#TrumpTariffs
President Trump's tariffs aim to protect American industries and enforce "reciprocity" in global trade. Here's a breakdown ¹ ²:
- *Baseline Tariff*: 10% on all imports from most countries, effective April 5, 2025
- *Reciprocal Tariffs*: Higher tariffs (11-50%) on countries with significant US trade deficits, effective April 9, 2025
- *Specific Tariffs*:
- *China*: 125% tariff on goods that would otherwise qualify for de minimis exemption
- *European Union*: 50% tariff on steel and aluminum products (delayed until July 9, 2025)
- *Canada and Mexico*: 25% tariff on certain goods
- *Countries importing Venezuelan oil*: 25% tariff on goods from these countries
These tariffs have sparked controversy and concerns about potential price increases for consumers ³.
