After months of delays and negotiations, President Donald Trump's tariffs on imported goods went into effect on Thursday.

A 10% minimum tariff on imports from all countries is now in place, with higher rates applicable to goods from some nations. Additionally, there is a 50% import tax on copper.

The new tariffs have raised the effective tariff rate paid by U.S. consumers to the highest level since 1934, according to the Yale Budget Lab. The effective tariff rate is now 18.3%, up from 16.6% prior to the implementation of the new tariffs.

At the start of the year, the effective tariff rate was just 2.4%, the Yale Budget Lab reported.

When President Trump first announced reciprocal tariffs in April, the effective tariff rate was projected to be around 28%. However, President Trump ulti

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