The most far-reaching version of Trump’s strategy would raise the effective, or average, tariff on U.S. imports to about 20%, comparable to the heavy import duties the nation imposed in the 1930s and that contributed to the Great Depression,

Donald Trump’s “liberation day” tariffs present a severe risk to a US economy that is already rapidly losing momentum, with economists warning of surging prices for households and a growing risk recession in the wake of the president’s announcements.