US households can expect an average price hike of $2,400 this year due to President Donald Trump’s trade policies. The administration has announced new tariffs on imports from nearly two dozen countries, with rates ranging from 25% to 50%. Starting in August, American importers will face a 25% tax on goods from South Korea and Japan, while Canada and Bangladesh will pay 35%, and Brazil will be taxed at 50% unless bilateral deals are reached.
The move is part of Trump’s ongoing trade war with China, India, and other industrial powerhouses. The White House has also threatened tariffs on goods from countries “aligned” with these nations, without providing further details.
Critics argue that Trump’s tariff announcements have been “draconian, nonsensical, and hard to take seriously.” His administration had previously exempted most goods from Canada and Mexico from border taxes under the North American trade agreement. However, new tariffs on scores of trading partners were announced in April, only to be paused for three months with promises of 90 new trade deals crafted during that time.
Source: https://www.theatlantic.com/economy/archive/2025/07/trump-tariffs-trade-war-ongoing/683476