#TrumpTariffs

In June 2025, President Trump escalated tariffs, doubling steel and aluminum import duties to 50%, effective June 4, while maintaining 25% tariffs on UK imports. A 55% tariff on Chinese goods was announced, with Beijing retaliating at 10% on U.S. goods. A 90-day tariff pause ends July 8, with Trump planning unilateral rate hikes if trade deals falter. The tariffs, averaging 15.1% after rollbacks, are projected to reduce GDP by 6% and wages by 5%, costing households $1,200 annually. Retail executives anticipate tariff reductions, but global economic concerns persist.