Trump's tariffs aim to protect US industries, but their economic impact is debated. Key points include ¹ ²:
- *Tariff Increases*: Trump's administration imposed tariffs on steel, aluminum, and Chinese goods, affecting over $380 billion in trade. Rates range from 10% to 100% on various products.
- *Economic Impact*: Estimated to reduce long-run US GDP by 0.2% to 1.3%, depending on the scope of tariffs. Potential job losses: 142,000 to 570,000 full-time equivalent jobs.
- *Revenue Generation*: Tariffs could raise $156.4 billion in federal tax revenues in 2025, making it the largest tax hike since 1993.
- *Retaliation*: Countries like China and Canada have imposed retaliatory tariffs, affecting $330 billion of US exports.