President Trump's tariffs have led to an average tariff rate of 18.6%, the highest since 1933. Higher consumer prices are likely as tariff costs will be shared among exporters, importers, and consumers. Despite current absorption of costs by U.S. companies like General Motors, price increases are expected. Projections suggest clothing and textiles may experience significant price hikes, such as up to a 39% increase in shoe prices. However, actual consumer price impacts will vary and may not correspond directly to the percentage tariff.
The U.S. has now imposed the highest tariff level since 1933, with an average tariff rate of 18.6%.
Higher prices are likely inevitable due to tariffs, as costs will be split between exporters, importers, and consumers.
U.S. companies, like General Motors, are currently absorbing tariff costs, but ultimately, companies will have to raise prices for consumers.
Prices for clothing and textiles are projected to see the biggest impact, with potential increases of 39% on shoes.
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