Tariff Impact at a Glance
April 2, 2025
Trump's "Liberation Day" when reciprocal tariffs will be unveiled, potentially affecting all trading partners
Fed Warning
Federal Reserve projects higher inflation and slower growth in 2025 due to tariff policies
Consumer Impact
Americans, not foreign nations, will bear the cost with price increases on everyday goods
Trump's Tariff Timeline
China Tariffs
10% tariff on Chinese imports, doubled to 20% on March 4
Canada & Mexico Tariffs
25% tariffs on imports from Canada and Mexico (with exemptions for USMCA-compliant goods)
Steel & Aluminum Tariffs
25% tariffs on all steel and aluminum imports worldwide
Social Security Controversy
Commerce Secretary Lutnick's comments on Social Security payments spark outcry from business groups
"Liberation Day" Reciprocal Tariffs
Comprehensive plan targeting all trading partners with rates to be determined
Social Security & Local Economy
Social Security Controversy
Commerce Secretary Howard Lutnick's comments suggest Americans "wouldn't mind" missing Social Security checks, sparking widespread criticism.
- •Over 71 million Americans rely on Social Security benefits
- •Sanders: "Tens of millions of seniors struggling to survive would" mind missed checks
Small Business Impact
SC Small Business Chamber calls Lutnick's comments "a threat to our small business economy" with major economic implications.
- •$116 million injected into local economies monthly from Social Security
- •Small businesses rely on Social Security recipients' spending
Global Economic Impact
International Response
- •EU introducing €26 billion in retaliatory tariffs
- •Canada targeting C$30 billion of US imports
- •China has imposed 10-15% tariffs on US agricultural goods
- •Trump threatening 200% tariff on EU alcohol products
Industry Examples
- •Irish whiskey industry facing "annihilation" (€450M in exports at risk)
- •US washing machine prices rose 34% during previous tariffs
- •Texas projected to face $47 billion in economic impact
- •Walmart warns of direct price increases for consumers
""Tariffs are going to be inflationary, there's no disputing that
""We consider this a serious threat to our small businesses and to the nation's economy.
""For DECADES we have been ripped off and abused by every nation in the World, both friend and foe. Now it is finally time for the Good Ol' USA to get some of that MONEY, and RESPECT, BACK
Stay Informed
Get educated about how upcoming policies might affect you, your business, and your wallet