The U.S. tariff rate on all imports has surged to 22%, a significant increase from the previous rate of 2.5% in 2024, following the introduction of new global levies by President Donald Trump. This change was highlighted by Olu Sonola, the head of U.S. economic research at Fitch Ratings, in a statement released Wednesday.
According to Sonola, the current tariff rate is the highest it has been since approximately 1910. He explained that Trump’s recent announcement of a 10% baseline import tax would be further escalated for several trading partners, significantly altering the global economic landscape.
“This is a game changer, not only for the U.S. economy but for the global economy,” Sonola remarked. “The ripple effects could push many countries into a recession. If this tariff rate remains in place for an extended period, many economic forecasts will no longer hold true.”
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