#TrumpTariffs

Here is a concise overview of Trump's tariffs as of June 2025, based on current developments:

1. Steel/Aluminum Tariffs: Doubled to 50% in June 2025, threatening to raise canned food prices by up to 15% and straining low-income households reliant on programs like SNAP (facing simultaneous budget cuts) .

2. Economic Impact: Projected to reduce U.S. GDP by 0.8% long-term (up to 6% in some models) and cost households $1,445 annually on average. Tariffs could also trigger $330B in retaliatory measures from trading partners .

3. China-Specific Duties: Rates reach 145% on many imports, combining Section 301, IEEPA, and "reciprocal" tariffs . Legal challenges have emerged, with courts ruling IEEPA tariffs unconstitutional (under appeal) .

4. Global Ripple Effects: U.K. exports to the U.S. dropped £2B (record monthly decline) in April 2025 due to tariff uncertainty, contributing to a 0.3% U.K. GDP contraction . Markets reacted negatively, with the Dow falling 230 points on renewed trade tensions .

5. Industry Strain: Manufacturers, food producers, and retailers face higher costs and supply chain disruptions, potentially forcing reduced production or price hikes .