Besides imposing sweeping new 10 percent tariffs on goods from most US trading partners, Trump has also unleashed steep duties on imports of steel, aluminum and autos since his White House return.
Many goods from the world's second biggest economy now face levies of at least 145 percent -- the total additional figure Trump has imposed this year.
“Compared to Trump's first term, this is a massive escalation, as his first tariffs affected about $380 billion of US imports or 15 percent,“ she told AFP.
Researchers from the Budget Lab at Yale University estimate that “consumers face an overall average effective tariff rate of 27 percent, the highest since 1903.”
Even after accounting for consumption shifts, the average tariff rate will be 18.5 percent, the Budget Lab anticipates. This would be the highest since 1933.
“That’s mostly due to the fact that we still have a 125 percent tariff rate on China,“ he said, referring to the latest duty Trump imposed on Chinese goods.
Even a much lower tariff would significantly impact the world's biggest economy, Denamiel said, noting that China is the United States' third most important trading partner.
Shrinking imports
He has referred to them as a means to raise government revenue, boost the country's industrial sectors and to pressure other governments on US priorities.
With Chinese tariffs reaching punitive levels, even conservative estimates suggest that China’s share of imports “should shrink dramatically,“ said JPMorgan chief US economist Michael Feroli in a recent note.
“Overall, we estimate the tariffs and announced retaliation will shrink US GDP by 1.0 percent,“ she said.
“However, we still think a contraction in real activity later this year is more likely than not,“ he added.
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