The United States has raised its global average tariff rate to roughly 18%, according to new estimates from the Royal Bank of Canada’s BlueBay Asset Management.
BlueBay CIO Mark Dowding told ChainCatcher that the higher tariff regime is expected to generate around $450 billion annually in revenue. For 2024 alone, tariff receipts are projected at $77 billion, equal to 1.25% of US GDP.
Dowding added that the added income could help reduce the US fiscal deficit to “just under 7% of GDP” in the coming year — a notable improvement as the White House pursues aggressive trade policies.
The tariff hikes, part of President Trump’s trade strategy, include sweeping duties on dozens of countries and products, reshaping global trade flows and sparking market volatility across equities, commodities, and cryptocurrencies.
