Tariffs on Chinese, Mexican, and Canadian Imports

On Feb 1, 2025, the president imposed a 10% tariff on Chinese imports, as well as announcing 25% tariffs on imports from Mexico and Canada. He later announced that the tariffs on Canada and Mexico would be delayed by one month but on Feb 27, 2025 announced those would go into effect on Mar 4, 2025. The Yale Budget Labs analyzed the impact of the tariffs when they were originally announced, and found that the impact on Americans would be a decline of $1245 in average disposable income per household due to rising prices. Note that this does not include the global 25% tariffs on steel and aluminum announced on Feb 11, the "reciprocal" tariffs the president announced on Feb 13, 2025, nor the additional 10% tariff levied on Chinese imports announced on Feb 27, 2025.

Source: Yale Budget Lab