#TrumpTariffs

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

*Types of Tariffs:*

- *Section 232 Tariffs*: 25% tariff on steel and 10% tariff on aluminum imports, expanded to include derivative goods and increased to 50% on aluminum, effective March 12, 2025.

- *Section 301 Tariffs*: Tariffs on Chinese goods, with rates ranging from 7.5% to 25%, affecting approximately $360 billion worth of imports.

- *IEEPA Tariffs*: 10% baseline tariff on US imports from all countries, with higher tariffs ranging from 10-50% on specific countries, including China (125% on certain goods).

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

*Impact of Tariffs:*

- *Revenue Increase*: Estimated to raise $156.2 billion in federal tax revenues in 2025, or 0.51% of GDP.

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

- *Retaliation*: Canada, Mexico, China and the EU have imposed or threatened retaliatory tariffs, affecting $330 billion worth of US exports.¹