#TrumpTariffs

Trump's tariffs are taxes imposed on imported goods from various countries, affecting about 71% of US goods imports, valued at around $2.3 trillion. The tariffs aim to protect national security, reduce trade deficits, and promote domestic industries.

Key Tariff Proposals and Actions:

- *Section 232 Tariffs:* 25% tariff on steel imports and 10% tariff on aluminum imports from all countries, with some exemptions. These tariffs have been doubled to 50% on steel and will remain at 25% on aluminum.

- *IEEPA Tariffs:* 25% tariffs on Canada and Mexico, and 10% tariffs on China, citing national emergency and fentanyl issues. A US Court of International Trade ruled these tariffs unconstitutional.

- *Universal Tariffs:* Proposed 10% to 20% universal tariff on all imports.

- *Country-Specific Tariffs:* Tariffs on European Union imports, with rates ranging from 20% to 50%.

- *Auto Tariffs:* 25% tariff on auto imports and certain auto parts.

- *Semiconductors and Pharmaceuticals:* Tariffs of 25% or higher on these goods.

Economic Impact:

- *Weighted Average Tariff Rate:* Would rise to 16.1% under current tariffs.

- *Federal Tax Revenues:* Trump's tariffs would increase federal tax revenues by $156.4 billion in 2025.

- *GDP and Employment:* Estimated reduction in long-run GDP by 0.2% to 0.9% and loss of hundreds of thousands of full-time equivalent jobs.