On this slide, we show the average tariff rate on U.S. goods imports over time. Economic globalization has led to more relaxed trade policies, with tariffs declining since the 1930s. However, recent geopolitical tensions and COVID-19 disruptions have prompted a reassessment of open trade policies, and tariffs sit at the center of the Trump administration’s policy agenda. Calculations from the Tax Foundation suggest that, if implemented as proposed, the average tariff rate on U.S. imports could rise to 17.7% in 2025, up from 2.4% in 2023.