🔥Trump Tariffs Update.....‼️
💥Tariff Updates
🔹️Steel Tariffs:
Increased to 50% from 25%, effective June 4, 2025. This move aims to bolster the American steel industry and prevent attempts to bypass restrictions.
🔸️Automobile Tariffs:
25% tariff on almost all imported cars, effective April 3, 2025. This has led to concerns about potential price increases for new cars and repair costs due to tariffs on imported parts.
🔹️Steel and Aluminum Tariffs:
25% global tariff, effective March 12, 2025. These tariffs are part of Trump's broader trade strategy.
🔸️Chinese Imports:
20% tariff, effective March 4, 2025, with potential reciprocal tariffs. The US and China have since implemented a 90-day suspension of high retaliatory tariffs.
💥Trade Partner Reactions
🔹️Canada and Mexico:
Imposed 25% tariffs on certain U.S. goods in response to Trump's tariff policies. Canada has also imposed an additional 25% on CA$29.8 billion of U.S. products.
🔸️European Union:
Paused 25% tariffs on $21 billion of U.S. goods until July 14, 2025, to allow for negotiations. Trump has threatened a 50% tariff on EU imports.
💥Court Rulings
🔹️A U.S. trade court ruled that Trump overstepped his authority in imposing reciprocal tariffs. However, a federal appeals court temporarily reinstated the tariffs, allowing them to remain in place pending further review.
💥Upcoming Developments
🔹️Negotiated Tariff Rates:
Expected to be announced by July 9, 2025, after a 90-day reciprocal tariff pause. The Trump administration will likely start with major trading partners with large trade deficits.
🔸️Investigations:
The Trump administration may launch investigations to support alternative bases for tariffs under Section 232 and Section 301.