#TrumpTariffs

Here is a concise overview of key developments regarding **#TrumpTariffs** as of July 9, 2025:

1. **New Country-Specific Tariffs**: Trump announced tariffs of **25–40%** on 14 countries (e.g., 25% on Japan/South Korea, 40% on Laos/Myanmar), effective August 1, citing trade deficits. Rates were adjusted for some nations (e.g., Cambodia reduced from 49% to 36%).

2. **Legal Challenges**: Courts ruled the "fentanyl" (20–25% on Canada/China/Mexico) and "reciprocal" tariffs (10% baseline) illegal under emergency powers, but an appeals court **paused the ruling**. Tariffs remain in effect pending a July 31 hearing.

3. **Economic Impact**:

- **Consumers**: Tariffs could cost U.S. households **$2,000 annually** and raise inflation (e.g., apparel prices up 17%).

- **Growth**: Projected to reduce U.S. GDP by **0.8%** and global GDP by **1%** if fully implemented.

4. **Retaliation & Deals**:

- China imposed **10–125% tariffs** on U.S. goods and export controls on rare earth minerals.

- The U.S. secured deals with the UK (10% auto tariffs) and Vietnam (20% baseline), but negotiations with the EU and Japan continue.

Markets fell sharply (Dow: **-0.94%**) on tariff uncertainty.