JPMorgan: Trump’s New Tariffs Will Raise the Average U.S. Tariff Rate to 14.6%

According to a report by Jinse Finance, JPMorgan economists Michael Feroli and Abel Reinhart have released a new research report estimating that, following the tariffs announced by Trump this week—which will be imposed on 14 countries starting August 1—the average U.S. tariff rate will rise from the previous 13.4% to 14.6%. Additionally, independent analysis by Commerzbank suggests that the new average tariff rate could exceed 18%. JPMorgan also noted that if Trump proceeds with other potential trade measures, such as reinstating the reciprocal tariffs proposed in April against other countries, introducing new tariffs on copper products, or imposing additional tariffs on BRICS countries, the overall average U.S. tariff rate could increase by as much as 6 percentage points further.