Americans paying for highest tariffs since 1934, Yale says

Matt Bishop
The average effective tariff rate for Americans is now 18.3%, the highest since 1934, according to the Budget Lab at Yale University.
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President Donald Trump signed an executive order to raise tariffs on more than 60 countries, with increases set to take effect on August 7, following a four-month pause after Trump’s April “Liberation Day” announcement. The average effective tariff rate for Americans is now 18.3%, the highest since 1934, according to the Budget Lab at Yale University.

Over 70% of U.S. small business owners say that constant shifts in trade policy create a “whiplash effect” that hampers their planning. As consumers pay for inconsistent tariffs and face resurgent inflation, business planning has become more complicated.

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Second-quarter 2025 U.S. GDP rose at a 3% annual rate, while June inflation increased to 2.7%.

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