BofA: The effective tariff rate should remain unchanged | 08 June 2026
The effective tariff rate should remain unchanged
BofA: We estimate the latest tariffs proposed by the US administration represent almost 2pp for the US effective tariff rate. This is nearly identical to our initial estimate of the impact of 10% Section 122 tariffs. As a result, the US effective tariff rate should remain nearly unchanged after Section 122 tariffs expire in July. The newly proposed duties pose slight upside risks to our call for the observed drop in effective tariffs to persist, but any impact on US inflation/growth would be second order, in our view.
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