Ease of doing business
theboardiQ Tariffs Dashboard
theboardiQ Tariffs Dashboard:
Powering Mutually Beneficial Global Trade.
The aim of the dashboard is to understand the complexities of international tariffs and ease of doing business across nations to cultivate balanced trade relationships, streamline operations, and deliver cost savings to end consumers.
Definition
A tariff is a tax imposed by a government on goods or services imported from another country. These taxes are typically levied on businesses that import goods, and the costs are often passed on to consumers through higher prices. Tariffs are also known as duties or customs duties, and the terms are often used interchangeably.
Historically, tariffs have been used by governments for two primary purposes:
To raise revenue:
Tariffs were a significant source of income for governments before the establishment of income taxes.
To protect domestic industries:
By increasing the cost of imported goods, tariffs make domestically produced goods more competitive, thus shielding local industries from foreign competition. This is often referred to as protectionism.
Types of Tariffs Tariffs can be classified in several ways, including:
1. Based on how they are calculated:
Specific Tariffs: A fixed amount of money levied per unit of the imported product (e.g., $10 per pair of shoes). The degree of protection they offer to domestic producers varies inversely with the price of the imported product. If the import price increases, the protection decreases, and vice versa.
Ad Valorem Tariffs: A percentage of the value of the imported product (e.g., 5% of the price of imported electronics). These tariffs provide a constant level of relative protection regardless of price changes.
Compound Tariffs: A combination of both specific and ad valorem tariffs (e.g., $5 per unit plus 2% of the value). These are often applied to manufactured goods with imported inputs.
2. Based on the purpose:
Revenue Tariffs:
Designed primarily to generate income for the government. They are usually set at low rates on a wide range of imported goods.
Protective Tariffs:
Intended to safeguard domestic industries by making imported goods more expensive and encouraging consumers to buy local products. These tariffs are typically set high enough to significantly impact the price competitiveness of imports.
3. Based on trade agreements:
Most Favored Nation (MFN) Tariffs:
These are the standard tariff rates that a country imposes on imports from other members of the World Trade Organization (WTO). Countries are obligated to grant MFN status to all other WTO members, meaning they cannot discriminate between their trading partners (with some exceptions).
Preferential Tariffs:
Lower tariff rates granted to imports from specific countries or under specific trade agreements, such as free trade areas or customs unions. These agreements are reciprocal, with all participating countries offering lower tariffs to each other. Some developed countries also offer unilateral preferential treatment to developing countries through schemes like the Generalized System of Preferences (GSP).
Bound Tariffs:
The maximum MFN tariff levels that a country commits to under the WTO agreements. Countries can apply tariffs at or below these bound levels but must go through a process of negotiation and potential compensation if they wish to raise applied tariffs above their bound rates.
Effectively Applied Tariffs:
The actual tariff rate applied to imports, which could be the MFN rate or a lower preferential rate if applicable.
Impact of Tariffs
Tariffs can have various economic effects:
Increased Prices for Consumers: The most direct impact is that tariffs raise the price of imported goods. This can lead to higher prices for consumers, reducing their purchasing power and potentially leading to a lower standard of living.
Benefits to Domestic Producers: Tariffs can protect domestic industries from foreign competition, allowing them to increase production, raise prices, and potentially increase profits and employment. However, this protection can also lead to inefficiencies and a lack of innovation as domestic firms face less competitive pressure.
Government Revenue: Tariffs generate revenue for the government, which can be used to fund public services or reduce other taxes. However, if tariffs are too high, they can reduce the volume of imports, potentially offsetting the revenue gains.
Trade Wars and Retaliation: Imposing tariffs can lead to retaliatory measures from other countries, resulting in a trade war where multiple countries impose tariffs on each other's goods. This can disrupt global trade, harm exporters, and lead to higher prices and reduced choices for consumers worldwide.
Impact on Developing Countries: Higher tariffs in developed countries can hinder developing countries' access to international markets, limiting their economic growth and development opportunities.
