One of the main ways in which the economic policies of the second Donald Trump administration have been felt worldwide has been the steep hike in tariffs (Gensler et al, 2025). The average legislated levy on goods imported to the United States rose from 2.5 percent in 2024 to 16.8 percent in mid-November 2025 (The Budget Lab, 2025). Effective tariff rates (revenue raised by duties on goods as a proportion of import value) are lower than the legislated rates and vary widely depending on the source of goods: 37.7 percent for China at the end of October 2025 and 8.6 percent for the European Union (below the overall ... (full story)