U.S. tariff rates under Trump will be higher than the Smoot-Hawley levels from Great Depression era

President Donald Trump's new policies put the effective tariff rate above the level of around 20% set by 1930’s Smoot-Hawley Tariff Act.

An estimate from Fitch Ratings said the tariff rate would hit its highest level since 1909.

The full economic impact of the new duties will likely depend on how long they are in place and if other nations retaliate.