Marina Lyubimova
⬤ America's tariff levels have climbed to heights not seen in more than 100 years, thanks to trade policies rolled out during the Trump administration. Bureau of Economic Analysis data shows tariffs as a percentage of GDP are now sitting near the peak from the Smoot-Hawley Tariff Act era—the one that helped trigger the Great Depression. Sure, the actual rates aren't quite as brutal as they were back in the 1930s, but here's the thing: we're trading way more stuff globally now, so even lower rates pack a much bigger punch.
⬤ The numbers tell a pretty clear story. Starting around 2018, when Trump's trade war kicked off, tariffs started shooting up and kept climbing into the early 2020s. When you look at these tariffs against the massive size of today's US economy, the impact really stands out. For decades after World War II, tariffs had been trending downward. But that all changed as the administration went after what it called unfair trade practices by other countries.
⬤ These tariffs became the backbone of Trump's economic playbook. Some folks back the move, saying it's about time we protected American industries. Others? They're worried we're gonna see higher prices at checkout and mess up the global supply chains everyone depends on. Either way, tariffs turned into a major bargaining chip in trade talks with heavyweights like China, the EU, and other key trading partners caught up in these disputes.
Marina Lyubimova
