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Overview of U.S. Tariffs and Global Impact as of April 9, 2025

Tariffs are taxes placed on imported goods, often used to protect domestic industries, generate revenue, or address trade imbalances. Although importers pay these taxes, the added cost is usually passed on to consumers. Tariffs can also hurt exporters by reducing demand abroad, potentially triggering retaliatory tariffs and disrupting global trade.

Under President Donald Trump’s second term, the U.S. introduced a new tariff policy in April 2025. A universal 10% tariff now applies to nearly all imports, with additional "reciprocal" tariffs on countries with large trade surpluses or unfair trade practices. Below is an overview of how different countries are affected and a summary of the current tariff rates.

Country-by-Country Impact
China
With $438.9B in exports to the U.S. in 2024, China is severely affected. A 104% tariff (including new and existing duties) targets electronics and machinery, while low-value items ($800) face a 90% duty from May 1, increasing to $150/item after June 1. China has retaliated with tariffs up to 84% on U.S. goods.

Canada & Mexico
As USMCA partners, Canada ($412.7B) and Mexico ($505.9B) are hit by 25% tariffs on non-exempt goods like auto parts. Most goods remain under USMCA protections. Both countries send over 75% of exports to the U.S., making them highly vulnerable.

European Union (EU)
The EU, exporting over $500B to the U.S., now faces a 20% tariff (10% base + 10% reciprocal). Sectors like autos and luxury goods are impacted. The EU retaliated with tariffs on $26B of U.S. exports.

India
India, exporting $70B to the U.S., faces a 26% tariff. Electronics, jewelry, and textiles are most affected. India may respond with its own tariffs but is focusing on negotiations.

Japan
Japan’s $148.2B in exports (30% autos) now face a 34% tariff. The auto industry is preparing for losses. Trade talks are underway.

Vietnam
With $100B+ in exports to the U.S., Vietnam faces a 46% tariff. It has cut duties on U.S. goods in response but anticipates disruption in electronics manufacturing.

Other Countries

Thailand: 10% tariff; warns of rising global prices.

Taiwan: 10% tariff; some semiconductor goods exempt via TSMC investments.

UK: 10% tariff only; no reciprocal duties due to balanced trade.

Australia, Argentina, Brazil, Saudi Arabia, New Zealand: 10% baseline.

Switzerland: 32% tariff (10% + 22% reciprocal); pharma goods exempt.

Cambodia: 49% tariff (10% + 39%).

Current U.S. Tariff Rates (as of April 9, 2025)
Country Total Tariff Rate
All Imports 10% (baseline)
China 104%
Canada 25% (energy at 10%)
Mexico 25%
EU 20%
India 26%
Japan 34%
Vietnam 46%
Cambodia 49%
Thailand 10%
Taiwan 10%
UK 10%
Australia 10%
Argentina 10%
Brazil 10%
Saudi Arabia 10%
Switzerland 32%
New Zealand 10%
Exempt from April 2 Tariffs: Belarus, Cuba, North Korea, Russia (existing sanctions); Burkina Faso, Palau, Seychelles, Somalia, Vatican City (minimal trade volume).

Additional Notes
Reciprocal Tariffs: Affect 60+ countries, based on trade deficits or barriers. China faces the highest at 104%.

Retaliation: China (84%), EU ($26B in U.S. goods), and others like India and Vietnam may counter with tariffs.

Economic Outlook: Economists warn of a potential 1% drop in global trade, a 0.2% hit to U.S. GDP, and higher consumer prices, especially in autos, energy, and food.

This tariff strategy aims to rebalance trade and boost U.S. manufacturing, but it comes with significant economic and geopolitical risks. The situation remains fluid as countries negotiate exemptions or escalate countermeasures.