Understanding the scope of Trump’s tariffs so far, in 4 charts
By Annette Choi, Lou Robinson, Soph Warnes and Elisabeth Buchwald, CNN
(CNN) — President Donald Trump has promised to impose dollar-for-dollar reciprocal tariffs on countries he believes treat the United States unfairly in trade, whether through high tariffs or non-tariff barriers. He has said his new tariffs will create jobs and boost domestic manufacturing.
Imposing higher tariffs on other nations, however, is likely to make many consumer goods more expensive at a time when many Americans’ fears of a pending recession are growing.
With promises of lowering national debt and rebalancing global trade, Trump has already enacted sweeping tariffs against major trade partners and key sectors — including steel and aluminum — while threatening more tariffs on others. The policy faced threats of retaliation from key trading partners.
In March, the administration imposed a 25% tariff on all aluminum and steel imports. Canada is the largest supplier of both to the US. Such tariffs could backfire on the industries they’re designed to protect, though.
For instance, William Oplinger, CEO of Alcoa, one of the largest US aluminum makers, warned in February that the aluminum tariffs could cost 100,000 American jobs, including 20,000 from his industry.
More recently, Trump announced a 25% tariff on finished cars will take effect on April 3, and a 25% tariff on car parts will take effect no later than May 3. Even if more auto manufacturing shifts to the US, Americans are set to pay higher prices due either to the higher cost of domestic production or increased costs of importing cars.
Trump’s trade policies have been driven by a handful of goals that differ from the justification offered by prior administrations.
Trump has tied tariffs on America’s three largest trading partners, Mexico, China and Canada, to claims that the three nations aren’t doing enough to help curb illegal migration and fentanyl from coming into the US, for example.
Past administrations have predominantly used tariffs as a means of protecting national security interests and supporting domestic industries.
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