More than a year after tariffs returned to the center of US trade policy, the picture remains unsettled. According to estimates from the Tax Foundation in May (unless denoted by an asterisk—some statistics have been updated closer to publishing), tariff policy shifted more than fifty times in 2025, with rates rising, falling, pausing, and shifting through exemptions and legal challenges. Even as courts, exemptions, and new statutory approaches reshape the tariff landscape, companies continue to manage the effects on supply chain planning, customs valuation, transfer pricing, and forecasting.
Below are some of the effects of the tariffs, based on the Tax Foundation’s updated reporting. To learn more about the effects of the tariffs, go to www.taxfoundation.org/research/all/federal/trump-tariffs-trade-war.
Source: Erika York and Alex Durante, “Tracking the Impact of the Trump Tariffs & Trade War,” Tax Foundation (July 27, 2026), www.taxfoundation.org/research/all/federal/trump-tariffs-trade-war.