Supply Chain Disruptions: Tariffs can increase the cost of imported components and raw materials, disrupting global supply chains and potentially harming domestic industries that rely on these imports.
Regressive Impact: Tariffs can disproportionately affect lower-income households, as they often spend a larger percentage of their income on basic goods, including imports.
History of Tariffs
Tariffs have a long history, dating back to ancient times when they were primarily used to generate revenue. In the United States, tariffs were the primary source of federal revenue until the introduction of income tax in 1913.
Historically significant periods and events related to tariffs include:
Early United States:
The Tariff Act of 1789 was one of the first pieces of legislation passed by the U.S. Congress, imposing a 5% tax on many imports to generate revenue for the new government and protect nascent American industries.
The 19th Century:
The U.S. saw fluctuating tariff rates, with periods of high protectionism aimed at fostering domestic manufacturing, such as under the "American System" advocated by Henry Clay.
The Great Depression:
The Smoot-Hawley Tariff Act of 1930, which raised tariffs on thousands of imported goods, is widely considered to have exacerbated the Great Depression by triggering retaliatory tariffs from other countries and sharply reducing international trade.
Post-World War II:
The establishment of the General Agreement on Tariffs and Trade (GATT) in 1947 marked a shift towards reducing trade barriers and promoting global commerce. The GATT evolved into the World Trade Organization (WTO) in 1995, continuing the efforts to liberalize international trade through negotiated tariff reductions and trade agreements.
Modern Era:
While average tariff rates have generally declined in developed countries, tariffs continue to be used strategically for various reasons, including protecting specific industries, addressing trade imbalances, and as a tool in international trade negotiations and disputes. Recent years have seen a resurgence of tariff usage by some countries, raising concerns about potential negative impacts on the global economy.
Understanding tariffs is crucial for businesses involved in international trade, policymakers, and consumers, as they play a significant role in shaping global economic landscapes and influencing the prices and availability of goods and services.
Tariffs Dashboard
Recent Tariffs and Updates
The global trade landscape is exceptionally volatile due to the U.S. administration's aggressive tariff policies and a complex web of ongoing, often contentious, negotiations. The average effective U.S. tariff rate currently stands at 15.6%, the highest since 1937, leading to notable increases in consumer prices across various sectors.
I. United States Tariff Policy (Key Products & Countries):
General Baseline Tariffs ("Liberation Day Tariff"):A 10% universal reciprocal tariff on most imports from most countries took effect on April 5, 2025. This applies to shipments above the $800 de minimis value and generally stacks on top of other specific tariffs unless explicit exemptions apply.
China:
Current Tariff Rate (Temporary Truce): As of May 14, 2025, there is a 90-day suspension and reduction of the highest retaliatory tariffs. U.S. tariffs on Chinese goods are lowered from 145% to 30%, while China's additional retaliatory tariffs on U.S. goods are reduced from 125% to 10%. Both countries maintain a baseline 10% tariff. This truce is set to expire around August 12, 2025.
Latest Talks (June 5, 2025): Presidents Trump and Xi Jinping held a phone call. Trump described it as "very positive" and "focused almost entirely on TRADE," with both leaders agreeing to resume high-level talks "shortly."
"De Minimis" Exemption Eliminated: The previous $800 "de minimis" exemption for low-value Chinese imports has been eliminated. All postal shipments from China (including Hong Kong and Macau) are now subject to duties and tariffs, including a postal tariff recently increased to 120% of the value or $100 (rising to $200 on June 1).Steel and Aluminum (Section 232 Tariffs):
Global tariffs on imported steel and aluminum were increased from 25% to a severe 50%, effective June 4, 2025. This applies to all imported steel and aluminum products.
United Kingdom Exception: Steel and aluminum imports from the UK remain at a 25% tariff rate, as part of an ongoing trade deal (see US-UK EPD below).
