Tracking the impact of Trump’s tariff policy
Updated February 27, 2026
President Donald Trump’s trade policy was thrown a huge wrench after the Supreme Court invalidated his most sweeping tariffs.
Those now-extinct levies helped bring in record amounts of revenue for the government and created a pathway for the Trump administration to ink trade agreements. But they’ve come at a cost: Consumers are paying higher prices for many essentials and employers have been increasingly reluctant to take on more workers.
Trump still has plenty of ways to enact higher tariffs. Which begs the question: Will the Supreme Court decision change anything?
To find out, CNN will be continuously tracking where tariffs are being felt most acutely across the US economy. Keep scrolling — and be sure to check back to see how the situation evolves every month.
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Consumers
Inflation remains stubbornly high
Annualized inflation rate
Note: Data is not seasonally adjusted.
Source: US Bureau of Labor Statistics Consumer Price Index
Before Trump took office, the US average effective tariff rate was 2.4%, according to estimates from the Yale Budget Lab. At the end of 2025, it was 16.8% — and it was even higher last spring, when tariffs on Chinese goods skyrocketed to 145%. Because of the other tariffs Trump can enact to replace the ones the Supreme Court struck down, economists don’t foresee the effective tariff rate coming down substantially this year.
But even with the higher tariffs, price increases have been fairly moderate, at least so far.
Heavily imported consumer goods have seen some of the largest price increases due to higher tariffs
Monthly price changes for select items
Note: The Bureau of Labor Statistics did not collect detailed October price data due to the federal government shutdown.
Source: US Bureau of Labor Statistics Consumer Price Index
Consumer goods with the steepest price increases since Trump took office tend to be those with lower profit margins that make absorbing tariffs difficult. Prices of heavily imported items — including tomatoes and coffee — have also changed more significantly than most other goods.
The US imports much of the coffee Americans drink because it’s hard to grow domestically. Brazil is the top US source of coffee, according to US Department of Agriculture data.
Jobs
Last year was one of the bleakest years for job seekers in decades outside of recessions
Monthly changes in nonfarm employment
Note: Data is seasonally adjusted and the two most recent months are preliminary.
Source: US Bureau of Labor Statistics
Dramatic escalations in tariffs have historically led to periods of rising unemployment because businesses grow uncertain about how to respond to rapid changes in their costs, according to the San Francisco Federal Reserve. With little clarity regarding Trump’s trade policies, many businesses indefinitely paused hiring plans – or, in some cases, laid off workers.
Tariffs aren't the only factor driving the sluggish job market: Advancements in AI have made it easier for businesses to operate with fewer workers, compounding the issue.
There are fewer job postings and more job seekers, resulting in a declining ratio of job openings to unemployed workers
Job openings per unemployed person
Note: Data is seasonally adjusted and the figure for the most recent month is preliminary.
Source: US Bureau of Labor Statistics
The ratio of job openings to unemployed people captures the difficulty job seekers are facing.
That ratio plummeted to 0.2 in April 2020 as the US economy entered Covid lockdowns. By March 2022, as the global economy started to recover, the ratio leapt to 2.0, meaning there were two job openings per unemployed person. Last year, the ratio of job openings to unemployment fell below 1, the lowest since 2021.
Tariff revenue
Tariff revenue has soared, but the government is on the hook to refund a substantial portion
Monthly tariff revenue collected by the US government
Source: US Treasury Department monthly statements
Tariffs have become a major source of government revenue, helping to ease the budget deficit. But much of the tariff revenue from last year came from ones that were just rendered illegal. Businesses are now in the process of taking the necessary legal steps to recoup those payments, though it remains unclear how exactly the process will work.
Chinese goods and auto imports have been top contributors of tariff revenue
Trump’s tariff revenue
Note: Data covers fiscal year 2025, which began in October 2024, and fiscal year 2026 as of December 14, 2025. Steel and aluminum tariffs were in place before Trump’s second term, however, he significantly increased them. All other sectoral tariffs listed were not previously in place.
Source: US Customs and Border Protection
Tariffs paid on goods from China, Mexico and Canada, the United States’ top three sources of imports, account for much of the new revenue. But Trump can no longer continue enacting these tariffs, as well as other country-specific “reciprocal” duties that have brought in $133.5 billion in revenue as of December 14.
Duties on specific goods, called sectoral tariffs, have also helped drive overall tariff revenue to record levels. These types of tariffs, imposed under a law known as Section 232, are not impacted by the Supreme Court ruling. Trump is likely to use that law, among others, to introduce additional tariffs.