US trade data published on Thursday provides the first opportunity to see how Trump’s “liberation day” trade war, unveiled on April 2, applied in practice that month. The “effective tariff rate” calculation cuts through the tangle of headline rates to measure the duties as a percentage of actual import value.

Axios Visuals It's hard to overstate how rapidly President Trump has changed the very underpinnings of U.S. trade policy since the start of February. But this chart sums it up. Why it matters: Trump is seeking to reset America's economic relationship with the rest of the world.