#TrumpTariffs

President Trump's tariffs are a key aspect of his economic policy, impacting various countries and industries. Here's a breakdown ¹ ²:

- *Tariff Rates:*

- *Baseline Tariff:* 10% on all imports, effective April 2, 2025

- *Reciprocal Tariffs:* Higher tariffs for targeted countries, with rates matching the US tariff rate imposed on their goods

- *China-Specific Tariffs:* 90% or 120% ad valorem, with a per-item duty of $75-$200, depending on the shipment method

- *Industry-Specific Tariffs:*

- *Automotive:* 25% tariff on imported cars and auto parts, announced on March 26, 2025

- *Steel and Aluminum:* Increased tariffs, with specific details outlined in a February 13, 2025 report by Sullivan & Cromwell LLP

- *Country-Specific Tariffs:*

- *China:* Escalated trade war with tariffs on goods worth billions of dollars

- *Canada and Mexico:* Initially paused, then reimposed tariffs, with some exceptions

- *EU:* 50% tariff on EU imports, delayed to July 9, 2025

- *Venezuela:* 25% tariff on goods from countries purchasing Venezuelan oil

- *Exceptions and Exemptions:*

- *Smartphones and Computers:* Exempt from certain tariffs, as announced on April 11, 2025

- *De Minimis Exemption:* Changes to this rule aim to reduce tariff avoidance through small shipments

- *Impact and Reactions:*

- *Trade Partners:* Many countries, including China, Canada, and the EU, have retaliated with their own tariffs on US goods

- *Economic Concerns:* Potential inflationary pressures and impact on US markets

- *Court Rulings:* Federal courts have ruled against some of Trump's tariffs, citing lack of authority.