"Stacking Order" Change: The 50% duty rate for steel and aluminum now generally takes priority over other tariffs (e.g., "fentanyl tariffs" on Canada/Mexico).Automobiles and Auto Parts (Section 232 Tariffs):
A 25% tariff on almost all imported cars and light trucks took effect April 3, 2025.
A 25% tariff on key auto parts took effect May 3, 2025.Canada and Mexico (USMCA Context):
Tariffs: Most Canadian and Mexican goods face a 25% tariff, largely in effect since March 4, 2025, with specific exceptions (e.g., Canadian potash and energy face a 10% tariff). These tariffs are notably linked to U.S. concerns regarding fentanyl flow and immigration.
USMCA Compliance: Goods meeting United States-Mexico-Canada Agreement (USMCA) requirements generally continue to enter duty-free. However, non-compliant goods are subject to these new tariffs.
Retaliation: Canada has imposed retaliatory tariffs, including a 25% tariff on U.S.-made automobiles, effective April 9, 2025, and other U.S. goods. Mexico is also considering countermeasures.European Union (EU):
The threatened 50% U.S. reciprocal tariff on all EU imports has been delayed until at least July 9, 2025.
Negotiations: U.S. Trade Representative Jamieson Greer and EU Trade Commissioner Maroš Šefčovič met in Paris on June 4, 2025, reporting "progress" but no immediate breakthrough. The EU's offer of a "zero for zero" deal on industrial goods has not been fully accepted by the U.S.
EU Retaliation: The EU is preparing countermeasures if the U.S. tariffs are implemented.Other Countries (Reciprocal Tariffs):Country-specific reciprocal tariff rates (e.g., 20-50% for various nations based on trade deficits) that were scheduled to begin in April have been paused until July 9, 2025, defaulting back to the universal 10% tariff in the interim. This affects a wide range of countries globally.
II. Major U.S. Trade Deals & Agreements Status:
Here's a crisp summary of the latest tariff updates and crucial trade deals/agreements involving major global players, as of early June 2025:
Overall Global Outlook:
The World Trade Organization (WTO) has warned of a significant deterioration in the outlook for global trade in 2025 due to a surge in tariffs and trade policy uncertainty. Merchandise trade is projected to decline by 0.2% in 2025, and potentially more if tensions escalate.
Trade policy uncertainty is impacting business confidence, investment, and overall economic growth.
Key Countries and Regions:
China:US-China Tariffs: The US and China recently agreed to temporarily slash reciprocal tariffs as part of a "total reset" in trade terms, effective May 14, 2025. US tariffs on Chinese goods were lowered from 145% to 30% (comprising a 20% fentanyl-related tariff and 10% reciprocal tariff), while China's retaliatory tariffs on US goods dropped to 10% from 125%. These reductions are for a 90-day period, with the possibility of rising again if no further progress is made by August 14, 2025. Pre-existing tariffs (e.g., Section 301, Section 232 on steel/cars) remain in place.
Non-Tariff Measures: China has also agreed to "suspend or remove" non-tariff measures against the US.
Ongoing Talks: New rounds of trade talks are taking place to resolve the trade war, with discussions focusing on rare earth exports, access to US computer chips, and other technology. Both sides have accused each other of breaching non-tariff pledges.
United Kingdom (UK):UK-EU Deal: A new agreement has been reached between the UK and the EU, setting out post-Brexit relations on areas including fishing rights (EU access to UK waters until 2038), reduced checks on food exports to the EU, defense and security cooperation, and a "youth experience scheme."
UK-India FTA: The UK and India have signed a free trade deal that aims to cut levies on 90% of British products sold in India (e.g., whisky, medical devices, electrical machinery) and make 85% tariff-free within a decade. India will also cut automotive tariffs significantly. In return, the UK will cut tariffs on 99% of India's exports. This deal is expected to increase bilateral trade by $34 billion annually by 2040.
