#TrumpTariffs

President Donald Trump has imposed a series of high tariffs on nearly all goods imported to the U.S., triggering a global trade war. Here are some key details ¹ ²:

- *Tariffs:*

- *Universal Tariff:* 10% on all U.S. imports, effective April 5, 2025

- *China:* 145% tariff on all Chinese goods (converted to 30% during a 90-day waiting period for trade talks)

- *Canada:* 35% tariff on most Canadian goods (goods compliant with USMCA are exempt)

- *Mexico:* 30% tariff on most Mexican goods (goods compliant with USMCA are exempt)

- *Brazil:* 50% tariff on certain Brazilian goods (specific exports are exempt)

- *India:* 50% tariff (25% secondary tariff imposed on August 6, 2025)

- *Affected Products:*

- Steel and aluminum imports are subject to 50% and 25% tariffs, respectively

- Cars and auto parts are subject to a 25% tariff

- Pharmaceutical products, semiconductors, and other sectors face new tariffs

- *Trade Agreements:*

- U.S.-UK trade deal: eliminates tariffs on aircraft parts and British metals, reduces tariffs on 100,000 cars

- U.S.-Philippines trade agreement: 19% tariff on Philippine exports, removal of tariffs on American goods

- U.S.-Vietnam trade deal: stops 46% tariffs on Vietnamese goods

- *Impact:*

- The average tariff applied in the U.S. rose from 2.5% to 27% (the highest rate in over a century)

- Tariffs generated $108 billion in net revenue over nine months (5% of federal revenue)

- Goldman Sachs reported that 40% of tariff incidents fell on U.S. consumers, 40% on U.S. businesses, and 20% on foreign exporters ²