#TrumpTariffs

Donald Trump's tariffs have had a significant impact on the US economy and international trade. During his presidency, Trump imposed tariffs on various countries, including China, Canada, Mexico, and the European Union. These tariffs were implemented under Section 232 of the Trade Expansion Act of 1962, which allows the president to impose tariffs for national security reasons.¹

*Key Tariffs Imposed by Trump:*

- _China Tariffs_: Trump imposed a 10% tariff on all imports from China, which increased to 25% in March 2025. These tariffs affected over $500 billion worth of Chinese goods.

- _Canada and Mexico Tariffs_: Trump imposed 25% tariffs on Canada and Mexico, which were later suspended and then reimposed in March 2025.

- _European Union Tariffs_: Trump threatened to impose 25% tariffs on European Union imports, which could affect over $100 billion worth of goods.

- _Steel and Aluminum Tariffs_: Trump imposed tariffs on steel and aluminum imports from various countries, including China, Canada, and Mexico.

*Economic Impact of Trump's Tariffs:*

The Tax Foundation estimates that Trump's tariffs will reduce US economic output by 0.4% and eliminate 358,000 full-time equivalent jobs. Additionally, the tariffs are expected to increase tax revenue for the federal government, but reduce after-tax incomes for Americans.

Overall, Trump's tariffs have been a contentious issue, with some arguing that they are necessary to protect American industries and jobs, while others claim that they will lead to higher prices for consumers and hurt the US economy.