#TrumpTariffs The Trump tariffs, denoted by the hashtag #TrumpTariffs, have had a profound impact on the global economy. According to the Tax Foundation, the tariffs announced by President Trump will increase the average tariff rate on all imports to 18.8% by 2025, representing the highest level since 1933.

These tariffs will have a deleterious effect on the US economy, reducing GDP by 0.8% and the capital stock by 0.6%. Furthermore, it is estimated that the tariffs will reduce after-tax incomes by 2.1% on average, equivalent to a tax increase of over $2,100 per US household in 2025.

It is noteworthy that the tariffs have also elicited retaliatory measures from other countries, including China, Canada, and the European Union, which could exacerbate the negative impact on the global economy.