In 2018, then-President Trump imposed duties on a wide range of products from China, and on aluminum and steel products from U.S. trading partners in Europe and Asia. In total, his administration placed $80 billion in tariffs on products worth $380 billion. The Biden administration maintained these tariffs and then, in May 2024, added another $18 billion in tariffs on Chinese goods, impacting semiconductors and electric vehicles.
Some exemptions were made for imports from certain allies. Still, estimates suggest that these tariffs will reduce long-run gross domestic product (GDP) by 0.2 percent, will reduce the United States' capital stock by 0.1 percent, and will result in the loss of 142,000 full-time jobs.
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