cargo ship on the open ocean

Historically High Tariffs Imposed

Dan North | April 2025
President Trump recently introduced a sweeping new slate of tariffs covering all imports into the US at varying rates, some of them extraordinarily high. The tariffs are even larger than virtually any of the most pessimistic forecasts. As a result, the average US tariff rate is 20.6%, the highest since 1910, and higher than the Smoot-Hawley tariff rates, which contributed to the Great Depression. Just a year ago, it was only 2.5%.

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