New Trump tariffs of 10% to 12.5% took effect Friday
Why it matters: economists cited in the report estimate the levies could add about $1,100 in annual costs for U.S. households.
A new round of Trump administration tariffs took effect just after midnight Friday, replacing a temporary 10% duty with country-specific levies ranging from 10% to 12.5% on imports from dozens of countries. The White House argues the measures will help the U.S. economy and workers, but economists interviewed by NPR said the duties are likely to keep pressure on household budgets and complicate the fight against inflation. The average U.S. tariff rate now stands at about 11%, according to the Budget Lab at Yale University. That could raise household costs by roughly $1,100, the report said, while higher import prices may also make it harder for the Federal Reserve to lower interest rates.