The average U.S. tariff rate has surged to its highest level since 1933.

PANews reported on August 9th that according to Jinshi, the tariff tracking tool jointly developed by the World Trade Organization and the International Monetary Fund shows that as of the 7th, the trade-weighted average tariff rate of the United States on all products worldwide has risen to 20.11%, significantly higher than 2.44% at the beginning of the year. The data shows that the simple average tariff rate of the United States on all goods worldwide has increased from 2.08% at the beginning of the year to 17.39% on the 7th. The global trade volume affected has soared from $288.46 billion at the beginning of the year to $2.747 trillion currently. The Yale Budget Lab, which has long tracked the impact of US tariff policies, released a report on the 7th showing that with further adjustments to US tariff policies, the average effective tariff rate has now reached 18.6%, the highest level since 1933.