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
Here is an update on US Tariffs, Deals and Agreements, the Heard and McDonald Islands situation, and major Company Impacts, as of October 2025.
1. US Tariffs: Deals and Agreements Update
Trade negotiations continue under the pressure of the reciprocal tariff policy, with a focus on sector-specific tariffs and new bilateral agreements.
Country/Region | Latest Agreement/Status | Key Details |
China | Trade War Resumed | Temporary truce has ended. US is threatening an additional 100% tariff on all Chinese imports starting November 1, 2025, in response to new Chinese export controls (e.g., rare earth minerals). |
European Union (EU) | Framework Agreement Implemented | A framework trade deal was reached in late August 2025, setting most import duties at a 15% rate for the EU. |
Japan | Trade Deal in Effect | Reached a deal in late July 2025, lowering the planned levy on auto imports to 15% (down from a threatened 25%). Japan also agreed to significant investment in the US. |
South Korea | Trade Deal in Effect | Reached an agreement in late July 2025 to reduce planned levies on imports to 15%. |
Canada/Mexico | USMCA-Compliant Exemptions | Tariffs of up to 35% are in place on certain non-USMCA-compliant Canadian goods. Discussions are ongoing, with the US keeping the door open for renegotiating USMCA or moving to separate bilateral deals. |
Indonesia | Near Final Deal | Negotiating a reciprocal tariff agreement that would grant zero tariffs on certain key commodities (e.g., palm oil, cocoa) after the initial tariff rate on Indonesian goods was reduced from 32% to 19%. |
India | Ongoing Discussions | The US is in continuous contact with India regarding a Bilateral Trade Agreement (BTA). India is currently subject to an additional 25% tariff on most goods for purchasing Russian oil. |
Key Sector-Specific Tariffs Implemented in 2025:
Pharmaceuticals: 100% duty on foreign-made patented drugs (effective Oct 1, 2025), unless the company builds a domestic US manufacturing facility.
Automobiles & Parts: 25% global tariff (with partner-specific exceptions like Japan and the EU).
Heavy-Duty Trucks: 25% tariff on all imported medium and heavy-duty trucks (effective Nov 1, 2025).
Wood Products/Furniture: New duties (starting Oct 14, 2025) on softwood lumber (10%) and upholstered furniture/cabinets (25%, rising to 30%-50% in 2026).
2. Heard and McDonald Islands
Area | Status (October 2025) | Key Details |
Heard and McDonald Islands | 10% Reciprocal Tariff in Effect | The Australian territory, which is uninhabited (home only to penguins), was included in the universal 10% reciprocal tariff implemented in April 2025. |
Key Details: The inclusion of this remote, uninhabited Australian territory (along with others like Norfolk Island) garnered widespread media attention. The US administration has defended the move as a necessary measure to prevent other countries from transshipping (rerouting) goods through territories with low or no tariffs to circumvent US duties.
3. Companies Most Impacted
The new wave of tariffs has directly impacted the balance sheets of many major US and global corporations, particularly those reliant on complex international supply chains.
Industry | Impacted Companies | Key Impact/Reason |
Technology | Apple, Qualcomm | Apple projects billions in added tariff costs on electronics assembled abroad. Qualcomm is facing a new antitrust probe from China (over a recent acquisition) in what appears to be a direct countermeasure to escalating US trade threats. |
Auto & Manufacturing | Toyota, Hyundai, Caterpillar | Toyota and Hyundai have reported steep drops in quarterly profit, attributing the decline to the 25% tariff on vehicles and auto parts. Caterpillar reported a multi-hundred-million-dollar hit to its operating profit due to elevated manufacturing costs from tariffs on inputs like steel and aluminum. |
Apparel & Footwear | Nike, Adidas | Both companies anticipate hundreds of millions to a billion dollars in extra costs. They are adjusting by optimizing global supply chains, reducing reliance on major production hubs, and implementing targeted price increases. |
Home Building | Homebuilders, Retailers (e.g., Home Depot) | New tariffs on softwood lumber, kitchen cabinets, and furniture are expected to significantly raise the cost of housing construction and renovation, which disproportionately affects lower-income buyers. |
Retail/Sourcing | Walmart, Procter & Gamble | As major importers of goods, these companies have publicly stated that the overall tariff environment is raising their costs, forcing them to absorb the cost or pass it on to consumers. |
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 |