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What are Trump's new reciprocal tariffs and how will they impact trade?
Here's a look at some of the new tariff regime's key features, as detailed in Trump's executive order.
26% tariff on India, Russia skips the list
The reciprocal tariff rates aim to counter policies like currency manipulation, weak environmental and labor standards, and restrictive regulations that limit U.S. exports in foreign markets.
The European Union faces a 20% U.S. tariff, while Vietnam gets hit with 45%, Japan with 24%, South Korea with 25%, India with 26%, Taiwan with 32%, and Thailand with 36%.
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China, which recorded the largest 2024 trade surplus with the U.S. at $295 billion, will see a 34% tariff. Treasury Secretary Scott Bessent noted that when combined with Trump’s 20% February duties—imposed over the U.S. fentanyl crisis—China’s total tariff rate rises to 54%. Trump had pledged a 60% tariff on Chinese goods during his 2024 campaign.
Meanwhile, Britain, Brazil, and Singapore, which ran trade deficits with the U.S. last year, have been spared higher rates and received only the baseline 10% tariff. White House officials argued that many countries would have even larger trade deficits with the U.S. if their trade policies were more equitable.
However, Russia—despite its $2.5 billion goods trade surplus with the U.S. in 2024, as per the U.S. Trade Representative's office—was absent from Trump’s tariff list.
What about Canada and Mexico?
Goods from Canada and Mexico are currently exempt from reciprocal tariffs, as Trump's earlier 25% fentanyl-related duties remain in place, along with a 10% tariff on Canadian energy and potash.
However, USMCA-compliant goods will continue to be exempt indefinitely, offering relief to U.S. automakers. This marks a shift from Trump’s earlier stance, as he had
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