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. But he has also introduced a trade policy landscape that changes by the day. • Tariffs with major trading partners are not only higher than in decades — they have also become far more volatile. • There are two sets of economic risks from this new era of trade policy —one from the direct costs of higher import taxes, the other from the sense that policy could change minute-to-minute.

By the numbers: The weighted average tariff — the average import tax paid on an imported good — was 1.6% when Trump first took office in 2017.

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