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Bermuda

US Revised Tariffs (%)

10

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.

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Share of US Imports % (1 implies <1%)
US Tariff %
Revised Tariff %
Country Tariff Rate %
1
10
10
29.5
Exports (in USD Bill.) 2024
Imports (in USD Bill.) 2024
Balance (in USD Bill.) 2024
0.54
0.02
0.52

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

Trade.Gov Fact Sheet

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.

Implications

As of Saturday, April 19, 2025, the most recent information regarding tariffs involving Bermuda indicates the following: Bermuda's Own Import Duties: Bermuda applies its own import duties on goods entering the island. These duties contribute significantly to the Bermudian government's revenue.   The average duty rate is reported to be around 22.5% of the CIF (cost, insurance, and freight) value of the goods. However, duty rates vary significantly depending on the type of goods: Most food items have lower rates, ranging from 5% to 15%.   Certain essential goods like medicines, corrective spectacles, and reading materials have a 0% duty rate. Vehicles designed for transporting passengers face a high duty: 75% on the first $10,000 BMD and 150% on the value exceeding $10,000 BMD. Vehicles for transporting goods and motorcycles have a duty of 33.5%.   Used clothing and books are typically duty-free.   Appliances may face a duty of around 33.4%, and furniture and sporting goods around 22.25%.   Bermuda uses the Harmonized Commodity Description and Coding System for classifying imported goods.   There is no de minimis in Bermuda, meaning that duty is generally applied to all imports regardless of their value. Impact of US Tariffs on Bermuda: The United States recently implemented a 10% global minimum import tariff, which includes Bermuda.   The Bermudian government has stated that this 10% US tariff is not expected to have a significant direct impact on Bermuda because the island exports very few goods directly to the United States that would be subject to these tariffs.   However, the government is concerned that the broader impact of the US tariff regime on other jurisdictions and global supply chains will likely increase global prices and the costs of goods that Bermuda imports.   Premier David Burt has engaged with US officials to discuss concerns about potential increases in shipping costs due to new US policies, which could significantly affect the cost of all goods imported into Bermuda.   Bermuda is also monitoring the potential for a wider trade war and its indirect effects on the island's economy.   Key Considerations for Trade with Bermuda: Customs Declaration: A customs declaration is required for all imports into Bermuda.   Valuation: Bermuda follows the World Trade Organization's (WTO) valuation rules, generally using the transaction value of imported goods.   Required Documents: Typically include a bill of lading or air waybill, a commercial invoice, and a Bermuda Customs Declaration form.   Restricted Items: Certain items like firearms, explosives, narcotics, and certain agricultural products are restricted or prohibited.   Duty-Free Allowance for Travelers: Residents have a $200 duty-free allowance for personal goods arriving by air, while visitors have a $50 allowance. There are also allowances for limited quantities of alcohol and tobacco.   In summary, while Bermuda faces its own established import duty structure, the recent global tariffs imposed by the United States are a concern primarily due to the potential for increased global prices and disruptions to supply chains, rather than direct tariffs on Bermudian exports to the US. The situation is being closely monitored by the Bermudian government.

US Negotiation Strategy

Based on the most recent data from 2024, the top imports to the United States from Bermuda by value are: Commodities not specified according to kind ($19.92 Million) - This is a broad category and difficult to pinpoint specific manufacturing counterparts. Pearls, precious stones, metals, coins ($792.08 Thousand) Beverages, spirits and vinegar ($724.37 Thousand) Machinery, nuclear reactors, boilers ($382.20 Thousand) Mineral fuels, oils, distillation products ($347.91 Thousand) It's important to note that Bermuda has very little in the way of exports or manufacturing, and almost all manufactured goods and foodstuffs must be imported. Its economy is primarily fueled by offshore financial services (especially insurance and reinsurance) and tourism. Therefore, the top imports from Bermuda to the US are likely re-exports or very specialized items rather than large-scale manufactured goods originating in Bermuda.   However, to address your question about which states in the US can manufacture similar goods, here are some examples based on the categories above: Pearls, precious stones, metals, coins: Rhode Island: Has a history of jewelry manufacturing, including precious metals. Companies like Alex and Ani (though their manufacturing has evolved) and various smaller jewelry manufacturers exist in the state.   New York: The Diamond District in New York City is a major hub for dealing in precious stones and metals, and some manufacturing and processing occur there. California: Has a significant jewelry industry, particularly in the Los Angeles area. Companies range from high-end designers to mass-market producers. Beverages, spirits, and vinegar: Kentucky: Famous for bourbon whiskey. Companies like Jim Beam and Maker's Mark are well-known examples.   California: A major wine-producing region with countless wineries, such as E. & J. Gallo Winery and Robert Mondavi Winery. Also has breweries and distilleries.   Oregon: Another significant wine and craft beer producing state. Examples include Deschutes Brewery and various vineyards in the Willamette Valley.   Many other states have growing craft beverage industries, including North Carolina, Michigan, and Colorado.   Machinery, nuclear reactors, boilers: Illinois: Known for manufacturing industrial machinery. Companies like Caterpillar (though headquartered in Texas now, has significant Illinois operations) produce heavy machinery.   Ohio: Has a diverse manufacturing sector, including machinery. Companies like Lincoln Electric (welding equipment) are based here.   Pennsylvania: Has a strong manufacturing base in industrial machinery. Companies like GE Transportation (now Wabtec, with operations in PA) produce locomotives and related equipment.   Mineral fuels, oils, distillation products: This category is more about extraction and refining than manufacturing in the traditional sense. Texas: A major center for oil and gas extraction and refining. Companies like ExxonMobil and Chevron have significant operations in the state.   Louisiana: Another key state in the oil and gas industry with extensive refining capacity.   California: Also has oil and gas production and refining.   It's crucial to reiterate that the volume and type of these goods imported from Bermuda are likely very specific and not representative of large-scale manufacturing within Bermuda itself. The US has a vast and diverse manufacturing sector capable of producing similar categories of goods, often on a much larger scale.

Investing in USA

theboardiQ Economic Relevance Score, ranks States of USA based on 11 parameters

Sources : ForbesUSDA 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.

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