– The resumption of US trade data after the government shutdown reveals new details about the rates of tariffs being paid — the headline average tariff rate of 10.4% is flattered by exemptions and United States-Mexico-Canada Agreement (USMCA) compliance, with underlying rates at 17.0% and set to rise in 2026. Exemptions from International Emergency Economic Powers Act (IEEPA) duties have been extended to agricultural goods from Brazil, cutting tariffs on 5.9% of US relevant food imports.
– Corporate reactions to tariffs have taken many forms. Inventory front-loading has run too far...