#TrumpTariffs Donald Trump's tariffs are a significant aspect of his economic policy, aimed at promoting domestic manufacturing, protecting national security, and substituting for income taxes. Here's a breakdown of the key points:

- Tariff Rates: Trump imposed a minimum 10% tariff on all US imports, with elevated tariffs on 57 nations and limited exceptions. Specific tariff rates include:

- Steel and Aluminum: 50% tariff on steel and aluminum imports from countries like China, effective June 4, 2025.

- China:Baseline tariffs on Chinese imports rose to 145%, while Chinese tariffs on US goods reached 125%.

- Canada and Mexico: 25% tariff on most goods, although goods compliant with the USMCA are exempt.

- European Union: 20% tariff on all EU imports, effective April 9, 2025.

- Reciprocal Tariffs: Trump's "reciprocal tariff" policy aims to match the tariff rates of countries exporting to the US. He plans to roll out these tariffs starting July 8, 2025, with rates ranging from 10% to 70% depending on the country.

- Trade Deals: Trump has reached tentative deals with some countries, including the UK, which would eliminate tariffs on British airplane parts and metals up to a quota and reduce tariffs on 100,000 cars.

- Impact: Economists warn that Trump's tariffs could raise consumer prices, shake up global trade, and have unclear benefits to US production. Estimated average per-household loss from tariffs ranges from $3,100 to $4,900 per year.

- Criticism and Controversy: Many countries, including Canada, Mexico, and the EU, have threatened retaliatory measures. The World Trade Organization (WTO) has ruled against Trump's tariffs, but the US has blocked new appointments to the WTO's Appellate Body, effectively paralyzing the organization.