Severity 4 — Severe💰 economy2025

2025 Tariffs — The Largest US Tax Increase in Decades

A rolling series of tariff increases through 2025 pushed the average US tariff rate to roughly 9.6% — an 80-year high — amounting to an estimated average household tax increase of $1,500 in 2026 and the largest tax increase as a share of GDP since 1993, while reducing long-run projected US GDP and disproportionately hitting the agriculture and manufacturing sectors the policy was ostensibly designed to protect.

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Donald Trump — Republican Party

In power 2025–present

Source

Tax Foundation — Tracking the Impact of the Trump Tariffs

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