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The Conversation
The Conversation
James Giesecke, Professor, Centre of Policy Studies and the Impact Project, Victoria University

As Trump has pulled back from the highest tariffs, this chart shows the economic shock has eased

Donald Trump United States Australia GDP

It’s tariff season again, with the next deadline looming on Friday, August 1.

Since the beginning of July, the United States has issued another flurry of tariff announcements, revising the sweeping plan announced on April 2. Back then, the Trump administration threatened to apply so-called “reciprocal” tariffs of up to 50% against many trading partners, plus an eye-watering 125% on Chinese imports.

In April, we modelled those measures, together with retaliation by trade partners. We reported they could cut more than 2.5% from US gross domestic product (GDP), reduce US short-run employment by 2.7%, and cut US real investment by almost 7%.

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