Saudi Arabia:US-Saudi Arabia Deals: The US and Saudi Arabia have announced significant economic and defense deals, including a $600 billion investment commitment from Saudi Arabia in the US, with a focus on AI-related data centers, energy, and defense. This includes large investments in US industries and technology, as well as defense cooperation (e.g., $142 billion in defense spending, procurement of US military equipment).
United Arab Emirates (UAE):US-UAE Deals: The US and UAE have secured over $200 billion in new commercial deals, accelerating a previously committed $1.4 trillion UAE investment in the US. These deals span aviation (e.g., Boeing aircraft), energy (ExxonMobil, Occidental Petroleum, EOG Resources partnering with ADNOC), critical minerals, cybersecurity, and cloud computing.
Tariff Rollback Negotiations: The UAE is seeking a bilateral trade deal with the US to roll back Trump-era steel and aluminum tariffs, which have been doubled to 50% on some UAE products. The UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with several other countries since 2022, including India, Turkey, and Australia.
Qatar:US-Qatar Deals: The US has secured a historic $1.2 trillion economic commitment from Qatar, including over $243.5 billion in commercial and defense deals. This includes a landmark order from Qatar Airways for Boeing aircraft and GE Aerospace engines ($96 billion), significant investments in quantum technologies, and defense procurement (e.g., Raytheon counter-drone capabilities, General Atomics MQ-9B aircraft). Qatar is also investing in US energy infrastructure.
India:UK-India FTA: (See UK section above).
FTA Network: India has 13 active Free Trade Agreements (FTAs) and several ongoing negotiations with major partners like the US, EU, and ASEAN, as well as exploring new agreements with Africa, Latin America, and the Arab Gulf.
Bilateral Investment Treaties (BITs): India has updated and put into force BITs with countries like Kyrgyzstan (effective June 5, 2025) and has notable BITs in force with UAE (effective August 31, 2024) and Uzbekistan.
This summary highlights the dynamic and evolving landscape of global tariffs and trade agreements, with both significant reductions in some areas (e.g., US-China) and ongoing efforts to secure new deals and address existing trade barriers.
Other FTAs & Negotiations:The U.S. maintains existing FTAs with countries including Australia, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Morocco, Nicaragua, Panama, Peru, Singapore, and South Korea. However, as noted, some of the new reciprocal tariffs apply even to FTA partners unless specifically exempted.
Japan: A limited U.S.-Japan Trade Agreement is in effect, primarily reducing tariffs on agricultural and industrial goods.
India, Vietnam, Kenya: The U.S. administration is pursuing or has expressed interest in new bilateral or sectoral trade deals with these nations.
III. Companies and Industries Impacted:
Consumers: Facing direct price increases. Short-run price increases include 31% for leather products (shoes, handbags), 28% for apparel, 15% for textiles, and 12.7% for motor vehicles. Food prices are also rising.
Importers/Retailers: Companies importing finished goods, especially from China, are grappling with higher costs and disrupted supply chains due to tariffs and the elimination of the de minimis rule.
Manufacturers: Industries relying on imported steel, aluminum, and auto parts face significantly increased input costs, impacting sectors from construction to consumer durables. This could lead to shifts in sourcing and production.
Technology Sector: Companies dealing in advanced manufacturing and AI chips are affected by new export control guidelines and retaliatory measures.
Agriculture: U.S. agricultural exporters, particularly those targeting China, have been hit hard by retaliatory tariffs, though the current truce offers some temporary relief.
Overall Outlook:
The global trade landscape is characterized by extreme uncertainty and volatility. The widespread application of tariffs by the U.S. is leading to a contraction in global trade and significant welfare losses. Businesses are grappling with increased costs, complex compliance requirements, and the constant need to re-evaluate supply chains in an environment where trade policy can shift rapidly. The impact of the "Liberation Day" tariffs is a major factor driving a forecast of lower U.S. and global GDP growth and higher unemployment
Key Trade Deals and Agreements
Key Trade Deals & Agreements:
China:90-Day Tariff Pause (May 12, 2025): The U.S. reduced tariffs on most Chinese goods from up to 145% to ~30%, while China reduced tariffs on American imports from 125% to 10%. Both countries retained a 10% baseline tariff during this pause (expiring ~August 12, 2025).
