#TrumpTariffs 📌 Trump Tariffs: What You Need to Know

1. Scope & Rates

Trump’s second-term tariffs are sweeping: all Chinese imports now taxed at 145%, baseline U.S. tariffs rose from ~2.5% to around 15% by June 2025 .

Steel and aluminum tariffs were doubled from 25% to 50% on June 4 under Section 232 for national security .

2. Legal Status

A lower court blocked many tariffs in late May, citing lack of presidential authority. However, a federal appeals court put that decision on hold—meaning tariffs remain in effect until arguments scheduled for July 31 .

3. Trade Deals & Negotiations

Negotiations with 15–18 countries, including China, EU, South Korea, Japan, and the UK, are underway.

U.S.–China talks in London yielded a “truce”: Chinese export curbs lifted, and U.S. retaliation narrowed to a 55% effective rate on Chinese imports .

Bessent suggested the July 8 deadline may be extended for “good-faith” negotiating partners .

4. Economic Effects

Tariff revenue jumped 78%—collecting ~$69 billion in five months—helping to narrow the federal deficit .

Inflation remains tame (2.4%), though signs of rising costs are appearing in autos and toys; some companies stockpiled to avoid higher tariffs .

The OECD downgraded global growth forecasts, citing heightened policy uncertainty and protectionism .

5. Real-World Impacts

Small U.S. businesses are seeing innovation and manufacturing slows—delays, layoffs, diverted resources—due to tariff unpredictability .

Canned food prices could climb up to 15%, squeezing low-income consumers reliant on SNAP benefits .

Markets remain jittery: Dow fell ~230 points on renewed tariff threats, and the VIX spiked ~5% .

6. Political Pushback & Standoff

Congress is considering the “Trade Review Act” requiring presidential notification and 60-day approval for new tariffs, provoking a Trump veto threat .

Public opinion is mixed—polls show low approval for tariffs, though domestic manufacturing interests are divided .