The average U.S. tariff rate on imported goods has risen sharply in 2025, reaching levels not seen since the 1930s. As of late July 2025, the average effective tariff rate stood at 18.2%, according to estimates from Yale University's Budget Lab, up from just 2.4% in 2024 prior to Donald Trump's return to office. Bloomberg reports that with new tariffs set to take effect after midnight on August 7, the average U.S. tariff rate will increase to 15.2%, up from 13.3% currently, assuming trade deals with the EU, Japan, and South Korea remain intact. These tariffs, imposed by President Trump on exports from numerous trading partners including Canada, Brazil, India, and Taiwan, represent some of the steepest U.S. trade barriers in nearly a century. The global average tariff rate is now approximately six times higher than it was a year ago, reflecting a significant shift in U.S. trade policy aimed at reshaping the global economy.