TARIFF TOTALS

Since 1/20/25, the average effective tariff on US imported goods has risen from 2.5% to now 16.6% and importantly, above Liberation Day levels. Trump 1.0 lifted from just 1.5%. If the current 8/1/25 tariffs come to pass, the tariff rate would rise to 20.6%. This would be the highest average rate since 1910. Tariffs this high will easily generate 1% of one-off inflation and simultaneously reduce GDP by 1%.