The Biden‑era tariffs escalated further under Trump’s second term, now averaging 15.1% on U.S. imports — the highest since the 1930s .
Key highlights:
Steel & aluminum duties doubled to 50%under Section 232 as of June 4, impacting global suppliers
A 10% baseline tariff on all imports plus country-specific rates were launched April 5 (reciprocals up to 50%) to combat persistent trade deficits .
Dubbed “Liberation Day” tariffs (April 2), these prompted a market tumble and legal challenge; courts have blocked some IEEPA‑based orders .
📈 Economic Impact Snapshot:
Revenue Boost: CBO projects $2.8 T added to the federal coffers over a decade, though the burden falls disproportionately on middle‑income consumers .
Business Strain & Price Pressures: The New York Fed finds many companies are absorbing costs and passing them to consumers , while the OECD warns inflation and slower growth loom .
Economic Disruption: Industries across steel, manufacturing, and e-commerce are delaying investments, freezing hiring, or hiking prices .
Bottom Line: Trump’s aggressive tariff policy is reshaping trade, boosting federal revenue, but at the cost of consumer prices, supply‑chain stress, slower investment, and legal uncertainty.
