President Donald Trump made 🥂seismic shifts to U.S. trade this week that could have long-term effects on the economy and your pock🎉etbook.

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官方开奖结果体彩网:addition to goods-specific tariffs on steel, aluminum, and automobiles. The president said that the tarif💯fs are designed to bring manufacturing and business investment back into the country while raising revenue for the f൲ederal government.

To quantify the m🌟agnitude of these changes, here are three graphs that help explain the new tariff policies.

This Is the Highest Effective Taꦑriff 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 澳洲幸运5官方开奖结果体彩网:enumerate the average effective rat♋e after the announcement of 澳洲幸运5官方开奖结果体彩网:"reciprocal" tariffs this week and have used different calculations, with most ran🔯ging between 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 price of goods fo☂r 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官方开奖结果体彩网:$3,800 per year.

However, some items will cost more than others, with leather goods and clothes expected to expeℱrience the highest increases.

The Impacts of Tariffs Could 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官方开奖结果体彩网: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官方开奖结果体彩网:gross domestic product (GDP) for years to come.