Brian Coulton, chief economist at Fitch, emphasizes the unprecedented size, speed, and breadth of recent tariff increases in the United States.

This significant escalation in tariffs is largely attributed to actions taken since Donald Trump returned to the White House in January 2025, signaling a shift into a new economic era.

As a result, US import tariffs have surged to their highest levels since 1945, reaching an average of 10% in just two months.

This rapid increase marks a dramatic shift in economic policy, with tariffs quadrupling from 2.3% to 10%.

Currently, three major tariff measures have been firmly enacted, with a fourth on the horizon, including a 30% tariff on Chinese imports and 25% tariffs on imports from Mexico and Canada.

These tariffs are impacting about half of the trade between the United States and these countries.

In addition to these measures, a 25% tariff has been imposed on aluminum and steel imports globally, further escalating trade tensions.

Fitch's chief economist describes the current trade environment as a trade war, transitioning from a risk to a reality.