His double-digit taxes on imports from almost every country have disrupted global commerce and strained the budgets of consumers and businesses worldwide. They have also raised tens of billions of dollars for the U.S. Treasury.
Here’s a look at the impact of Trump’s tariffs over the last year, in four charts.
A key number for the overall impact of tariffs on U.S. consumers and businesses is the “effective” tariff rate — which, unlike headline figures imposed by Trump for specific trade actions, provides an average based on the actual imports coming into the country.
In 2025, per data from the Yale Budget Lab, the effective U.S. tariff rate peaked in April. But it’s still far higher than the average seen at the start of the year. Before finalizing shifts in consumption, November’s effective tariff rate was nearly 17% — seven times greater than January’s average and the highest seen since 1935.
The value of goods coming into the U.S. from China fell nearly 25% during the first three-quarters of the year. Imports from Canada also dropped. But the value of products from Mexico, Vietnam and Taiwan grew year-to-date.
For investors, the most volatile moments on the stock market this year arrived amid some of the most volatile moments for Trump’s tariffs.
The S&P 500, an index for the biggest public companies in the U.S., saw its biggest daily and weekly swings in April — and largest monthly losses and gains in March and June, respectively.
