Trump’s Tariffs: The Full List

The other day, US President Donald Trump released a chart that illustrated the new tariffs he intended to implement, which would have a global impact on trade. The list as it was presented by him is as follows:

The president presented the first item on his list from a podium in the White House Rose Garden and subsequently published a more comprehensive version. It is important to note that the "tariffs charged to the USA" in Trump's formulation include "trade barriers," which means that they may not necessarily correspond with the tariffs published by the relevant nations.

Trump’s ‘idiotic’ and flawed tariff calculations stun economists

Donald Trump, while waving a large chart in the White House Rose Garden, indicated that his new tariff plan was straightforward: "Reciprocal - that means they do it to us, and we do it to them." Extremely straightforward. It is impossible to simplify the situation further.

It is possible that the solution is overly simplistic. Some of the world's most prominent experts have been taken aback by the methodology employed to determine the most significant figures in international trade, politics, and economics.

The White House examined the trade in goods deficit for 2024 for each country and then divided it by the total value of imports. Trump, in an effort to be "kind," stated that he would, in fact, provide a discount, resulting in a 50% reduction in the original figure. The calculation was even reduced to a formula.

For instance, consider the data for China:

Goods trade deficit: $291.9 billion

The total value of products imported is $438.9 billion.

The result of dividing those figures is 0.67, which is equivalent to 67%.

As well as reduced, which equals 34%.

The White House implemented a 10% baseline for countries with minimal deficits, guaranteeing that tariffs would be implemented regardless. This was the case for the United Kingdom, which the US Census Bureau estimates had a surplus of nearly $12 billion in 2024.

For weeks, Washington had been discussing a comprehensive policy exercise to establish figures that were based on a combination of tariff and non-tariff barriers to trade, as it perceived them to be. This included alleged "currency manipulation," local laws, regulations, and taxes such as VAT.

This approach in itself raised eyebrows among experts, who argued that the inclusion of VAT was highly unusual due to the fact that it is a sales tax that is paid on both domestically produced products and foreign imports.

Nevertheless, it appears that the White House has verified that it employed a simplistic approach in forming this assessment:

The tariff rate required to balance bilateral trade deficits between the United States and each of our trading partners is the basis for calculating reciprocal tariffs. This calculation presupposes that persistent trade deficits are the result of a combination of tariff and non-tariff factors that obstruct the balancing of trade.

There are numerous issues with this, not the least of which is that it significantly simplifies the factors that contribute to trade deficits. Trade deficits arise when a nation purchases more than it exports. Since the 1970s, the United States has maintained a persistent deficit. Trade deficits typically balance over time, as they exert downward pressure on a country's currency. This is due to the fact that the demand for foreign currency, which is used to purchase imported products, exceeds the demand for domestic currency.

Nevertheless, the United States has been able to accrue larger trade deficits than other nations due to its position as the global reserve currency, which is utilized for international trade and payments throughout the global financial system.

Another contributing factor is that US goods are prohibitively expensive for consumers in developing economies, which contributes to the disproportionately large trade deficits and new tariffs experienced by impoverished nations.

According to Adam Tooze, an economic historian at Columbia University in the United States, the policies of Southeast Asian countries were "grotesque." These policies included a 49% tariff in Cambodia, rate of 48% in Laos, and rate of 46% in Vietnam.

"This is not due to their severe discrimination against American exports; rather, it is due to their relative poverty." He stated that the United States does not produce a significant number of goods that are pertinent for importation.

In particular, Vietnam has become a component of the global supply chain for major manufacturers, including US tech and textile companies like Nike, Intel, and Apple.

Another peculiar example is Lesotho, a diminutive southern African nation that is among the world's most impoverished. It is currently subject to a tariff of 50%. Diamonds and clothing are among its primary exports to the United States, which underscores the significance of global connections for rare minerals in the US economy. Additionally, the United States has implemented policies to promote manufacturing in African nations in recent years, with companies such as Levi Strauss and Wrangler contributing to this effort.

Nevertheless, Trump's "America First" strategy has disrupted decades of efforts by successive US administrations to exert global economic influence, resulting in an earthquake for the global economy.

Tooze stated, "This is not a serious trade policy or grand strategy." "The boss harbors a strong aversion to trade deficits, and his team of willing sycophants devised a formula that, despite its illogicality, satisfied the requirements."

Trump’s chart of tariffs

The'reciprocal tariffs' table that was presented during Trump's announcement. "Tariffs charged to the United States" are defined by Trump and "include currency manipulation and trade barriers."