Remaining Tariffs: Pre-April 2, 2025, Section 301 and Section 232 tariffs on China remain.
Ongoing Dialogue: Despite recent accusations of violations, Presidents Trump and Xi Jinping agreed on June 5, 2025, to resume high-level trade talks.
Section 301 Exclusions: The USTR extended some exclusions from China Section 301 tariffs through August 31, 2025 (e.g., solar manufacturing equipment, industrial robots).
United Kingdom (US-UK Trade Deal, May 8, 2025):Autos: First 100,000 UK auto imports into the U.S. are tariffed at 10% (instead of 25%).
Steel & Aluminum: US tariffs on UK steel and aluminum are 25% (vs. 50% for most others); an alternative arrangement is being negotiated.
Agriculture: UK removed 20% retaliatory tariff on US beef and set tariff-free quotas for US beef and ethanol.
Canada & Mexico (USMCA):Generally 0% Tariffs: Most products traded under USMCA remain duty-free.
Automotive Exceptions: USMCA-compliant automotive goods are generally exempt from the 25% auto tariff.
Qatar:$1.2 Trillion Economic Commitment (May 2025): Includes major deals in aerospace (Boeing, GE Aerospace - $96B for 210 aircraft for Qatar Airways), defense (Raytheon, General Atomics - $1B for counter-drones, $2B for MQ-9B drones, plus $38B intent for broader defense), energy (McDermott, QatarEnergy), and quantum tech (Quantinuum).
US Trade Surplus.
Saudi Arabia:$600 Billion Investment Commitment (May 2025): Focuses on AI/tech (DataVolt $20B in data centers; Google, Oracle, Salesforce, AMD, Uber $80B in tech collaborations), infrastructure (Hill International, Jacobs, Parsons, AECOM), energy (GE Vernova $14.2B in turbines), and defense (largest-ever defense sales, nearly $142B, providing US equipment).
US Trade Surplus.
United Arab Emirates (UAE):$200 Billion in New Deals + Accelerated $1.4 Trillion Investment (May 2025): Includes aerospace (Etihad Airways $14.5B for Boeing/GE aircraft), aluminum (Emirates Global Aluminum $4B smelter in Oklahoma), and technology/AI (Nvidia chips, e&, MGX/Microsoft/Blackrock AI fund, DAMAC data centers).
Largest US Export Market in Middle East: Significant US trade surplus ($19.5B in 2024).
The current US trade policy is characterized by broad tariffs and an emphasis on securing significant economic commitments, often in lieu of traditional free trade agreements, with a strong focus on strategic industries and trade balance.
Foreign Direct Investment (FDI) Trends Impacting Tariffs
The global economic landscape in mid-2025 is shaped by persistent tariffs, particularly from the US, and evolving foreign direct investment (FDI) trends reflecting geopolitical shifts and a focus on strategic sectors.
Current Tariffs Update:
US Dominance: The United States continues to be the most active player in global tariffs, with a 10% baseline tariff on most imports.
China Focus: Despite a recent 90-day pause (expiring mid-August 2025), US tariffs on Chinese goods remain significant (ranging from 30% up to 170% including various stacked duties), and are expected to revert to higher levels post-pause, albeit potentially negotiated. China has responded with its own retaliatory tariffs, also temporarily eased.
Sectoral Tariffs: Key sectors facing elevated US tariffs include steel and aluminum (now 50%) and automobiles (25%), with other sectors like trucks, critical minerals, and semiconductors under review for new duties.
Reciprocal Tariffs: Many countries facing US trade surpluses were subject to "reciprocal tariffs" (up to 50%), but these are mostly suspended until July 9, 2025, pending negotiations.
Legal Uncertainty: A US court ruling struck down some "new" tariffs, but an appeal and stay mean these remain in effect for now, highlighting ongoing legal challenges.
