US President Donald Trump has made a dramatic turnaround in his trade policies, ending a series of high tariffs imposed on countries around the world. Initially announcing “reciprocal” tariffs, including 50% on Lesotho and 20% on the European Union, these rates were suspended for 90 days after being met with international resistance.
A deal with the UK followed in May, while China was also brought under the negotiating table after a de-escalation period. The US has lifted or reduced tariffs on several countries, including Lesotho and Vietnam, but remains committed to higher levels of tariffs than it had three months ago.
According to calculations by Barclays, US tariffs have risen from 2.5% to 14% on average, their highest level since the 1930s. The agreement with China is particularly noteworthy, as US tariffs now stand at 39%, compared to 13% at the end of 2024. However, experts warn that global trade has entered a new era, with the Chinese agreement being the most significant.
The UK also benefits from the agreements, seeing the cancellation of 25% tariffs on steel and aluminum, as well as cars, after meeting its export quota. Nevertheless, the US will continue to impose 10% tariffs on other UK exports. Despite these concessions, a recession in the US remains possible due to ongoing trade tensions.
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Source: https://www.lemonde.fr/en/opinion/article/2025/05/21/even-after-trump-s-concessions-us-tariffs-are-at-their-highest-since-the-1930s_6741470_23.html