The U.S. has been transformed into a high-tariff economy with indications that a 15% tariff is the baseline rate for most imports, with higher duties on some specific goods, making the effective tariff level at 17.3% – the exact one Trump wanted all along.
The actual tariff labels are coming in lower than the worst fears; nonetheless they are up considerably from the 3% recorded in 2024. Two important factors have allowed the U.S. to get away with this without any meaningful retaliations, China being the only valid exception…
A Macro Market View by Hubert Marleau
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