#TrumpTariffs Let's break down the latest Trump's Tariff Plans

President Trump has enacted steep protective tariffs affecting nearly all goods imported into the US. The average effective US tariff rate rose to 27%, the highest level in over a century, after Trump's "Liberation Day" tariffs. However, after rollbacks, the average effective tariff rate was 15.1% as of June 1, 2025.

Key Tariff Changes

Tariffs on China: Trump's administration escalated the China-US trade war, raising baseline tariffs on Chinese imports to 145%. China retaliated with a minimum 125% tariff on US goods and export restrictions on rare earths.

Tariffs on Steel and Aluminum: Trump imposed a 50% tariff on steel and aluminum products from all countries, effective June 4, 2025.

Tariffs on Automobiles: A 25% tariff on automobiles was also imposed.

Universal Tariff: A minimum 10% tariff on all US imports was announced, effective April 5, 2025.

Impact and Reactions

Stock Market Crash: The announcement of "reciprocal tariffs" triggered a stock market crash.

Retaliation from Trade Partners: Countries like China and Canada have retaliated with their own tariffs on US goods.

Economic Projections: The tariffs contributed to downgraded GDP growth projections and rising expectations of a recession.

Court Rulings: The United States Court of International Trade ruled that Trump overstepped his authority by imposing certain tariffs, but the decision was stayed pending appeals.