Trump Tariffs – a Table
President Trump is obsessed with tariffs. He has been for many years dating back at least as far as the 1980’s. Recently he has imposed a wide range of tariffs on goods imported to the US. Each one has the potential to cause inflation; in toto they would wreck international trade and the US and the global economy. Some have been paused; most are in effect. The Trump Administration is taking these actions without consulting Congress or securing Congressional approval, claiming they have authority under existing law (count me as dubious), but their political approval is rapidly waning in light of the market chaos, caused by his actions.
Here’s a list
· 10% tariff on all imports
· 25% tariffs on cars and car parts
· 25% tariff on steel and aluminum
· 25% tariff on goods imported from Mexico and Canada with an exemption for those already covered by NAFTA/USMCA
· 125% tariff on goods imported from China
· So called “reciprocal” tariffs on all nations except Russia, Belarus and North Korea (paused for 90 days)
The effective tariff on imports is now 21% -- i.e. you now have a national sales tax averaging 21% on all imports.
These tariffs are doing three things: increasing inflation, adding economic uncertainty to business decision making, and alienating our allies. They have tanked the stock market, then the bond market, and destroyed the Trump Administration’s credibility with the business and international communities. Recession risks are now very high, as are the expected price increases to consumers on cars, homes, clothing, computers and smart phones. https://www.reuters.com/world/trump-u-turns-tariffs-turns-trade-war-heat-china-2025-04-10/