While financial markets are welcoming President Donald Trump’s pause on higher tariffs for dozens of trade partners, American imports taxes are still at an historic high and a US recession is still a risk, economists say.
Trump on Wednesday reduced tariffs on countries that were earlier hit with higher levies to a 10% baseline rate, with the exception of China which faces a 125% import duty. Yet the average US tariff rate is still rising to 24%, up almost 22 percentage points since Trump started his second term, according to Bloomberg Economics.
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