US Tariffs Are Still at Historic High Even After Trump’s Pause

While financial markets are welcoming President Donald Trump’s pause on higher tariffs for dozens of trade partners, American imports taxes are still at an historic high and a US recession is still a risk, economists say.

Trump on Wednesday reduced tariffs on countries that were earlier hit with higher levies to a 10% baseline rate, with the exception of China which faces a 125% import duty. Yet the average US tariff rate is still rising to 24%, up almost 22 percentage points since Trump started his second term, according to Bloomberg Economics.

“That means the overall impact on ...