#TrumpTariffs

President Trump's tariffs are part of a broader trade policy aimed at addressing concerns over trade imbalances, national security and immigration. The tariffs have been imposed on several countries, including Canada, Mexico, China and the European Union.

*Key Tariff Measures:*

- *Tariffs on Canada and Mexico*: 25% tariff on all goods except oil and energy exports for Canada, and 25% tariff on all goods including energy exports for Mexico, effective March 4, 2025.

- *Increased Tariffs on Chinese Goods*: Additional 10% tariff on all Chinese goods, raising the total tariff to 20% on many products, effective March 4, 2025.

- *Tariffs on European Union*: 25% tariff on imports from the EU, with some exceptions.

- *Steel and Aluminum Tariffs*: 25% tariff on steel and 10% tariff on aluminum, expanded to include derivative goods and increased to 50% on aluminum.

- *Auto Tariffs*: 25% tariff on autos and certain auto parts, excluding USMCA trade.¹ ²

*Impact of Tariffs:*

- *Revenue Increase*: The tariffs are expected to increase federal tax revenues by $156.2 billion in 2025, or 0.51% of GDP.

- *Economic Impact*: The tariffs are estimated to reduce long-run US GDP by 0.8% and reduce US market income by 1.1% in 2026.

- *Retaliation*: Canada and Mexico have imposed retaliatory tariffs on US exports, affecting $30 billion worth of US goods.