Donald Trump’s second term as US president has been dominated by a trade war of his own making, but tracking its impact has been far from straightforward.
Many executive orders imposing escalating tariff rates have been swiftly followed by White House climbdowns — the “Trump always chickens out”, or “Taco” theory.
US trade data published on Thursday provides the first opportunity to see how Trump’s “liberation day” trade war, unveiled on April 2, applied in practice that month. The “effective tariff rate” calculation cuts through the tangle of headline rates to measure the duties as a percentage of actual import value.
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