U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025.

Tariffs

The list of proposed US tariffs

U.S. President Donald Trump disrupted a global trading system that had been in place for over 75 years by introducing a new baseline 10% U.S. tariff on goods from all economies. Higher tariff rates were imposed on some economies, based on White House figures for “tariffs charged against the U.S.”, which they say includes considerations for currency manipulation and trade barriers.

Tariffs hit some of the biggest trading partners for the US

U.S. goods trade deficit by the new tariff rate

The scatter chart shows U.S. goods trade deficit by the new tariff rate which highlights that some of the biggest trading partners for US are the hardest hit.

This is the list of tariff rates above 10% imposed on countries released in the Annex of the executive order by the White House:

Country
Tariff rate
Trade deficit
China
34%
$295.4 billion
European Union
20%
$235.57 billion
Vietnam
46%
$123.46 billion
Taiwan
32%
$73.93 billion
Japan
24%
$68.47 billion
South Korea
25%
$66.01 billion
India
26%
$45.66 billion
Thailand
36%
$45.61 billion
Switzerland
31%
$38.46 billion
Malaysia
24%
$24.83 billion
Indonesia
32%
$17.88 billion
Cambodia
49%
$12.34 billion
South Africa
30%
$8.84 billion
Israel
17%
$7.43 billion
Bangladesh
37%
$6.15 billion
Iraq
39%
$5.76 billion
Philippines
17%
$4.88 billion
Guyana
38%
$4.06 billion
Pakistan
29%
$2.99 billion
Sri Lanka
44%
$2.65 billion
Norway
15%
$1.99 billion
Venezuela
15%
$1.76 billion
Nicaragua
18%
$1.68 billion
Nigeria
14%
$1.52 billion
Algeria
30%
$1.45 billion

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners, hammering goods from premium Italian coffee and Japanese whisky to sportswear made in Asia.

Facing 54% tariffs on exports to the U.S., the world's No. 2 economy China vowed countermeasures, as did the European Union, as Washington's allies and rivals alike criticised moves they fear will deal a devastating blow to global trade.

The U.S. dollar sank against major peers on Thursday, dropping to six-month lows against the euro, and the safe haven yen and Swiss franc, as investors grappled with how Trump's far-reaching tariffs will impact global trade and economic growth.

The harsher-than-expected tariffs announcement sent shockwaves through markets, sinking global stocks and sending investors into the safety of less risky currencies, bonds and gold, fearing that a full-blown trade dispute could trigger a sharp global economic slowdown and fuel inflation.

“The size and scope of the tariffs announced exceeded even some of the most bearish forecasts,” said Mona Mahajan, head of investment strategy at Edward Jones. “This is something that markets are starting to realize could have a meaningful impact on both economic growth and obviously inflation.”

S&P 500 companies lost a combined $2.4 trillion in stock market value, their biggest such one-day loss since the emerging coronavirus pandemic ripped through global markets on March 16, 2020.

In China, which had braced for tariffs and where most revenue is earned locally, selling in stocks and the currency was also more contained.

European Union chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures.

Investors turned their focus to how other countries would respond to Trump. Possibilities include negotiation, retaliation and steps to protect domestic industries.

Note

Tariff rate updated as at April 7, 2025.

Graphics by

Prasanta Kumar Dutta, Pasit Kongkunakornkul, Sumanta Sen, and Vineet Sachdev

Edited by

Rebecca Pazos, Jon McClure and Julia Wolfe