US corporations and trading partners are adapting to a new global economy under President Donald Trump’s tariffs. The average tax on imported goods has risen from 2% in January to around 15%, the highest mark since the early 1940s.
Tariffs imposed by Trump have reshaped economies, discouraging interest rate cuts in developing nations and affecting domestic politics worldwide. The US is now more reliant on Russia for urea fertilizer due to tariffs imposed on other suppliers like Qatar and Algeria.
Companies such as Nike are scrutinizing operations to offset the $1 billion in new import taxes expected this year, with some planning “surgical” price increases. Fastenal has split imports into separate shipments to Canada and the US, creating a more expensive supply chain.
Despite claims that tariffs will boost prices, economists acknowledge it’s too early to assess their full impact. Some companies have offset tariff costs by reducing reliance on Chinese factories and introducing operational efficiencies. The Trump administration says new trade deals with countries like Indonesia and Vietnam are worth trillions of dollars.
Trump has celebrated revenue gains from higher import taxes, but experts warn that the true impact is unclear due to stockpiles and company strategies. A shift in global trade dynamics is underway, with European Union officials opening markets to compensate for lost US business.
Source: https://www.washingtonpost.com/business/2025/07/20/trump-tariffs-global-economy-impacts