Per analysis conducted by The Budget Lab at Yale, Trump’s April 2 tariffs are the equivalent of a rise in the effective U.S. tariff rate of 11.5 percentage points. “The average effective U.S. tariff rate after incorporating all 2025 tariffs is now 22 ½%, the highest since 1909,” per the policy research center’s data.

A week of turmoil unleashed by U.S. President Donald Trump's tariffs showed little sign of easing on Friday, with markets again tumbling and foreign leaders trying to work out how to respond to a dismantling of the world trade order.

In the aftermath of Wednesday’s tariff whiplash, President Donald Trump is deciding exactly what he wants out of trade talks with as many as 75 nations in the coming weeks