Ease of doing business
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.
Understand how recent U.S. tariff revisions are affecting different trading partners.
Tariffs Dashboard
Identify countries with the largest share of U.S. imports.
Identify countries with significant trade surpluses or deficits with the U.S.
Compare the U.S. tariff rates with the tariff rates imposed by partner countries.
Analyze how tariffs might impact the cost of goods for U.S. consumers based on import volumes & tariff rates.
Individual Country Strategy Blueprints help identify countries with lower tariff barriers and better trade balances
Increase Investment into the United States - Linkage with theboardiQ Economic Relevance Score.
Key Tariff Metrics
Country | Info | Revised US Tariff % | Initial US Tariff % | Country Tariff Rate % | Balance of Trade in USD Bill. 2024 | Share of US Import % (1 implies <1%) YTD | Imports in USD Bill. 2024 | Exports in USD Bill. 2024 |
|---|---|---|---|---|---|---|---|---|
Brazil | 50 | 10 | 7.3 | 7.35 | 1.3 | 42.32 | 49.67 | |
India | 50 | 26 | 4.6 | -45.66 | 2.7 | 87.42 | 41.75 | |
Syria | 41 | 41 | 9.2 | -0.01 | 1 | 0.01 | 0 | |
Myanmar | 40 | 44 | 0.8 | -0.58 | 1 | 0.66 | 0.08 | |
Laos | 40 | 48 | 0 | -0.76 | 1 | 0.8 | 0.04 | |
Switzerland | 39 | 31 | 1.3 | -38.46 | 1.9 | 63.43 | 24.96 | |
Serbia | 35 | 37 | 1.7 | -0.6 | 1 | 0.81 | 0.21 | |
Canada | 35 | 25 | 1.4 | -63.34 | 12.6 | 412.7 | 349.36 | |
Iraq | 35 | 39 | 0 | -5.76 | 1 | 7.42 | 1.66 | |
Algeria | 30 | 30 | 9.3 | -1.45 | 1 | 2.46 | 1.01 |
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.
Recent Tariffs and Updates
The US has recently implemented a sweeping new reciprocal tariff regime, with a variety of rates for different countries. The new tariffs largely took effect on August 1, 2025, and are part of a broader push by the Trump administration to rebalance what it considers unfair trade relationships.
Here is a breakdown of the latest US tariffs by region, including key deals, agreements, and the countries and companies most affected.
Americas
Mexico: The U.S. granted Mexico a 90-day reprieve on a planned tariff increase. The current 25% tariff on many goods remains in effect, but Mexico and the U.S. are using this time to negotiate a long-term trade agreement.
Canada: Did not receive a reprieve, and its tariff rate was increased to 35% from 25%. This move was partly linked to concerns over fentanyl trafficking.
Brazil: Brazil is facing some of the highest tariffs, with an initial 10% reciprocal tariff that was implemented on August 7, 2025. This rate is expected to increase to 50% in the near future
Trinidad and Tobago: Now faces a 15% tariff on its exports.
Other countries: Most other countries in the Americas, such as Bolivia, Costa Rica, Ecuador, and Venezuela, face a 15% tariff.
Impacted Companies and Sectors (Americas):
Automotive: The automotive industry in both Mexico and Canada is particularly vulnerable, with companies like JK Tyres (which has a Mexican subsidiary) and other auto parts manufacturers facing uncertainty and higher costs.
Metals: The 50% tariff on steel and aluminum continues to challenge the metallurgical industries in Mexico and Brazil.
Energy: Trinidad and Tobago's energy-related exports, though some are exempt, may be affected, while Brazilian crude oil and LNG are exempt.
Asia Pacific
India: The trade relationship between the U.S. and India is currently facing significant strain.
Tariffs: On August 27, 2025, the U.S. imposed an additional 25% punitive tariff on Indian goods. This new tariff is on top of an existing 25% reciprocal tariff, bringing the total duty on a majority of Indian exports to 50%. The punitive tariff is a direct response to India's continued purchases of Russian crude oil and military equipment.
Affected Sectors: Labor-intensive sectors are the most severely impacted.
Textiles, apparel, gems, and jewelry are particularly vulnerable. Analysts predict that exports in these sectors could fall by as much as 70%.
The automotive parts, leather, and seafood industries are also facing a substantial hit.
Some key sectors, such as pharmaceuticals, electronics, and petroleum products, are currently exempt from the additional tariffs.Deals: Trade talks between the two countries have stalled. A U.S. delegation's visit to New Delhi for a new round of negotiations, scheduled for this week, has been postponed. India is now exploring measures to mitigate the economic blow, including seeking new trade partners in Latin America and the Middle East, and considering domestic reforms.
