What consumers can expect from import taxes as the US sets new tariff rates
By DEE-ANN DURBIN and ANNE D’INNOCENZIO, AP Business Writers
It’s been almost 100 years since the U.S. had tariffs at the level they could reach next Friday.
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Once President Donald Trump’s planned tariffs take effect, Americans will see an average tax of 18.3% for imported products, the highest rate since 1934, according to the Budget Lab at Yale, a non-partisan policy research center.
Late Thursday, Trump ordered new tariff rates for 66 countries, the European Union, Taiwan and the Falkland Islands. Among them: a 40% tariff on imports from Laos, a 39% tariff on goods from Switzerland and a 30% tariff on South African products.