#TrumpTariffs New 55% tariff deal with China: During talks in London, Trump announced that total U.S. tariffs on Chinese imports will hold at 55%, while China agreed to ease restrictions on rare-earth exports and student visas .

Steel & aluminum now 50%: Under Section 232, tariffs on steel and aluminum imports were raised to 50% effective June 4 .

Global reciprocal tariffs: Since April's “Liberation Day” executive order, a 10% baseline tariff has been in place on all imports, with higher rates for deficit countries—averaging about 15% effective U.S. tariff rate in early June .

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📊 Economic & Market Impact

Growth slowdown: The World Bank cut 2025 U.S. GDP growth forecast to ~1.4% (from ~2.8%), blaming Trump’s tariffs for dragging global growth to the weakest since the 1960s (≈ 2.3%) .

Budget and inflation impacts: CBO estimates tariffs will raise government revenue by ~$2.8 trillion over 10 years but also tilt U.S. toward higher inflation (+0.4 pp annually) and slightly slower GDP growth .

Long-term cost to consumers: Yale puts the average effective tariff at 17.8%, translating into ~$2,300–2,800 in lost household purchasing power . The Penn Wharton model warns of a 6% GDP and 5% wage decline over time, costing middle‑income families ~$22K across their lifetimes .