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The first Trump tariffs were imposed by executive order (not by act of Congress) during the first presidency of Donald Trump as part of his economic policy. In January 2018, Trump imposed tariffs on solar panels and washing machines of 30 to 50 percent. [36] He soon imposed tariffs on steel (25%) and aluminum (10%) from most countries.
Trump said the tariffs would be imposed due to Chinese theft of U.S. intellectual property. [126] Trump said his planned tariffs on Chinese imports would make the United States "a much stronger, much richer nation". [127] However, the steps toward imposing the tariffs led to increased concerns of a global trade war. [126]
The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second-largest economy.
Trump signed orders on Saturday evening, imposing 25% tariffs on imports from Mexico and Canada (though Canadian energy faces a lower tariff of 10%) and 10% tariffs on goods from China.
Tariffs from both the Biden and Trump administrations have cut an estimated 0.2 percent from the U.S. economy’s total output, according to the Tax Foundation. Who has the power to authorize tariffs?
The unemployment rate at the end of Trump's term would have been higher but for the 3.9 million people who dropped out of the labor force (i.e., stopped looking for a job) between February 2020 and January 2021 (and are thus not counted in the unemployment rate).
In total, Trump’s previous tariff actions put duties on about 14% of US imports – a relatively small share compared with the across-the-board tariff he had pledged to implement on 100% of ...
The tariffs were supposed to lapse in 2021, but shortly before leaving office, Trump extended them for another two years. They finally expired in January 2023. They finally expired in January 2023.