"Since returning to the White House in January, President Donald Trump has overturned decades of U.S. trade policy - building a wall of tariffs around what used to be a wide open economy. His double-digit taxes on imports from almost every country have disrupted global commerce and strained the budgets of consumers and businesses worldwide. They have also raised tens of billions of dollars for the U.S. Treasury."
"Trump has argued that his steep new import taxes are necessary to bring back wealth that was "stolen" from the U.S. He says they will narrow America's decades-old trade deficit and bring manufacturing back to the country. But upending the global supply chain has proven costly for households facing rising prices. And the erratic way the president rolled out his tariffs - announcing them, then suspending or altering them before conjuring up new ones - made 2025 one of the most turbulent economic years in recent memory."
President Donald Trump's 2025 tariff campaign transformed U.S. trade policy by imposing double-digit import taxes on goods from almost every country, sharply raising the effective tariff rate to nearly 17 percent by November — the highest since 1935. The tariffs disrupted global commerce and supply chains, increased costs for households and businesses, and introduced volatility as actions were announced, suspended, altered, and replaced. Tariff collections exceeded $236 billion through November, adding substantial revenue to the Treasury while failing to quickly eliminate the trade deficit or restore large-scale manufacturing, and contributing to one of the most turbulent economic years in recent memory.
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