Trade Deals: The US recently signed a trade framework with the UK and maintains the USMCA (North America) agreement, generally ensuring low or zero tariffs within these blocs.
Key FDI Trends & Specifics:
Global Increase, but Volatility: Global FDI saw a modest increase in early 2025, reaching a record $41 trillion in total stock, but growth excluding conduit economies (like Luxembourg and Netherlands) was an 8% decline in 2024. Geopolitical and trade tensions, alongside tighter financing, contribute to this volatility.
US as Top Destination: The United States remains the leading destination for FDI, driven by its large market, technological innovation, and stable environment.Major Investors: The Netherlands, Japan, Canada, and the UK are top investors into the US.
Sector Focus: Manufacturing (especially chemicals and semiconductors), finance, insurance, and wholesale trade are key sectors attracting FDI in the US. Companies like Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung are making multi-billion dollar investments in US chip fabrication.
Emerging Markets Mixed:Growth in India, Mexico, Brazil: These countries saw strong growth in FDI positions (around 20% increase) in 2023-2024.
Decline in China: China's FDI inflows dropped significantly (29% in 2024, 40% below 2022 peak), reflecting economic challenges and trade uncertainty.
Africa Surge: Africa saw an 84% surge in FDI, largely due to a mega-project in Egypt, though underlying FDI remains modest.
Middle East: Strategic Investments: The UAE, Saudi Arabia, and Qatar are not under high "reciprocal tariffs" due to trade surpluses with the US, but are making massive, strategic investments in the US:Qatar: $1.2 trillion economic commitment, including major deals with Boeing, GE Aerospace (aircraft), McDermott (energy infrastructure), Raytheon (defense), and Quantinuum (quantum tech).
Saudi Arabia: $600 billion investment commitment, focusing on AI and tech (DataVolt, Google, Oracle, Salesforce, AMD, Uber), infrastructure, energy (GE Vernova), and defense.
UAE: Over $200 billion in new commercial deals, accelerating a prior $1.4 trillion framework. Key investments include Boeing, GE Aerospace (aircraft via Etihad), Emirates Global Aluminum (new smelter in Oklahoma), and tech/AI (e&, Amazon Web Services, Microsoft, Blackrock, DAMAC).
Shifting Priorities: Investors are increasingly prioritizing domestic economic performance and regulatory efficiency. There's a growing trend of governments enhancing FDI screening policies, particularly for national security concerns and critical sectors.
Overall Summary
Summary and Learnings:
Tariffs as a Permanent Tool: Tariffs are no longer a temporary measure but a core, ongoing tool in US trade policy, used to address trade deficits, promote domestic production, and exert geopolitical leverage. The effective US tariff rate is at its highest in decades.
Volatile and Unpredictable: The tariff landscape is highly dynamic, characterized by frequent announcements, suspensions, and legal challenges. This creates significant uncertainty for businesses and supply chains.
Supply Chain Re-evaluation is Critical: Companies must actively adapt to rising costs and disrupted flows. This includes diversifying sourcing (e.g., "China +1" strategies), exploring regional trade agreements, and building more resilient, flexible supply chains.
Cost and Inflationary Pressure: Tariffs directly translate to higher import costs, which are increasingly passed on to consumers as higher prices for goods like apparel, electronics, and automobiles, contributing to inflationary pressures.
Economic Trade-offs: While tariffs aim to boost domestic industries (e.g., steel), they can simultaneously harm other sectors (e.g., construction, automotive manufacturing due to higher input costs) and lead to overall GDP contraction and job losses.
Strategic Engagement Beyond FTAs: Beyond formal FTAs, the US is increasingly relying on bilateral investment deals and strategic partnerships (as seen with the GCC nations) to achieve economic and security objectives, particularly in critical sectors and for energy security.
Importance of Agility and Data: Businesses need robust systems for real-time tariff management, data analytics, and trade compliance to navigate the complexities and identify opportunities for optimization (e.g., Foreign-Trade Zones, re-routing).
