According to an executive order issued by President Donald Trump, the US is imposing additional duties on goods from a number of countries. The size of tariffs varies depending on trade relations with Washington. The biggest restrictions are imposed against Cambodia, Vietnam and Sri Lanka.
The countries with the highest duties are
- Cambodia – 49%
- Vietnam – 46%
- Sri Lanka – 44%
- Thailand – 36%
- China – 34 per cent
- Bangladesh – 34 per cent
- Taiwan – 32%
- Indonesia – 32 per cent
- Switzerland – 31 per cent
- South Africa – 30 per cent
- Pakistan – 29 per cent
- Japan – 24%
- Malaysia – 24 per cent
- South Korea – 25 per cent
- European Union – 20 per cent
- Israel – 17 per cent
- Philippines – 17%
- United Kingdom – 10 per cent
- Brazil – 10%
- Singapore – 10%
- Chile – 10%
- Ukraine – 10% (base tariff without additional restrictions)
The duties will come into force from 9 April 2025. In addition, the base tariff of 10% will apply to all goods, which increases the overall rate for countries with already imposed duties. For example, Chinese goods will be subject to 44% (34%+10%) and EU goods will be subject to 30% (20%+10%).
Canada and Mexico are not yet subject to reciprocal tariffs.
Reasons for imposing the duties
President Trump called the measures “mirror sanctions”, emphasising that they are designed to offset unfair trade practices by other countries. According to him, the US cannot afford to be an “economic target” and must protect its producers.
According to Bloomberg, the measures will affect the $33 trillion global market. Countries from China to Brazil would be hit, and their exports to the U.S. could drop from 4 per cent to 90 per cent. Average tariffs could rise by 15%, which would trigger higher inflation in the US and increase the risk of recession.
In addition, the Trump administration continues to strengthen trade measures previously imposed since 2017. Separately:
- An additional 20% tax on all imports from China has been imposed.
- A global 25% tariff on steel and aluminium is in place.
- Introduced a 25% duty on imports of cars and parts (from 3 April 2025).
Expected Impacts
Experts predict that under the maximum scenario, average tariffs in the US would rise to 2%, which could lead to a 4% reduction in GDP and a 2.5% increase in prices over the next two to three years.
China, the EU and India would suffer the biggest losses, although their economies would probably withstand the blow. Southeast Asian countries, Canada and Mexico will experience a significant negative impact on their trade with the US.