It’s Trump’s trade world now

(Courtenay Brown – Axios) One year after “Liberation Day,” the global economy is still reckoning with the fallout of a trade policy that has since been diluted. President Trump’s tariff wall has been torn down by the court, watered down by exemptions and scaled back under trade agreements. Even so, the past year of policy changes turned the global trading system upside down in ways that appear irreversible. The Trump administration has enacted more than 50 different trade policy changes, a historic whipsaw illustrated by a new daily tariff tracker launched by the Budget Lab at Yale. The effective tariff rate — a measure of how much the U.S. actually collects in duties as a share of total imports — started 2025 around 2%, a level that had been roughly stable for years. – Trump’s “Liberation Day” tariffs: The impact is still being felt