Chapter 1. Macroeconomic Prospects and Challenges The shock: On April 2, 2025, the United States almost immediately. A 90-day pause starting Economic Powers Act (IEEPA), citing national security and economic emergency concerns. Ranging from were granted, leaving realized rates lower than headline levels. Before the pause expired, many 10 to 50 percent, the Liberation Day tariffs pushed War ll. ASEAN+3 economies faced the highest rates globally, with aggregate tariff exposure approaching reciprocal tariff or universal import surcharge accounting for exemptions. Sources: S&P Global Trade Analytics, USITC; AMRO staffcalculations. Note:Realied tariffratesarecalculated asdutiecollecteddivided bycustomsvalebased ondatafromUcustoms.Estmated effectiveratcalulated asthe weightedaverageregionalaggregatofthreciprocarateforindividualeconmiortheuniversalmport srhargeinFebruary6,acounting forexemptiosad sectoral tariffs.