The average tariffs in the United States are increasing, and more tariffs will be imposed in the future.

After a period of calm in terms of tariffs, President Trump announced a new round of industry-specific tariffs to be implemented starting October 1st. AMP's Chief Economist Shane Oliver said that assessing the impact of drug tariffs is difficult because many large pharmaceutical companies already have facilities in the United States and have announced expansions. However, he added that the additional tariffs, as well as future tariffs on products such as semiconductors, highlight that the threat of tariffs has not disappeared. Oliver said that these latest measures bring the average tariff rate in the United States to around 21% before any alternatives are considered, much lower than the peak after liberation but far higher than the level of about 2.5% at the beginning of this year.