Yesterday’s News 2025 08

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Depression-era tariffs

James Eagle: Chart Dump: US Tariffs

President Trump’s latest tariff salvo has gone into effect. We’ve seen a doubling of India’s rate to 50% for buying Russian oil that the US once begged them to purchase. Swiss diplomats are in emergency sessions after a random 39% shock that makes no sense to fair trade and competition. Meanwhile Toyota just announced it’s suspending new model launches.

We are witnessing the most radical reshaping of global trade since the 1930s, compressed into seven chaotic months of Trump’s presidency. The numbers are staggering: effective tariff rates have sextupled from 2.5% to over 18%, the highest since Smoot-Hawley helped trigger the Great Depression.

I’ve done a chart dump for you. These 18 charts show how $108 billion in tariff revenue is costing trillions in economic destruction, why China is winning by losing this trade war, and how Trump’s fiscal fantasy is colliding with mathematical reality.

Today’s effective tariff rate almost match the Depression-era Smoot-Hawley tariffs that helped collapse global trade by two-thirds, providing the historical context for Chart 1’s alarming numbers. But unlike the 1930s gradual descent, we’ve speedrun to Depression-level protectionism in just seven months.

(James Eagle more…)

yahoo!: Continuing claims for unemployment benefits hit highest level since November 2021

CNN: Trump’s tariffs are bringing in tens of billions of dollars a month. What’s the government doing with all that money?

Bulwark: Trump’s Tariffs Won’t Spare Even the ‘American Made’

Todd Beeton: Trump’s ‘Golden Age’ Is Nothing More Than Fool’s Gold

A closer look at the data reveals the painful truth about Trump’s economy

PBS News Hour: As Trump’s tariffs kick in, economist breaks down inflation and recession warning signs

James Eagle: The US dollar has slid against most major currencies


The US dollar has slid against most major currencies