Analysis: Trump Tariffs Have Failed All Three Stated Goals, Economists Conclude

Foreign Policy magazine published a comprehensive review on March 19, 2026 concluding that Trump's tariffs have failed by the administration's own benchmarks — making foreigners pay more for US access, narrowing the trade deficit, and punishing China. The average effective US tariff rate stood at 13.7% in February 2026 after the Supreme Court invalidated IEEPA tariffs, compared to a peak of ~27% in mid-2025. Trade diversion via India, Vietnam, Malaysia, and Mexico has offset China deficit reductions, with Chinese goods still reaching US consumers through intermediaries at higher cost. US consumers face an average burden of $1,230 per household in 2026 from remaining tariffs.