Tariffs near 17% as 2025 ends — BofA CEO Moynihan sees easing to 15% in 2026
The average effective U.S. tariff rate has surged to nearly 17% at year-end, the highest since 1935, up from 2.5% a year ago. Bank of America CEO Brian Moynihan said tariffs are “starting to de-escalate,” with many countries settling around 15%. Businesses are seeking clearer trade and labor rules as they plan for 2026. Some analysts expect tariffs to remain elevated next year.