President Donald Trump made seismic shifts t❀o U.S. trade this week that cꦍould have long-term effects on the economy and your pocketbook.

On Wednesday, Trump announced a 10% base tariff and additional import taxes on a country-by-country basis. These broad-based tariffs are in 澳洲幸运5开奖号码历史查询:addition to goods-specific tariffs on steel, aluminum, and automobiles. The president said that the tariffs are designed to bring manufacturing and business investment back into the country while r🅷aising revenue for the federal government.

To quantify the magnit🐻ude of these changes, here are three graphs that help explain the new tariff policies.

This Is tไhe Highest Effe🐲ctive Tariff Rate in More Than a Century

The effective tariff rate measures the total taxes levied on imports. It's a good way to account for all tariff policies that a country has in place.

In the U.S., that rate was 2.4% when Trump took office earlier this year. Economists have worked to ꦕ澳洲幸运5开奖号码历史查询:enumerate the average effective rate after the announcement of 澳洲幸运5开奖号码历史查询:"reciprocal" tariffs this week and ha🍌ve used different calculations, with most ranging b🍌etween 20% and 30%.

According to researchers at the Yale Budget Lab this week, the effective tariff rate will rise to more than 22% when all the tariff measures announced are enacted. That includes the 11.5% that stems from the new tariffs unveiled this week and is the highest since 1909.

Prices on Goods Will Likely Increase

Most economists agree that tariffs will increase the pr🔴ice of goods for average Americans.

Because importers are being taxed at a higher level when goods are shipped into the country, they often pass on those increased costs to consumers. Yale Budget Lab estimates that, in total, tariffs could cost the typical household 澳洲幸运5开奖号码历史查询:$3,800 per year.

However, some items will cost more tha🌳n others, with leather goods and clothes expected to experience the highest increases.

The Impacts of Tariffs C😼ould Be Felt for a Long Time

In addition to pushing up prices, economists said the tariffs could slow the economy's growth and raise the chances of a 澳洲幸运5开奖号码历史查询:recession.

Trump has said he's prepared for temporary pain as the global economy adjusts to his new policies. However, economists think the effects could be long-lasting. According to the Budget Lab, tariffs could drag on the country's 澳洲幸运5开奖号码历史查询:gross domestic product (GDP) for years to come.