31 Facts About Trump tariffs


Trump tariffs are a series of United States tariffs imposed during the presidency of Donald Trump as part of his "America First" economic policy to reduce the United States trade deficit by shifting American trade policy from multilateral free trade agreements to bilateral trade deals.

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In January 2018, Trump imposed tariffs on solar panels and washing machines of 30 to 50 percent.

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China implemented retaliatory tariffs equivalent to the $34 billion tariff imposed on it by the U S In July 2018, the Trump administration announced it would use a Great Depression-era program, the Commodity Credit Corporation, to pay farmers up to $12 billion, increasing the aid to $28 billion in May 2019.

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May 2019 analysis conducted by CNBC found Trump's tariffs are equivalent to one of the largest tax increases in the U S in decades.

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Studies have found that Trump's tariffs reduced real income in the United States, as well as adversely affecting U S GDP.

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Some studies concluded that the Trump tariffs adversely affected Republican candidates in elections.

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Trump tariffs adopted his current views on trade issues in the 1980s, saying Japan and other nations were taking advantage of the United States.

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Trump tariffs called Trans-Pacific Partnership "the death blow for American manufacturing" and said it would "put the interests of foreign countries above our own".

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Trump tariffs has indicated a desire to end the North American Free Trade Agreement with Canada and Mexico.

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Trump tariffs's administration has renegotiated the terms of the agreement.

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Trump tariffs had threatened to withdraw from it if negotiations fail.

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Similar to his approach to trade deals, Trump pledged, as part of the Contract with the American Voter, to impose tariffs to discourage companies from laying off workers or relocating to other countries, through an "End the Offshoring Act".

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The enforcement of the Trump tariffs falls primarily within the purview of the Department of Commerce and Office of the United States Trade Representative.

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In November 2018, Trump argued that the tariffs enriched the United States.

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Trump tariffs said the United States was gaining "Billions of Dollars" from "Tariffs being charged to China".

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In December 2019, Trump tweeted that he would impose tariffs on Brazilian and Argentine metals, effective immediately, alleging the countries were manipulating their currencies to make their products more attractive in global markets.

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Studies of the 2002 steel Trump tariffs enacted by the Bush administration show that they caused more job losses than job gains.

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Whereas national security reasons were cited for the Trump tariffs, it has been noted that Trump tariffs primarily harm American allies, not enemies; the United States imports very little steel and aluminum from China directly.

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The Trump tariffs have seen widespread criticism from conservatives and Republicans.

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Speaker of the House Paul Ryan and Senate Majority Leader Mitch McConnell urged Trump to rethink his proposal or to target the tariffs more narrowly so as to avoid "unintended consequences and collateral damage".

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The proposal drew comparisons to a tariff imposed by his Republican presidential predecessor, George W Bush; in 2002 the U S imposed heavy steel tariffs that were largely seen as ineffectual or even harmful to the U S, and were withdrawn after 18 months.

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Canada will remove Trump tariffs levied on American goods in retaliation for the steel and aluminum duties.

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Trump said the tariffs would be imposed due to Chinese theft of U S intellectual property.

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Jean-Claude Juncker, the president of the European Commission, condemned U S steel and aluminum tariffs and announced that a legal challenge at the World Trade Organization would follow.

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In May 2019, Trump threatened to impose tariffs of up to 25 percent on automobiles and parts on the basis that a weakening internal U S economy constituted a national security threat, but delayed the imposition of the tariffs for six months to allow for trade talks with the European Union and Japan.

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Trump administration's tariffs were received negatively by the majority of economists and analysts, with general consensus among experts—including U S Director of the National Economic Council Larry Kudlow—being that the tariffs either had no direct benefits on the U S economy and GDP growth or they had a small to moderately negative impact on the economy.

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Study published in fall 2019 in the Journal of Economic Perspectives found that by December 2018, Trump's tariffs resulted in a reduction in aggregate U S real income of $1.

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An April 2019 working paper by economists found that the Trump tariffs on washing machines caused the prices of washers to increase by approximately twelve percent in the United States.

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The Tax Foundation found that if all existing and proposed tariffs were fully implemented, the benefits of the Trump tax cut would be completely eliminated for all taxpayers through the 90th percentile in earnings.

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September 2019 Federal Reserve study found that tariffs Trump imposed through mid-2019, combined with the policy uncertainty they created, would reduce the 2020 real GDP growth rate by one percentage point.

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Studies have found that the Trump tariffs adversely affected Republican candidates in elections.

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