(CNN) – The Donald Trump Administration’s new tariffs will raise the U.S. effective tariff rate from 2% last year to 17%, according to Fitch Ratings. That is a high not seen since the Great Depression years of the early 1930s.

The U.S.-based International Monetary Fund says global economic growth will be better than expected despite a slowdown in the U.S. economy over fluctuating tariffs imposed by President Donald Trump.