The effects of tariffs, one year into Trump's trade experiment

Over the past year, President Donald Trump implemented record-high tariffs on U.S. imports, averaging around 17%, the highest since 1932, aiming to boost American industry and reduce the trade deficit. The tariffs generated significant government revenue—about $287 billion in 2025—but most of the cost was borne by U.S. businesses and consumers, rather than foreign firms.