Smoot-Hawley Redux

Many posts have dealt with tariffs and trade.

Jason Douglas and Tom Fairless at WSJ:

In the U.S., more than 90% of 5,200 product categories are subject to harmful import restrictions, up from half just before Trump’s first term in office, Global Trade Alert data show. According to the Tax Foundation, a think tank that scrutinizes tax policy, the average tariff rate facing goods imported into the U.S. is now back to where it was in 1946, at 8.4%, compared with 1.5% when Trump first took office in 2016.

If Trump follows through on all his remaining tariff threats, tariffs on U.S. imports could hit 18% on average, Fitch Ratings estimates—the highest level in 90 years.

From the Tax Foundation: