Overview
- The administration’s broad import duties remain active while an appeals court stay permits continued collections during Supreme Court review.
- Tariff revenue reached more than $236 billion through November, with U.S. Customs and Border Protection later announcing $200 billion collected by Dec. 15.
- Trade patterns shifted sharply as U.S. tariffs on Chinese goods averaged 47.5% and imports from China fell about 25% through the first three quarters.
- Stocks swung violently in April after a blanket 10% plan and a rapid partial pause, marking some of the year’s biggest market moves.
- Policy moves included sector-specific hikes and wider country coverage, the end of the de minimis exemption, targeted food duty rollbacks, and little evidence of a broad manufacturing rebound.