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U.S. tariff rates under Trump will be higher than the Smoot-Hawley levels from Great Depression era [View all]
President Donald Trump’s new policies put the effective tariff rate above the level of around 20% set by 1930’s Smoot-Hawley Tariff Act, according to Sarah Bianchi, a strategist at Evercore ISI.
An estimate from Fitch Ratings said that the tariff rate would hit its highest level since 1909.
The full economic impact of the new duties will likely depend on how long they are in place and whether other nations retaliate.
The tariff policy outlined by President Donald Trump on Wednesday appears set to raise the level of U.S. import duties to the highest in more than 100 years.
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