Ease of doing business
theboardiQ Tariffs Dashboard:
Powering Mutually Beneficial Global Trade.
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.
Implications
As of January 2026, the trade relationship between the United States and Bermuda is navigating a period of significant volatility driven by broad U.S. tariff policies. While Bermuda is not the primary target of specific "Greenland-style" territorial disputes, it is heavily impacted by the International Emergency Economic Powers Act (IEEPA) tariffs and the overarching shift toward U.S. protectionism.
The most critical factor for Bermuda is that 99.9% of its exports to the U.S. are services, primarily reinsurance, which has historically been shielded from goods-based tariffs but is now facing indirect pressure from global financial instability.
US-Bermuda Trade & Tariffs Update: 2026
Category | Status / Impact in 2026 |
New Deals | No new bilateral trade deals. Bermuda remains under the Caribbean Basin Initiative (CBI), though its benefits are limited as Bermuda is a high-income service economy rather than a goods exporter. |
Current Tariffs | Broad 10%–25% tariffs under IEEPA apply to the small volume of physical goods (e.g., spirits, essential oils). A 25% tariff on advanced semiconductors (Phase 1) is in effect as of Jan 15, 2026. |
Trade Impact | Moderate on Goods, High on Services. Total trade is approx. $65B. Physical imports from Bermuda are negligible ($23M), but the $54B insurance/reinsurance pipeline faces increased regulatory scrutiny and "Buy American" financial incentives. |
GDP Impact | Estimated -0.5% to -1.2% drag. While U.S. GDP remains resilient at ~1.8%, Bermuda’s heavy reliance on the U.S. financial sector makes it vulnerable to the "tariff consequences" of 2026, which increase global capital costs. |
Company Impact | Financial/Insurance Giants (e.g., Arch Capital, RenaissanceRe) face increased costs for U.S. operations. Local Importers (e.g., BF&M, Bermuda Press) face higher costs for U.S.-sourced construction materials and tech. |
Key Strategic Drivers for 2026
The SCOTUS Wildcard: The U.S. Supreme Court is currently reviewing the legality of IEEPA tariffs. A ruling (expected by June 2026) against the administration could lead to billions in refunds for importers, providing a massive liquidity injection for Bermuda-based firms with U.S. subsidiaries.
The "Greenland" Ripple Effect: New 10% tariffs (rising to 25% in June) on the UK and EU over the Greenland dispute create "secondary" volatility for Bermuda. As a British Overseas Territory, Bermuda may face diplomatic complexities if the U.S.-UK trade relationship further degrades.
Service Sector Vulnerability: While tariffs target "goods," the 2026 U.S. policy trend is shifting toward taxing "cross-border digital and financial flows." This represents the single largest risk to Bermuda’s business model.
Summary of Sector-Specific Impacts
Reinsurance: The backbone of Bermuda's economy. High volatility in U.S. markets (S&P 500 futures down ~0.9% in Jan 2026) increases demand for risk coverage but complicates the investment portfolios of these firms.
Tourism: Bermuda's "Travel" exports to the U.S. remain a top category. Higher U.S. inflation (upper 2% range) and "sticky" core prices may reduce discretionary spending for U.S. travelers to the island.
Construction & Tech: Virtually all hardware and materials in Bermuda are imported from the U.S. The 2026 tariffs on semiconductors and industrial materials are driving up the cost of local infrastructure projects.
US Revised Tariffs
Country Tariffs
Balance of Trade
Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in countries, prepared by U.S. Embassies worldwide, Commerce Department, State Department and other U.S. agencies’ professionals
Tariff Rate for US
World Bank staff estimates using the World Integrated Trade Solution system, based on tariff data from the United Nations Conference on Trade and Development's Trade Analysis and Information System ( TRAINS ) database and global imports data from the United Nations Statistics Division's Comtrade database.
US Imports Guide
United States Imports from Countries during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from Countries- data, historical chart and statistics - was last updated on April of 2025.
