Since taking office in January 2025, President Donald Trump has implemented a series of tariffs on foreign goods, driving the average US tariff rate to 17.3%, the highest level since the 1930s. This marks a substantial increase from the pre-Trump average tariff rate of 2.4%. The tariff escalation is part of Trump's broader protectionist agenda, which has unfolded through multiple adjustments and expansions since the initial imposition on April 2, 2025, known as Liberation Day. The elevated tariff levels have prompted market expectations of rising inflation in the US over the coming year, followed by a potential decline thereafter.