As Trump has pulled back from the highest tariffs, this chart shows the economic shock has eased

By James Giesecke, Professor, Centre of Policy Studies and the Impact Project, Victoria University
Robert Waschik, Associate Professor and Deputy Director, Centre of Policy Studies, Victoria University

It’s tariff season again, with the next deadline looming on Friday, August 1.

Since the beginning of July, the United States has issued another flurry of tariff announcements, revising the sweeping plan announced on April 2. Back then, the Trump administration threatened to apply so-called “reciprocal” tariffs of up to 50% against many trading partners, plus an eye-watering 125% on Chinese imports.

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