Tariffs Update: Potential Effects of the April 2 Announcements

Marina Azzimonti, Zach Edwards, Sonya Ravindranath Waddell and Acacia Wyckoff
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Zach Edwards: https://www.richmondfed.org/region_communities/people/edwards2

Richmond Fed Economic Brief, 2025, vol. 25, issue 13

Abstract: Our previous article presented a benchmark measure of the average effective tariff rate (AETR) based on detailed trade data for 2024. The analysis quantified the fiscal and trade effects of newly proposed tariffs through a series of counterfactual scenarios. These included tariffs on aluminum and steel, renewed duties on Chinese imports, and new levies on products from Canada, Mexico and the European Union (EU). The study showed that the AETR could rise significantly, moving up from a benchmark of 2.3 percent to as high as 15.0 percent under proposed policies. In this article, we build on this framework by incorporating the April 2 announcement of a global tariff plan.

Keywords: International Economics; Tariffs; Trade Policy (search for similar items in EconPapers)
Date: 2025
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