Overview

• All reciprocal and baseline tariffs took effect in early August, imposing duties between 10 and 50 percent on dozens of trading partners.
• The average US tariff rate jumped from 2.5 percent to 18.3 percent—the highest level since 1934—adding an estimated $2,400 in annual costs per household.
• Major retailers and manufacturers such as Walmart, Procter & Gamble and Ford have raised consumer prices to offset higher import taxes.
• Since April’s tariff rollout, 37,000 manufacturing jobs have been cut, net hiring slipped to 73,000 in July and GDP growth slowed below a 1.3 percent annualized rate.
• President Trump dismissed the Bureau of Labor Statistics director and publicly urged Fed Chair Jerome Powell to slash interest rates despite inflation holding at 2.6 percent.