The tariffs amount to a substantial new tax on Americans.
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Welcome to The Logoff: It’s tariffs day, for real this time. President Donald Trump’s latest wave of tariffs, which will almost certainly raise prices for Americans, officially went into effect overnight.
Who is Trump tariffing? Roughly half the world, or more than 90 countries. Some, like South Korea, struck trade deals with the administration and face a tariff rate of 15 percent (give or take depending on the country), while others, like Brazil, face rates of up to 50 percent. Overall, the average tariff rate on imported goods now stands at 18.6 percent — the highest in nearly a century, and far higher than the modern average of just 2 to 3 percent.
What does that mean for me? For Americans, Trump’s tariffs are essentially a significant backdoor tax increase.
