Source: NBC News
“After months of delays and extensions, President Donald Trump’s comprehensive and sweeping tariffs slate took effect Thursday just after midnight ET, shifting his global trade reset into high gear. [American buyers of m]ost imports into the United States will now face a baseline 10% duty, with the overall average effective tariff rate rising to more than 17% — the highest since 1935, during the Great Depression — thanks to higher duties on [American buyers of goods from] some of the biggest U.S. trading partners, according to the nonpartisan Yale Budget Lab think tank. … Yale’s Budget Lab calculates that the inflationary effect of tariffs will cost a typical household an average of as much as $2,400 this year.” (08/07/25)