President Trump has implemented sweeping tariffs on dozens of countries, following through on his months-long push to upend the global trading system. The average tariff rate on imports from other countries is now around 15%, a significant jump from the roughly 2 percent average last year. Trump had pushed back the new implementation multiple times amid pressure from Wall Street and fellow Republicans who hoped to calm market jitters. Under the plan that kicked in at midnight, most countries will pay a baseline tariff rate of 10%, with a sliding scale up to 41%.
American companies must decide whether to eat the higher cost of importing goods or pass them along to consumers. Many major corporations have signaled that prices for goods will increase. Under the plan that kicked in at midnight, most countries will pay a baseline tariff rate of 10%, with a sliding scale up to 41%. Some trading partners have hashed out more favorable arrangements with the White House in negotiations that have come together in recent weeks, while other nations continue to pursue agreements.
Despite the tariffs, markets have mostly shrugged off the new tariffs, with some trading partners having reached more favorable arrangements with the White House in recent weeks. Trump has also ratched up other levies and threatened more hikes, such as a hefty increase in tariffs on India over its buying of Russian oil.