Japan: Agreed to a 15% tariff in exchange for a commitment to invest in the United States and other concessions.
South Korea: Secured a rate of 15% in exchange for a pledge to invest $350 billion in US projects.
China: The tariff situation with China remains volatile, with an August 12 deadline for higher tariffs looming. The baseline tariff rate for Chinese goods is currently at 30%, with Chinese tariffs on US goods at 10%.
Thailand: Welcomed its new 19% tariff, calling it a "major success" as it was lower than initially feared.
Taiwan: Was hit with a 20% tariff but is still negotiating for a better deal.
Vietnam: Now faces a 20% tariff.
Indonesia: Has a 19% tariff.
Malaysia: Has a 19% tariff.
Pakistan: Received a reduced tariff rate of 19%, following a deal to cooperate on oil development.
Laos & Myanmar: Face the highest tariffs in the region at 40%.
Impacted Companies and Sectors (Asia Pacific):
India: The 50% tariff is expected to severely impact several key Indian sectors, including gems and jewelry, textiles, auto components, and pharmaceuticals. Companies like Sona BLW Precision Forgings, Bharat Forge, Welspun Living, Trident, and generic drug makers such as Sun Pharmaceutical Industries, Dr. Reddy's Laboratories, and Cipla are particularly exposed. The electronics industry, including Apple's suppliers in India, has a temporary reprieve while Section 232 investigations on electronics are ongoing.
South Korea: The deal and its associated investment pledges will likely involve major South Korean conglomerates.
China: The crackdown on the "de minimis" loophole will significantly affect e-commerce shipments from China, impacting logistics companies and online marketplaces.
Taiwan: As a major chip supplier, a 20% tariff could impact companies and supply chains related to semiconductors and AI.
European Union (EU)
EU-US Trade Framework Agreement: TTariffs: The U.S. and the EU have reached a new trade agreement that establishes a 15% tariff rate on approximately 70% of EU exports to the U.S. This is a significant reduction from the previously threatened 30% tariff.
Deals: The agreement aims to create a framework for reciprocal, fair, and balanced trade. Key elements include the EU's commitment to purchasing a large volume of U.S. liquefied natural gas, oil, and nuclear energy products, as well as at least $40 billion worth of U.S. AI chips. The deal also calls for mutual recognition of standards, particularly in the automotive industry, and a commitment to reducing non-tariff barriers.
Impacted Companies and Sectors (EU):
Automotive: German automakers like BMW, Volkswagen, and Mercedes-Benz are breathing a sigh of relief as the 15% tariff is more manageable than a 30% rate.
Aerospace: Companies like Airbus and its suppliers benefit from the zero-for-zero tariff agreement.
Energy: US energy companies are poised to benefit from the EU's commitment to buy LNG and other energy products.
UK
Tariff Rate: The UK received a preferential 10% baseline tariff, the lowest among major economies.
Deals and Agreements: A non-binding agreement has been reached to reduce US tariffs on UK exports of cars (from 25% to 10% for up to 100,000 cars annually), steel, aluminum, beef, and aerospace products. In return, the UK will reduce tariffs on US beef and ethanol.
Omissions: The deal does not cover services or chemicals, which are important UK exports.
Impacted Companies and Sectors (UK):
Automotive, Steel, and Aerospace: Companies in these sectors are in a better position than their EU counterparts due to the lower tariff rates and quotas.
Africa
General: The US tariffs range from a baseline of 15% for many countries, with some facing significantly higher rates.
AGOA: The future of the Africa Growth and Opportunity Act (AGOA), which is set to expire on September 30, 2025, is highly uncertain. The new tariffs could undermine the benefits of this program.
South Africa: Faces a 30% tariff, creating significant challenges for its automotive and agricultural sectors.
Nigeria: Has a 15% tariff and is also facing a potential additional penalty for its alignment with China and BRICS.
Lesotho, Uganda, Mauritius, Madagascar: These countries face rates of 15% or more. Lesotho's textile industry is reportedly collapsing under the pressure of these tariffs.
Middle East
Tariffs: The baseline is generally 15%, with higher tariffs on certain countries.
Iraq: Faces a steep 35% tariff.
Syria: Has the highest tariff rate on the list at 41%.
Israel & Jordan: Both have a 15% tariff rate.
Sanctions: The US has also sanctioned several companies, including six Indian firms, for their trade relations with Iran. This shows that the US is using both tariffs and sanctions to enforce its foreign policy.
3 Country Tariffs for the US
Country | Details | Country Tariff Rate (%) |
|---|---|---|
Bermuda | 29.5 | |
European Union | 25 | |
Solomon Islands | 20.7 | |
Cayman Islands | 20.4 | |
Equatorial Guinea | 18.2 |
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
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.