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2025 Tariffs Surge to Highest Levels Since 1910

7/15/2025

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Summary

Story summary

The 2025 tariffs will raise the US average effective tariff rate by 18.2 percentage points to 20.6%, the highest since 1910.
After accounting for substitutions, the increase is 17.3 percentage points, resulting in a rate of 19.7%, the highest since 1933.
Consumer response to these tariffs remains unpredictable.

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Story summary

The 2025 tariffs will raise the US average effective tariff rate by 18.2 percentage points to 20.6%, the highest since 1910.
After accounting for substitutions, the increase is 17.3 percentage points, resulting in a rate of 19.7%, the highest since 1933.
Consumer response to these tariffs remains unpredictable.