JPMorgan Chase: Trump's New Tariff Will Raise US Effective Tax Rate to 14.6%

On July 9th: Economists Michael Feroli and Abel Reinhard from J.P. Morgan released their latest research report. They estimated that following Trump's announcement this week to impose tariffs on 14 countries starting from August 1st, the average tariff rate in the United States will rise from the previous 13.4% to 14.6%. According to independent analysis by Deutsche Bank, the new average tariff rate could exceed 18%. Additionally, J.P. Morgan also pointed out that if Trump continues to advance other potential trade measures, such as reinstating the reciprocal tariffs proposed in April against other countries, adding new tariffs on copper products, or imposing tariffs on BRICS countries, the overall average tariff rate in the United States could further increase by up to 6 percentage points. (FX678)