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U.S. Import Duties Climb to Century High Under ‘Liberation Day’ Tariffs

With duties averaging over 20 percent nationwide, early stockpiling has muted cost hikes; economists warn price pressures will escalate when inventories run out.

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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The ticker symbol and company logo for Under Armour, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 22, 2019. REUTERS/Brendan McDermid/File Photo

Overview

  • Data from the WTO and IMF show the average U.S. tariff rate has risen to 20.1 percent, the highest level since the early 1910s.
  • The National Retail Federation reports U.S. imports fell 8.4 percent year-on-year in June as retailers rushed to front-load shipments.
  • Port of Oakland container volumes surged 31 percent in July as companies expedited deliveries ahead of the August 7 tariff deadline.
  • The White House projects $50 billion in monthly revenue from the new duties, while the Yale Budget Lab estimates they will cost the average household $2,400 and push prices up 1.8 percent.
  • Major firms including Nike, Adidas, Amazon and Walmart are raising U.S. prices to offset added import taxes, and economists say full inflationary effects will hit once pre-tariff inventories are exhausted.