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Economist Erica York warns that President Trump's increased tariffs on Chinese imports, now at 145%, could effectively end most US-China trade. While a temporary reduction to 10% on imports from most other countries offers a short reprieve, the overall tariff rate remains at its highest since the 1940s. York highlights the significant economic consequences, despite projected increased federal tax revenues of $171.6 billion. China has vowed to retaliate, raising tariffs on US imports to 84%. Uncertainty remains until July when the tariff reversal is scheduled to end.

Prepared by Christopher Adams and reviewed by editorial team.