tariffs would amount to an average tax increase of $1,183 per US household in 2025 and $1,445 in 2026.

- *Job Losses*: The tariffs could lead to the loss of 570,000 full-time equivalent jobs due to the IEEPA tariffs alone.

Retaliation

- *China*: China has imposed retaliatory tariffs on $13.9 billion of US exports, with rates ranging from 10% to 15%. They've also announced 34% tariffs on all $144 billion of US exports.

- *Canada*: Canada has imposed retaliatory tariffs on $20.8 billion of US exports, with a 25% rate.

- *European Union*: The EU has lifted the suspension of previous tariffs, affecting $8 billion of US exports, with rates up to 50% ¹.