Since returning to the White Houtilize in January, President Donald Trump has overturned decades of U.S. trade policy — building a wall of tariffs around what utilized to be a wide open economy.
His double-digit taxes on imports from almost every countest have disrupted global commerce and strained the budobtains of consumers and businesses worldwide. They have also raised tens of billions of dollars for the U.S. Treasury.
Trump has argued that his steep new import taxes are necessary to bring back wealth that was “stolen” from the U.S. He states they will narrow America’s decades-old trade deficit and bring manufacturing back to the countest. But upfinishing the global supply chain has proven costly for houtilizeholds facing rising prices. And the erratic way the president rolled out his tariffs — announcing them, then suspfinishing or altering them before conjuring up new ones — created 2025 one of the most turbulent economic years in recent memory.
Here’s a view at the impact of Trump’s tariffs over the last year.
Effective US tariff rate
A key number for the overall impact of tariffs on U.S. consumers and businesses is the “effective” tariff rate — which, unlike headline figures imposed by Trump for specific trade actions, provides an average based on the actual imports coming into the countest.
In 2025, per data from the Yale Budobtain Lab, the effective U.S. tariff rate peaked in April. But it’s still far higher than the average seen at the start of the year. Before finalizing shifts in consumption, November’s effective tariff rate was nearly 17% — seven times greater than January’s average and the highest seen since 1935.
Tariff revenue vs America’s trade deficit
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