#TrumpTariffs President Trump's tariffs are a key aspect of his economic policy, aimed at protecting domestic industries and promoting American manufacturing. Here's a breakdown of the current tariffs ¹ ²:
- *Baseline Tariff*: A 10% tariff on nearly all imported goods, effective April 5, 2025
- *Country-Specific Tariffs*:
- *China*: 54% tariff on imports, with a potential increase to 104% if China doesn't withdraw its retaliatory tariffs
- *European Union*: 20% tariff on imports, delayed for 90 days
- *Japan*: 24% tariff on imports
- *Vietnam*: 46% tariff on imports
- *Canada and Mexico*: 25% tariff on imports, with a 10% tariff on Canadian energy resources
- *Steel and Aluminum Tariffs*:
- *Global*: 50% tariff on steel and aluminum imports, effective June 4, 2025
- *UK Exemption*: The UK has been spared from the increased tariffs, pending finalization of the US-UK bilateral trade agreement
- *Other Tariffs*:
- *Automobiles*: 25% tariff on car imports
- *Lumber and Forest Products*: Fresh tariffs announced in February 2025
- *Computer Chips, Semiconductors, and Pharmaceuticals*: Tariffs introduced to encourage domestic production
These tariffs have sparked debates and concerns about potential price surges and trade wars. A Reuters/Ipsos poll found that 73% of Americans expect a price surge under the Trump tariffs, while 57% oppose the tariffs.