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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.
The Trump tariffs, along with the impacts of COVID-19, were a major factor in declining trade between China and the U.S. in 2019 and 2020. [221]: 142 Trade between the two countries subsequently rebounded significantly, and as of 2021 merchandise trade was down only marginally from its record high in 2018. [221]: 142
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.
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 second Trump tariffs are trade initiatives announced by Donald Trump, the 47th president of the United States, principally in the form of tariffs on imports starting in 2025. Since before becoming president in 2017, Trump has promoted import tariffs to retaliate against countries he believes are "ripping off" the United States.
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.
Hundreds of companies have explained that the tariffs will make their costs rise, which will be passed to consumers. [303] President Trump increased tariffs significantly as part of his trade policies, which are effectively taxes paid by American import businesses, some of which are passed to American consumers in the form of higher prices.
Trump tariffs would have varying effects across the economy, the CBO added. Of course, industries that compete with imports would benefit, while those that export goods would be hurt.