Key Tariff Metrics
Country | Info | Share of US Import % (1 implies <1%) | Revised Tariff % | Initial US Tariff % | Country Tariff Rate % | Exports in USD Bill. | Imports in USD Bill. | Balance in USD Bill |
|---|---|---|---|---|---|---|---|---|
European Union | 18.5 | 10 | 20 | 25 | 370.19 | 605.76 | -235.57 | |
Mexico | 15.2 | 10 | 25 | 1.6 | 334.04 | 505.85 | -171.81 | |
China | 13.4 | 30 | 145 | 10 | 143.55 | 438.95 | -295.4 | |
Canada | 12.6 | 10 | 25 | 1.4 | 349.36 | 412.7 | -63.34 | |
Japan | 4.5 | 10 | 24 | 1.6 | 79.74 | 148.21 | -68.47 | |
Vietnam | 4.2 | 10 | 46 | 1.1 | 13.1 | 136.56 | -123.46 | |
South Korea | 4 | 10 | 25 | 5.7 | 65.54 | 131.55 | -66.01 | |
Taiwan | 3.6 | 10 | 32 | 6.34 | 42.34 | 116.26 | -73.93 | |
India | 2.7 | 10 | 26 | 4.6 | 41.75 | 87.42 | -45.66 | |
UK | 2.1 | 10 | 10 | 1 | 79.94 | 68.08 | 11.86 |
Country
The name of the trading partner nation
Country Tariff Rate %
The current tariff rate imposed by this country on goods imported from the United States.
Share of US Imports %
The percentage of total U.S. goods imports originating from this country in 2024
Exports (in USD Mill.) 2024
The total value of goods exported from the U.S. to this country in 2024 (in millions of U.S. dollars)
Initial US Tariff %
The prevailing U.S. tariff rate on goods from this country before any recent changes (as of early April 2025)
Imports (in USD Mill.) 2024
The total value of goods imported by the U.S. from this country in 2024 (in millions of U.S. dollars)
Revised Tariff %
The current U.S. tariff rate on goods from this country, reflecting the recent changes (as of April 21, 2025). Note the significant increase for China, Hong Kong, and Macau
Balance (in USD Mill.) 2024
The trade balance between the U.S. and this country in 2024 (Exports - Imports, in millions of U.S. dollars). A negative value indicates a trade deficit for the U.S.
Calculation
Reciprocal tariffs are calculated as the tariff rate necessary to balance bilateral trade deficits between the U.S. and each of our trading partners. This calculation assumes that persistent trade deficits are due to a combination of tariff and non-tariff factors that prevent trade from balancing. Tariffs work through direct reductions of imports.
Fact Sheet
Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security
Solar
The solar industry in the United States is currently navigating a complex and evolving landscape of tariffs. Here's a breakdown of the recent updates and their potential impact: Recent Tariff Updates (April 2025): Anti-dumping and Countervailing Duties on Southeast Asia: The U.S. Commerce Department recently finalized anti-dumping and countervailing duty rates on crystalline solar cells and modules imported from Vietnam, Malaysia, Thailand, and Cambodia. These duties are in response to a petition filed by the American Alliance for Solar Manufacturing Trade Committee, which alleged that these countries were unfairly benefiting from subsidies from China and were "dumping" products at unfairly low prices in the U.S. market. Importers have been posting cash deposits for these duties since last fall, when preliminary rates were announced. The final rates, announced on April 22, 2025, are mostly higher than the preliminary rates. Country-wide final rates compared to preliminary rates are as follows: Cambodia: Anti-dumping: 117.18% (preliminary 117.12%), Countervailing: 534.67% (preliminary 8.25%) Malaysia: Anti-dumping: 1.92% (preliminary 17.84%), Countervailing: 32.49% (preliminary 9.13%) Thailand: Anti-dumping: 111.45% (preliminary 57.66%), Countervailing: 263.74% (preliminary 23.06%) Vietnam: Anti-dumping: 271.28% (preliminary 271.28%), Countervailing: 124.57% (preliminary 2.85%) Some individual suppliers within these countries have been assigned their own specific rates. These new duties are in addition to existing Section 201 solar tariffs, which are currently at 14% and scheduled to end on February 6, 2026. They also on "reciprocal" tariffs that took effect on April 5, 2025, at a 10% rate and were scheduled to increase significantly for Vietnam, Malaysia, and