#TrumpTariffs

The Trump tariffs refer to the tariffs imposed by former US President Donald Trump, with the latest updates under the current administration still feeling the effects. Here's a breakdown ¹:

- *Tariff Types*:

- *Section 232 Tariffs*: Imposed on steel and aluminum imports from all countries, with rates of 50% and 25% respectively.

- *IEEPA Tariffs*: Imposed on Canada, Mexico, and China, with rates of 25% and 10% respectively, citing national security and fentanyl concerns.

- *Reciprocal Tariffs*: Imposed on most US trading partners, with rates varying up to 50% based on trade balances.

- *Economic Impact*:

- *GDP Reduction*: Estimated 0.8% reduction in US GDP, with potential for further reduction due to retaliatory tariffs.

- *Revenue Increase*: Tariffs expected to raise $2 trillion in revenue over the next decade, but potentially reduced to $603