๐ #TrumpTariffs Update โ What You Need to Know (June 2025)
๐บ๐ธ #TRUMP has imposed 10% tariffs on all imports, with higher rates (up to 50%) on select countries.
๐ ๏ธ Steel & aluminum tariffs were doubled to 50%.
๐ U.S. tariff rates are now at their **highest in 100+ years (\~15.1% avg).
โ๏ธ **Legal status:** Courts are still reviewing the legality of these tariffs. A big decision is expected "July 31".
๐ฐ **Economic impact:**
* Tariffs may raise $156B in revenue
* But could shrink "GDP by 6%" and reduce wages by 5%
* Median families might lose $22K in lifetime income
๐ **Trade talks:**
* China deal โdoneโ with 55% import tariffs (pending approval)
* Japan & UK in early-stage talks
* Canada & Mexico hit with 25% tariffs (USMCA imports exempt)
๐ **Whatโs next?**
July 31 could change everything. Markets are watching closely.