Investing in USA
theboardiQ Economic Relevance Score, ranks States of USA based on 11 parameters
Sources : Forbes | USDA Economic Research | TCGen Total Innovation Rank Index | Best States for Manufacturing | World Population Review | Tax Foundation | US News | BEA Data | Wikipedia | International Trade Administration
theboardiQ's Economic Relevance Score provides a comprehensive, data-driven assessment of a nation's economic vitality and global significance. This score is meticulously calculated using 11 key parameters, each reflecting a critical facet of economic performance. It analyzes the representation of Fortune 500 companies within a nation, a strong indicator of its business environment and market size. The balance of trade surplus or deficit reveals the nation's international competitiveness and export strength. It incorporates Gross Domestic Product (GDP), a fundamental measure of overall economic output, and examine the health of key sectors like agriculture and manufacturing. The score also accounts for innovation, gauging a nation's ability to drive future growth through technological advancements. Crucial labor market indicators such as employment rates are considered, alongside fiscal policies reflected in tax rates. To capture the lived experience of citizens, it assesses cost of living and disposable income, providing insight into purchasing power and economic well-being. Finally, education levels are integrated, recognizing their pivotal role in fostering a skilled workforce and driving long-term economic development. By synthesizing these 11 parameters, theboardiQ's Economic Relevance Score delivers a nuanced and holistic view of a nation's economic standing, enabling informed strategic decisions. The Top 5 States in the assessment are Texas, North Carolina, Virginia, Florida and Washington. Texas does consistently well across most of the 11 variables especially in the areas of GDP, F500 representation in the State, Balance of Trade where it ranks 2nd nationally. North Carolina scores as the highest-ranking state nationally in manufacturing and performs consistently across the other variables. Virginia does well in disposable income where it ranks 3rd nationally. It also scores high in the variables of manufacturing and employment Florida holds the 4th ranking nationally for GDP and Tax Washington State scores the top spot for disposable income nationally, 2nd for education and 3rd for innovation. Colorado, with an overall rank of 7 scores the top spot for Education (schools and higher education). Nebraska, that ranked 10th overall, did well in Agriculture where it is ranked 3rd nationally as well as Trade Balance where it ranked 5th. Illinois, though ranked 20th overall did well nationally in F500 representation, GDP, Agriculture, and Disposable Income. Pennsylvania comes in at 21 overall doing well nationally in GDP (6th); Manufacturing (8th) and F500 representation (8th) New York scores 23rd overall with a 2 ranking in Disposable Income nationally, as well as 3rd in both F500 representation and GDP. California comes in at 29th overall and has the top spot ranking in a whopping 4 variables nationally – GDP, Innovation, Agriculture and F500 representation. However, performance in the areas of Trade Balance, Cost of Living, Tax, Manufacturing and Employment resulted in the overall ranking dipping. Wyoming at 30th overall scores the top spot nationally in the area of Tax Massachusetts at 31 overall does well in innovation where it is ranked 2nd nationally Arkansas at 36 and Alabama at 39, do well in overall Cost of Living where they are ranked 2nd and 3rd nationally, respectively. Louisiana ranked 44th overall is ranked 1st in Trade Balance nationally.
Economic
Relevance
Ranking
State | Info | Overall Rank | Agri | Innov | Mfg | Employ | Tax | Edu | GDP | F500 Rep | Trade Balance | Cost of Living | Disp Income |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Texas | 1 | 4 | 5 | 11 | 10 | 7 | 42 | 2 | 2 | 2 | 24 | 13 | |
North Carolina | 2 | 9 | 21 | 1 | 4 | 12 | 28 | 11 | 16 | 41 | 17 | 17 | |
Virginia | 3 | 32 | 24 | 6 | 2 | 28 | 7 | 13 | 6 | 34 | 35 | 3 | |
Florida | 4 | 21 | 11 | 15 | 1 | 4 | 35 | 4 | 7 | 40 | 30 | 37 | |
Washington | 5 | 16 | 3 | 36 | 28 | 45 | 9 | 9 | 15 | 9 | 43 | 1 | |
Missouri | 6 | 11 | 25 | 22 | 20 | 13 | 32 | 21 | 22 | 20 | 10 | 20 | |
Georgia | 7 | 15 | 26 | 9 | 3 | 26 | 34 | 8 | 9 | 43 | 26 | 19 | |
Minnesota | 8 | 6 | 10 | 47 | 6 | 44 | 8 | 20 | 10 | 33 | 33 | 9 | |
Ohio | 9 | 12 | 32 | 7 | 30 | 35 | 36 | 7 | 5 | 38 | 15 | 11 | |
Illinois | 10 | 5 | 23 | 31 | 23 | 37 | 16 | 5 | 4 | 47 | 32 | 7 |