Trump raises U.S. tariffs to 100-year high

President Donald Trump is imposing a 104% levy on Chinese goods, along with import taxes on roughly 60 countries that run trade surpluses with the United States

Trump argues that taxes will boost U.S. prosperity and revive domestic manufacturing, but critics have warned of an economic fallout that could include higher consumer prices and slower growth, if not a recession

U.S. CUSTOMS DUTY REVENUES SINCE 1790
(as % of goods imported)

Average effective tariff rate

1890: McKinley Tariff Act

1930 Smoot-Hawley  Tariff Act
  
2025
Trump tariffs lift rate to around 22%*, highest since 1909

0 20 40 60
    
1947: General Agreement on Tariffs and Trade
   
1828: “Tariff of Abominations”

1913: Income tax ratified

2024: 2.5%

1800 1850 1900 1950 2000

*Estimate based on April 2 tariff announcement


Source: Bloomberg Picture: Getty Images © GRAPHIC NEWS