The average effective tariff rate on imports is 17.8%, the highest since 1934, even after trade deals reached with China and the U.K. in recent days, according to the Yale Budget Lab. Levies that President Trump placed on other products and countries still remain,

The deal involves both nations cancelling some tariffs altogether and suspending others for 90 days, by 14 May. The result is that US tariffs on Chinese imports will fall to from 145% to 30%, while Chinese tariffs on some US imports will fall from 125% to 10%.

The US has finalized a trade agreement with the UK, granting British car manufacturers a 10% tariff on up to 100,000 vehicles annually, lower than the 25% tariff applied to automotive imports from other countries.