Three container ships at a container port.
Trade

The State of U.S. Tariffs

August 24, 2026
| Updated: August 24, 2026

Key Takeaways

  1. The average statutory tariff rate now stands at 11.0%, roughly where it settled after Section 122 tariffs expired on July 24th and were replaced with new tariffs under Section 301. Under current law, which includes several scheduled tariff increases between now and December, this figure is set to be 11.8% by the end of this year.

  2. We estimate the ultimate consumer price impact of current-law tariff policy to be about 0.7%.

  3. Estimated household costs due to tariffs total about $1,100 annually under current law.

  4. Over the next ten years, we estimate that current-law tariffs will raise about $1.9 trillion. These numbers are somewhat lower, though, after taking into account the negative impact of tariffs on GDP.