US tariffs on imports surge to 10% average, impacting trade relations with Canada and China

The average effective tariff rate on US imports has risen from approximately 2% in 2024 to nearly 10% in 2026, marking a significant shift towards protectionism. President Trump recently eased some tariffs on Canada and relaxed sanctions on Russian diesel, while a trade truce with China was extended until January 2027 amidst ongoing disputes over tariffs, technology, and rare earth minerals.