President Donald Trump announced a pause on the newly imposed tariffs, but only for countries deemed not to have retaliated against the US. This partial relief has done little to calm tensions with China, whose tariff rate has instead been raised to 125% “effective immediately.”
Trade analysts warn that overall tariffs are marching toward levels not seen since the 1930s. According to data compiled by BCA Research, duties collected as a percentage of US imports appear to be heading near the 20% mark, reminiscent of the 1930 Smoot-Hawley Act.
Goldman Sachs forecasts that the burden on global supply chains will escalate, with repercussions potentially rippling throughout the economy.
China, for its part, swiftly responded to Washington’s moves by raising tariffs on US goods to 84%, setting the stage for a standoff that many fear could chill investment and disrupt consumer markets.
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