{"text":[[{"start":null,"text":""}],[{"start":8.23,"text":"The Trump administration has reimposed tariffs of 10 per cent on US trading partners by invoking Section 122 of the Trade Act of 1974. This followed a Supreme Court ruling that Trump exceeded his authority in using the International Emergency Economic Powers Act (IEEPA) to impose tariffs on dozens of countries. Overall, the US effective tariff rate is still at its highest level since the 1940s."}],[{"start":39.629999999999995,"text":"Our tracker features the latest tariff and trade data and historical figures, as well as data showing the impact of the trade war on markets and the US economy. Bookmark this page to keep up to date as the president’s trade war evolves. "}],[{"start":null,"text":""}],[{"start":56.81999999999999,"text":"The US’ effective tariff rate, which measures the revenue raised by duties on goods as a proportion of import value, had been on a downward trajectory since before the second world war — but has surged following a series of tariffs announced by Donald Trump in his second presidency."}],[{"start":null,"text":""}],[{"start":75.47,"text":"Individual country tariff rates have shifted significantly since the US president’s ‘liberation day’ on April 2. "}],[{"start":null,"text":""}],[{"start":83.46,"text":"The headline effective tariff rate conceals wide variation among individual categories of goods."}],[{"start":null,"text":""}],[{"start":90.8,"text":"[Back to top]"}],[{"start":93.17999999999999,"text":"Tariff receipts"}],[{"start":96.08,"text":"In recent years, monthly US net tariff receipts have generally been well below $10bn. But since the introduction of steep new tariffs, revenues generated from import taxes have surged."}],[{"start":null,"text":""}],[{"start":110.03,"text":"[Back to top]"}],[{"start":112.12,"text":"Trade"}],[{"start":115.10000000000001,"text":"The overall US trade deficit, covering both goods and services, was $54.5bn in January, down from from $72.9bn in December according to the Bureau of Economic Analysis."}],[{"start":null,"text":""}],[{"start":131.64000000000001,"text":"US import volumes have swung wildly as consumers and businesses rushed to buy foreign goods before Trump’s “liberation day” tariffs announcement in April 2025. Imports surged to a record high in March, before falling sharply in the second quarter of the year."}],[{"start":null,"text":""}],[{"start":149.59,"text":"Imports of pharmaceuticals soared about 160 per cent in March from the same month the previous year, as companies rushed to build stockpiles after Donald Trump threatened to hit the sector with tariffs."}],[{"start":null,"text":""}],[{"start":163.07,"text":"[Back to top]"}],[{"start":165,"text":"Markets"}],[{"start":166.33,"text":"The stock market rallied after dipping sharply in the early days of Donald Trump’s second term as president. But it slipped again following the start of war with Iran."}],[{"start":null,"text":""}],[{"start":177.67000000000002,"text":"The Vix index is a measure of investor expectations for volatility in the US stock market over the next 30 days. The index’s long-term average is slightly below 20. Levels above 25 point to expectations of heightened turbulence, implying daily swings of more than 1.5 per cent in the S&P 500. A rise in the Vix above 30 is typically associated with extreme volatility and has only happened a handful times in the past few years. "}],[{"start":null,"text":""}],[{"start":209.70000000000002,"text":"The US dollar index is a measure of the value of the currency relative to a basket of other currencies. The index heads upwards when the dollar strengthens against these currencies and downwards when it weakens."}],[{"start":null,"text":""}],[{"start":223.65,"text":"[Back to top]"}],[{"start":225.14000000000001,"text":"Economy"}],[{"start":227.23000000000002,"text":"The US has outpaced its G7 peers in economic growth in both the short term and longer term."}],[{"start":null,"text":""}],[{"start":234.02,"text":"Annual change in US CPI peaked at 9 per cent in 2022, placing it in the middle of the G7 pack, but inflation remains stubbornly sticky."}],[{"start":null,"text":""}],[{"start":245.91000000000003,"text":"Industrial production has been sluggish and sentiment in the industry has vacillated in recent years."}],[{"start":null,"text":""}],[{"start":253.3,"text":"Federal employment features cyclical jumps due to the decennial census, but still represents a small share of overall employment. The number of federal employees in Washington has plunged since the start of Trump’s second presidency."}],[{"start":null,"text":""}],[{"start":269.34000000000003,"text":"[Back to top]"}],[{"start":271.27000000000004,"text":"Reporting and analysis by Alan Smith, William Crofton, Jonathan Vincent, Haohsiang Ko, Oliver Hawkins, Martin Stabe, Sam Learner, Eva Xiao and Sarah Lim. Additional development by Caroline Nevitt, Eade Hemingway and Gaku Ito"}],[{"start":297.97,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1774946347_2252.mp3"}