US-China Trade War Escalates: Tariffs Reach Highest Levels Since 1910, Costing Families $2,800 Annually
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US-China Trade War Escalates: Tariffs Reach Highest Levels Since 1910, Costing Families $2,800 Annually
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After one of the most turbulent springs in recent memory, US-China trade relations remain on the front page. By April this year, tariff rates between the two countries reached unprecedented heights: the US imposed average tariffs of 126% on Chinese imports, while China’s average tariff on US goods jumped to 148%. These hikes covered virtually all bilateral trade and sent shockwaves through global supply chains, driving up inflation and rattling markets. In response, mounting economic and political pressure pushed both governments to the negotiating table for what was dubbed the “tariff truce.”
On May 12th, negotiators from Washington and Beijing announced a 90-day pause on the newest rounds of tariff increases. This partial rollback went into effect May 14th, lowering tariffs from their astonishing April peaks but leaving most of the trade war duties, dating back to 2018, still very much in place. For listeners, that means while some relief appeared, the pain is far from over: as of late May, the average US tariff on Chinese goods was still a hefty 51.1%, more than double levels at the start of 2025. China’s average tariff on American products held around 32.6%, also well above historic norms.
Despite these measures, tariffs continue to weigh heavily on US consumers. The Budget Lab at Yale notes that the average effective US tariff rate now sits at 20.6%, the highest since 1910. Factoring in shifts in trade patterns, that rate settles around 19.7%, marking the steepest level since the Great Depression. These tariffs have driven up prices by an estimated 2.1% in the short term—costing the average American household about $2,800 so far this year.
Headlines this week bring more news: China’s exports grew 5.8% in June, beating expectations, but shipments to the US dropped for the third straight month, down 16.1%. This reflects both the lingering impact of tariffs and China’s ongoing effort to shift exports to other regions like Africa, Latin America, and ASEAN countries. With a US election looming, President Trump announced new “reciprocal” tariffs—effective August 1st, goods from China will face an additional 30% duty, with some sectors like copper and vehicles seeing even steeper rates. Beijing has countered with its own 10% levy on American imports.
Insiders report these tariff moves are also tied to turbulence in US financial markets. The US Treasury had to act after foreign demand for American debt fell sharply amid economic uncertainty, leading officials to ease some tariffs in order to maintain stability. But with the US economy slowing, layoffs mounting in key states, and recession risks rising, the tariff debate is far from settled.
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