"When Trump took office in 2017, the weighted average tariff on goods imported to the U.S. was around 1.5%, which he roughly doubled to 3% by the time he left office, in 2021.
Last year, under President Joe Biden, that rate fell to 2.4%.
But now the Budget Lab estimates that America’s tariff rate will skyrocket to 22.5% in 2025 — with about half of the increase coming from Trump’s “Liberation Day” tariffs alone."
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u/forrestfaun 19h ago
"When Trump took office in 2017, the weighted average tariff on goods imported to the U.S. was around 1.5%, which he roughly doubled to 3% by the time he left office, in 2021.
Last year, under President Joe Biden, that rate fell to 2.4%.
But now the Budget Lab estimates that America’s tariff rate will skyrocket to 22.5% in 2025 — with about half of the increase coming from Trump’s “Liberation Day” tariffs alone."