According to recent projections, the impact of reciprocal tariffs worldwide will lead to a short-term acceleration of prices by 0.71 percent. The U.S. is expected to experience the highest price index increase, estimated at 7.26 percent.

This data package includes the underlying data files to replicate the data, tables, and charts presented in Why Trump’s tariff proposals would harm working Americans, PIIE Policy Brief 24-1.

If you use the data, please cite as: Clausing, Kimberly, and Mary E. Lovely. 2024. Why Trump’s tariff proposals would harm working Americans. PIIE Policy Brief 24-1. Washington, DC: Peterson Institute for International Economics.

President Trump's tariffs on China have disrupted American businesses, causing price hikes and economic uncertainty. Learn about the impact on the promotional products market and broader economic indicators.

In June 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In the first half of 2025, Russia maintained the highest interest rate at 20 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at 0.1 percent in June 2025. In contrast, Russia maintained a high inflation rate of 9.4 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

How Tariffs Are Impacting the Economy

Tariffs have created significant disruption in the global economy, increasing the cost of goods and raw materials, which has impacted many industries, including the cold chain sector. In the U.S., tariffs on imported goods have raised the price of raw materials for cold chain technologies, such as sensors and refrigerants.

As the cost of production rises, businesses are facing increased operational costs, which are often passed on to consumers, resulting in higher prices for goods. These tariff-induced price increases are contributing to inflation, reducing consumer purchasing power. Additionally, tariffs are disrupting global supply chains, causing delays in shipping and increasing transportation costs.

For industries reliant on global trade, including food and pharmaceuticals, this presents significant challenges in maintaining efficient and cost-effective supply chains.

Companies are now rethinking their sourcing strategies, considering alternatives like nearshoring or reshoring to mitigate the impact of tariffs on operations. This could lead to greater supply chain diversification but also higher operational costs in the short term.

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Building materials made of steel, copper and other metals had some of the highest price growth rates in the U.S. in the first half of 2025 in comparison to the previous year. The growth rate of the cost of several construction materials was slightly lower than in late 2024. It is important to note, though, that the figures provided are Producer Price Indices, which cover production within the United States, but do not include imports or tariffs. This might matter for lumber, as Canada's wood production is normally large enough that the U.S. can import it from its neighboring country. Construction material prices in the United Kingdom Similarly to these trends in the U.S., at that time the price growth rate of construction materials in the UK were generally lower 2024 than in 2023. Nevertheless, the cost of some construction materials in the UK still rose that year, with several of those items reaching price growth rates of over **** percent. Considering that those materials make up a very big share of the costs incurred for a construction project, those developments may also have affected the average construction output price in the UK. Construction material shortages during the COVID-19 pandemic During the first years of the COVID-19 pandemic, there often were supply problems and material shortages, which created instability in the construction market. According to a survey among construction contractors, the construction materials most affected by shortages in the U.S. during most of 2021 were steel and lumber. This was also a problem on the other side of the Atlantic: The share of building construction companies experiencing shortages in Germany soared between March and June 2021, staying at high levels for over a year. Meanwhile, the shortage of material or equipment was one of the main factors limiting the building activity in France in June 2022.

Gold futures hit a historic high of $3,248.40 due to U.S. tariff policies and inflation concerns, with a 36% surge over the past year.

The imposition of a 50% tariff on US copper imports is disrupting the market, leading to decreased demand and increased reliance on stockpiles. Explore the challenges faced by traders and manufacturers amidst this policy change.

US Tariff Impact on the Market

The global foldable drone market, particularly in the U.S., is influenced by tariffs imposed on Chinese imports. In 2023, the U.S. imposed 25% tariffs on drone components from China, which impacted manufacturers' costs, leading to an increase in drone prices. This shift has driven companies to explore alternate supply chain strategies, including domestic production and sourcing from non-tariffed countries.

While tariffs have raised prices, they have also led to a surge in demand for locally produced drones, with U.S. companies increasing investment in R&D and manufacturing facilities. Despite price hikes, consumer demand for foldable drones remains strong, particularly in commercial sectors like photography, surveying, and infrastructure inspection.

US Tariff Impact Percentage for Impacted Sector

• Tariff Rates and Impact on Drone Prices:

In April 2025, the U.S. imposed a cumulative 170% tariff on Chinese-made drones, including models from DJI, due to national security concerns.

• Legislative Actions and Proposals:

A bipartisan group of U.S. lawmakers urged the Biden administration to increase tariffs on Chinese-made drones and implement incentives to support U.S. drone manufacturers.

House Republicans proposed legislation to boost tariffs on Chinese-made drones by 30% initially, with annual increases, and to ban imports of drones containing critical Chinese components by 2030.

• Economic Impact on Drone Components:

The tariffs led to cost inflation and delayed availability of critical drone components, including lithium-ion batteries, electronic speed controllers, sensors, and optics, which were predominantly sourced from China.

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Economic Impact

• The imposition of tariffs increased the production costs of foldable drones.
• Companies responded by raising prices or seeking alternative manufacturing regions.
• Despite cost pressures, demand in sectors like photography, real estate, and infrastructure inspection remains strong.

Geographical Impact

• North America, especially the U.S., remains a leading market, accounting for over 39% of global share.
• European and Asian markets are growing as demand for foldable drones expands in commercial and recreational sectors.
• The rise in local manufacturing in the U.S. due to tariffs impacts the global supply chain.

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Gold prices fell by 3.58% on Monday due to global tariff concerns, yet remain up 16.77% since January amid economic uncertainty.

Peloton's shares dropped by 5.8% following the announcement of U.S. tariffs on imports from Canada and Mexico, raising concerns of increased production costs and inflation.

The global fuel energy price index stood at 166.79 index points in May 2025, up from 100 in the base year 2016. Figures increased that month due to greater demand for motor fuels and cooling. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Tariffs bring economic uncertainty With the global economy having adjusted to the effects of the Russia-Ukraine war, new uncertainty has emerged due to tariffs imposed by the Trump administration. If these tariffs are fully implemented, global trade could be significantly disrupted, mainly the bilateral trade between the world’s two largest economies. In 2025, import tariffs between China and the United States exceeded 130 percent on both sides, while their tariffs on imports from the rest of the world were around 10 percent. U.S. tariffs on Chinese imported goods reached a high of 134.7 percent in April of that year, while China imposed a 147.6 percent tariff on U.S. goods. Early estimates indicate that the impact of Trump’s proposed tariffs on the U.S. economy could amount to 0.4 percent of GDP, mainly driven by the reduced trade with Mexico, Canada and China.

In the first half of 2022, Colombia has already exported leather goods with a value of **** million U.S. dollars. In comparison, during the entire year of 2021, Colombia exported footwear products worth **** million U.S. dollars.

The source also indicated that the international trade crisis, inflation, and the increase in tariffs and freight have led to a price increase of approximately ** percent; thus, preventing the sector from reaching pre-pandemic levels.