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U.S. tariff rate now at 22%, highest since 1910- Fitch
Investing.com Published 04/03/2025, 03:26 AM
https://www.investing.com/news/economy-news/us-tariff-rate-now-at-22-highest-since-1910-fitch-3964232
The sweeping new U.S. import tariffs announced by President Donald Trump have pushed the country’s average tariff rate to 22%, up from just 2.5% in 2024, according to Fitch Ratings.
That level of protectionism hasn’t been seen since around 1910, Fitch’s U.S. economic research head Olu Sonola said in a statement following the announcement.
--snip--
Trump introduced a 10% baseline tariff on all imports, with significantly steeper rates for key trading partners, including 34% on China and 20% on the European Union. The administration also confirmed a 25% tariff on auto and auto parts. Speaking from the White House Rose Garden, Trump said the new tariffs would help restore critical manufacturing sectors to the U.S.
--snip--
Tariff rates vary significantly by country—from 10% on UK imports to 49% on goods from Cambodia—suggesting uneven economic impacts. A broadening trade war would likely hit China especially hard, as it faces weak internal demand and would need to find new export markets.
That level of protectionism hasn’t been seen since around 1910, Fitch’s U.S. economic research head Olu Sonola said in a statement following the announcement.
--snip--
Trump introduced a 10% baseline tariff on all imports, with significantly steeper rates for key trading partners, including 34% on China and 20% on the European Union. The administration also confirmed a 25% tariff on auto and auto parts. Speaking from the White House Rose Garden, Trump said the new tariffs would help restore critical manufacturing sectors to the U.S.
--snip--
Tariff rates vary significantly by country—from 10% on UK imports to 49% on goods from Cambodia—suggesting uneven economic impacts. A broadening trade war would likely hit China especially hard, as it faces weak internal demand and would need to find new export markets.
That means it beats Smoot Hawley
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Trump's massive 46% Vietnam tariffs could hit Nike, American Eagle and Wayfair, CNBC, 4/2/25
https://www.msn.com/en-us/money/news/trump-s-massive-46-vietnam-tariffs-could-hit-nike-american-eagle-and-wayfair/ar-AA1Cb9bs