President Trump's tariffs are increasingly complex, resembling a mosaic with varying impacts across different countries and products. As of now, 21% of global U.S. imports are exempt, with significant exemptions from specific countries like the EU and Vietnam. The average effective tariff rate on imports will be around 16% in 2025, notably higher than before. Projections indicate that the U.S. Treasury may collect up to $2.7 trillion in tariffs over the next decade, despite concerns about legality and unpredictable global economic impacts.
President Trump has deployed a complex array of country-specific and product-targeted tariffs, resulting in an average effective tariff rate on imports of around 16% in 2025. This is five times higher than the 3% average when Trump took office in January.
Monica Guerra expressed that the tariffs vary by country and product, creating a 'mosaic' effect. For instance, 21% of global imports are exempt, with varying percentages for specific countries like the EU, Vietnam, and Malaysia.
Guerra warned of unpredictable impacts across the global economy, projecting that tariff rates are likely to keep rising and remain elevated. The U.S. Treasury could potentially collect as much as $2.7 trillion in tariffs over the next decade.
Tariffs are being applied piecemeal, with delayed starts and occasional backtracks, creating a patchwork policy that is difficult to navigate.
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