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.
Exports (in USD Bill.) 2024 | Imports (in USD Bill.) 2024 | Balance (in USD Bill.) 2024 |
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Implications
Here is an update on US tariffs, trade deals, and the situation with Yemen as of October 2025.
I. US Tariffs Update (General)
The US trade policy continues to be dominated by broad, newly enacted reciprocal tariffs and targeted sectoral tariffs, often justified on national security grounds.
Tariff Category | Key Details (October 2025) | Impacted Sectors/Countries |
Universal Baseline Tariff | 10% (Implemented, effective April 2025) | Most goods from all non-sanctioned countries. |
New Sectoral Tariffs (Implemented/Upcoming) | 25% on Medium & Heavy-Duty Trucks (Effective Nov. 1, 2025). 25% on Kitchen Cabinets, Bathroom Vanities, and Upholstered Furniture (Initial rate, set to increase further in 2026). 50% on Steel, Aluminum, and Copper (Global rate). 100% on Branded/Patented Pharmaceuticals (with domestic manufacturing exemption). | Automotive, Furniture, Construction, Metals, and Pharmaceutical industries globally. |
De Minimis Exemption | Revoked (Effective August 29, 2025) | Goods valued under $800 are no longer exempt from duties, significantly impacting e-commerce and smaller-volume importers. |
II. Deals and Agreements Update
Trade negotiations are focused on securing agreements that either reduce or cap the newly imposed tariffs for cooperating partners.
Partner | Status (October 2025) | Details |
China | Truce Ended / High Escalation | Hostilities have re-escalated with China's imposition of rare earth mineral export controls and the US threat of a massive 100% additional tariff on all Chinese goods, effective November 1, 2025. |
European Union (EU) & Japan | Preliminary Agreements | The Administration has begun implementing framework agreements that cap or exempt certain imports from the broad reciprocal tariffs and new Section 232 tariffs (e.g., auto parts), provided MFN rates exceed certain thresholds. |
Canada and Mexico | USMCA Exceptions Maintained | Goods that meet the rules of origin under the United States-Mexico-Canada Agreement (USMCA) largely remain exempt from new tariffs. However, non-compliant goods and specific sectors (e.g., certain steel, aluminum, and trucks) still face tariffs. |
Other Partners | Ongoing Negotiations | Preliminary agreements have been announced with countries like Vietnam, South Korea, Indonesia, and the Philippines, with the goal of securing tariff caps or reductions in exchange for cooperation on trade balance and enforcement issues. |
III. Yemen-US Trade and Sanctions
The US trade and financial posture toward Yemen is dominated by escalating sanctions targeting the Iran-backed Houthi group (Ansarallah), which is designated a Foreign Terrorist Organization (FTO).
Trade Status: Normal trade relations with Yemen are severely impacted by the ongoing conflict and the US sanctions regime.
Key Action: The Treasury Department's Office of Foreign Assets Control (OFAC) is regularly designating individuals and entities (including companies in Yemen and the UAE) for providing financial support and facilitating the import of petroleum products for the Houthis.
Company Impact: US and international companies face significant risk of secondary sanctions if they engage in transactions with Houthi-linked entities (e.g., certain petroleum importers or financial networks) operating in Houthi-controlled territory. All property and interests of designated individuals/entities are blocked.
IV. General Company Impact of New Tariffs
A recent business survey highlights the broad negative effect of the new, higher US tariffs on companies:
Financial Strain: Nearly 40% of businesses report gross margin declines.
Consumer Prices: Almost 75% of businesses have raised prices, or expect to raise prices, to cover the cost of tariffs.
Supply Chain: Companies are actively reconfiguring their global supply chains for tax benefits and efficiency, with import volumes falling significantly.
Reshoring: 63% of businesses are actively considering or in early-stage discussions about reshoring operations back to the US due to tariff-driven costs and supply chain uncertainty.
Specific Sector Impact:
Furniture/Construction: Companies like Wayfair, Williams-Sonoma, and RH (Restoration Hardware) saw stock drops due to heavy reliance on imported goods now subject to new tariffs. Domestic manufacturers like La-Z-Boy and Ethan Allen saw modest gains.
Trucking/Automotive: Importers of medium and heavy-duty trucks from countries like Mexico and Germany will face new 25% tariffs starting in November
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 |