Tariffs increased in 2025; why did U.S. imports grow?

Ben Kim, Tucker Smith and Kei-Mu Yi

Dallas Fed Economics from Federal Reserve Bank of Dallas

Abstract: The U.S. average tariff rate increased from 2.9 percent in January 2025 to 14.8 percent in December, a rise of almost 12 percentage points. The surge—the largest such U.S. jump since the Smoot-Hawley tariffs at the onset of the Great Depression in 1930—led to a sharp increase in the tariff-inclusive prices that U.S. importers paid.

Date: 2026-10-06
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Persistent link: https://EconPapers.repec.org/RePEc:fip:d00001:103911

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