U.S. President Donald Trump stands, after delivering remarks on tariffs, in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. Photo by Reuters
The U.S. tariff rate on all imports has rocketed to 22% from just 2.5% in 2024 under the new global levies imposed by President Donald Trump, according to Fitch Ratings.
Trump said on Wednesday that the United States would impose a 10% baseline tariff on all imports and higher rates on many of the country’s biggest trading partners.
According to American credit rating agency Fitch Ratings, the effective U.S. tariff rate on all imports will now be 22%.
“That rate was last seen around 1910,” Olu Sonola, Fitch’s head of U.S. economic research, said in a statement after Trump’s announcement for a global baseline import tax of 10%, but much higher rates for many trading partners.
“This is a game changer, not only for the US economy but for the global economy,” Sonola said. “Many countries will likely end up in a recession. You can throw most forecasts out the door, if this tariff rate stays on for an extended period of time.”
The baseline 10% tariff is set to take effect on April 5, according to a statement from the White House, and the higher rates will start on April 9.
