Special Report: U.S. Trade Policy – April 2025

New Tariffs Reshape Economic Landscape, Highlighting Commercial Real Estate’s Stability

Sweeping tariff policy heightens uncertainty. The recent introduction of the “Liberation Day tariffs” marks the most significant shift in U.S. trade policy in more than a century, propelling the net effective tariff rate from about 2.5 percent last year to well above that for most countries. A 10 percent blanket tariff now covers nearly all imports. Initially, 90 countries faced higher levies…

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