According to Fitch Ratings, the U.S. tariff rate on all imports surged to 22% from merely 2.5% in 2024 due to the new international tariffs introduced by President Donald Trump.
Trump stated on Wednesday that the United States would
implement a 10% minimum tariff
For all imported goods and increased tariffs on numerous major trade allies of the country.
As stated by the American credit ratings firm Fitch Ratings, the applicable U.S. tariff rate across all imported goods has been raised to 22%.
“That rate was last seen around 1910,” Olu Sonola, Fitch’s head of U.S. economic research, said in a statement after Trump’s announcement for a global baseline import tax of 10%, but much higher rates for many trading partners.
This marks a significant shift, impacting both the U.S. economy and the worldwide market,” Sonola stated. “It’s probable that numerous nations will face recessions. Most economic predictions may be discarded if these tariffs persist for a prolonged duration.
According to a statement from the White House, the initial 10% tariff is scheduled to come into force on April 5, with increased rates beginning on April 9.
