Overview

• President Trump has implemented a 10% baseline tariff on all imports and a 25% tariff on foreign-made vehicles, effective April 3, 2025.
• Commerce Secretary Howard Lutnick stated the administration will not negotiate or rescind tariffs unless other nations make significant trade policy changes.
• The tariffs are part of a broader strategy to address trade imbalances, boost U.S. manufacturing, and reduce perceived exploitation of the American economy.
• Global markets have experienced significant selloffs, while the European Union and China have vowed retaliatory measures against the U.S.
• Key industries targeted for revitalization include automobiles, pharmaceuticals, shipbuilding, and machine tools, with the administration emphasizing U.S. economic leverage in trade disputes.