New Reciprocal Tariffs Take Effect: Optical Industry, Consumers Face Record-High Import Taxes

NEWARK, N.J.—New U.S. tariff rates took effect for nearly 90 countries yesterday, with most imports from the European Union now subject to a 15 percent penalty, and countries including Vietnam and Taiwan facing 20 percent tariffs. Experts expect consumers to continue to feel the pressure of the ongoing tariff increases, with the Budget Lab at Yale noting that the average effective tariff rate, now at 18.6 percent, earns its place as the highest point in the last century. After accounting for consumption shifts, the rate will settle around 17.7 percent, they advise.