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3h ago

Trump’s New Tariffs Push U.S. Duty Rate to 18% Ahead of Court Review

An appeals court will soon decide whether emergency powers justify the new duties that have pushed average tariff rates to their highest since 1933.

The Port of Oakland saw a sizable surge in imports last month, likely due to companies trying to front load product ahead of expected tariffs.
The Port of Oakland in Oakland had a busy July, and that rate continued into the first week of August.
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Overview

  • New reciprocal tariffs on imports from nearly 100 countries took effect in early August, raising the average U.S. tariff rate to about 18 percent—the highest level since 1933.
  • July tariff collections reached a record $29.6 billion, underlining the revenue surge from steep new duties.
  • KPMG economist Diane Swonk warns that sequential tariff increases are adding to inflationary pressures, squeezing profit margins and heightening recession risks.
  • Under USMCA rules of origin, roughly 90 percent of Canadian goods qualify for duty-free treatment, significantly limiting the impact of the 35 percent border levy.
  • A lower court ruled that the use of emergency powers to impose sweeping tariffs exceeded presidential authority and the U.S. Court of Appeals recently heard arguments as President Trump warned of a “1929-style Great Depression” if the duties are struck down.