Thailand. However, President Trump suspended these increased reciprocal tariff rates for 90 days to allow for trade negotiations. These anti-dumping duties aim to increase the price of equipment sold in the U.S. below the manufacturers' home market prices, while countervailing duties offset subsidies that the Commerce Department believes manufacturers in these four countries are receiving from China. The U.S. International Trade Commission will make a final determination in June 2025 on whether U.S. solar panel manufacturers have been injured by these imports. Section 301 Tariffs on China: In September 2024, the U.S. finalized increased Section 301 tariffs on various products from China, including key solar components: Solar cells and modules: Tariffs doubled from 25% to 50%. Polysilicon and wafers: Tariffs increased to 50% (from 25%). Lithium-ion batteries for electric vehicles: Increased to 25% (from 7.5%). Non-lithium-ion battery parts: Increased to 25% (from 7.5%). These tariffs directly impact solar equipment imported from China. "Reciprocal" Tariffs: In early April 2025, President Trump announced "reciprocal tariffs" on most imports to the U.S. The base rate was set at 10%, with higher rates planned for countries with larger trade imbalances with the U.S. However, as mentioned earlier, the increased rates were suspended for 90 days, except for China, which saw an increase to 125%. Energy and energy products, as well as steel and aluminum (which already have separate tariffs), were initially exempt. End of Solar Bridge: A temporary two-year "Solar Bridge" that allowed duty-free imports from Cambodia, Malaysia, Thailand, and Vietnam while U.S. manufacturing scaled up, ended on June 6, 2024. Potential Impacts on the Solar Industry: Increased Costs: The most immediate impact of these tariffs is likely to be an increase in the cost of solar panels and related components in the U.S. This could affect residential, commercial, and utility-scale projects. Some analysts predict potential price increases of 10-15% or even higher depending on the specific tariffs and the source of the components. Supply Chain Disruptions: The tariffs can lead to shifts in the global solar supply chain as companies try to avoid or mitigate the impact of the duties. This could involve relocating manufacturing or seeking alternative suppliers, potentially causing delays and uncertainties. Impact on Domestic Manufacturing: The tariffs aim to protect and encourage domestic solar manufacturing. While some investments in U.S. manufacturing have been made, it's still not at the scale to meet domestic demand, and these factories often rely on imported upstream components that are also subject to tariffs. Some argue that tariffs on components could actually increase costs for U.S. manufacturers. Project Delays: Increased costs and supply chain disruptions could lead to delays in solar project development and deployment. Job Losses: Some studies have indicated that historically, solar tariffs have led to job losses in the installation and service sectors, outweighing any job gains in manufacturing. Impact on Clean Energy Goals: Higher costs for solar installations could slow down the transition to renewable energy and make it more challenging to meet clean energy targets. Market Adaptation: The solar industry has shown resilience in the past and has adapted to previous rounds of tariffs. Strategies like "safe harboring" (stockpiling panels before tariffs take effect) have been used. The industry may find new ways to navigate these challenges, but it will likely lead to a more complex and potentially more expensive environment for solar deployment in the short to medium term. It's important to note that the situation is dynamic, and the full impact of these recent tariff updates will unfold over time as the industry responds and as any potential trade negotiations progress.
3 Country Tariffs for the US
Country | Details | Country Tariff Rate (%) |
|---|---|---|
Chile | 50 | |
Bermuda | 29.5 | |
European Union | 25 | |
Solomon Islands | 20.7 | |
Cayman Islands | 20.4 |
