#TrumpTariffs Trump Tariffs Update*

President Trump's tariffs have significantly impacted the global economy. Key points include ¹ ²:

- *Tariff Rates*: A 10% baseline tariff on US imports from all countries, with higher tariffs ranging from 10-50% for specific countries, including:

- *China*: 10% tariff, increasing to 125% on certain goods

- *Canada and Mexico*: 25% tariff, aimed at curbing fentanyl and illegal immigration

- *European Union*: 20% "reciprocal" tariff rate

- *Economic Impact*: Estimated reduction in long-run US GDP by 0.8-1.3%, with potential retaliatory tariffs affecting $330 billion of US exports

- *Current Developments*: Trump plans to send letters to trading partners within two weeks, outlining unilateral tariff rates with a July 9 deadline

- *Controversy*: Critics mock Trump's tariff impositions as "TACO" (Trump Always Chickens Out) due to frequent changes and waivers.