What do tigers, cannonballs, and grenades have in common?
US President Donald Trump has decided to remove tariffs on UK steel and aluminum and cut the rate on car exports. The new changes come after Trump and UK Prime Minister Keir Starmer came to an agreement regarding the approach to trade between the nations.
Previously, on April 2, Trump unveiled the new reciprocal tariffs for countries exporting goods to the US. However, there have already been some changes to the tariff policies since then.
In this gallery, we explain what reciprocal tariffs are, why Trump implemented them, and how much each country is being taxed. Click on for more.
President Donald Trump announced global reciprocal tariffs. Many of these are applicable to nations where a trade deficit exists. This means that the cost of a country's imports is superior to the value of its exports.
“Trade deficits are no longer merely an economic problem. They are a national emergency," Trump said.
President Trump is imposing reciprocal tariffs so that products entering the US will pay a more balanced amount of tax as those imported from those countries. "Reciprocal. That means they do it to us, and we do it to them," the president explained.
The tariffs presented, however, are not reciprocal by product. Instead, blended country-specific tariff rates are imposed. "This is not full reciprocal, it is kind reciprocal," Trump said.
There are a number of nations where a 10% tariff is applicable. These include Oman, Uruguay, Bahamas, Bahrain, Qatar, and Ukraine.
Iceland, Kenya, Haiti, Bolivia, Panama, Ethiopia, and Ghana are also paying a 10% tariff rate.
There are more nations taxed at 10%, namely Brazil, Singapore, Chile, Turkey, Colombia, Peru, Costa Rica, and the UK.
Other countries where a 10% tariff is imposed include the Dominican Republic, United Arab Emirates, New Zealand, Argentina, Ecuador, Guatemala, and Honduras.
The 10% list continues with Egypt, Saudi Arabia, El Salvador, Trinidad and Tobago, and Morocco.
Venezuela and Norway are the two nations Trump imposed a 15% tariff on.
Three nations are being taxed 17%: Israel, Zambia and the Philippines.
Nicaragua is one of the countries with an 18% tariff applied in the US.
The EU is one of America’s leading trading partners, but it’s also one from which the US imports more than it exports. The trade deficit in 2024 was US$235.6 billion.
Trump has applied a 20% reciprocal tax to EU countries. Some of these countries are among the top US trading partners, including Italy, Ireland, Germany, and France.
In addition to the EU nations, Jordan is the only other country in the world being taxed 20%.
Trump applied tariffs between 20 and 25% to a number of countries, namely Namibia (21%), Côte d'Ivoire (21%), Brunei (24%), Japan (24%), Malaysia (24%), and South Korea (25%).
The countries taxed between 26-29% include India (26%), Kazakhstan (27%), Tunisia (28%), and Pakistan (29%).
Algeria and South Africa are both subject to a 30% tariff on goods.
The next group of countries are taxed between 31-35%. They are Switzerland (31%), Indonesia (32%), Fiji (32%), Taiwan (32%), and North Macedonia (33%).
China is heavily hit by the US reciprocal tariffs. The country accounts for a huge amount of America’s trading volume, particularly on imports. In 2024, the trading deficit with China was US$295.4 billion.
Donald Trump has announced a reciprocal tariff of 34% on China.
A 35% tariff is being applied to Bosnia and Herzegovina, whereas Thailand is being taxed 36%.
Bangladesh, Botswana, Serbia, and Liechtenstein come next with a 37% tariff. Trump imposed a 38% tariff on Guyana.
Some nations will have to pay a whopping 40-44% tariff to enter the US market. These include Mauritius (40%), Sri Lanka (44%), and Myanmar (44%).
Doing business in the US will be rather expensive for these nations: Vietnam (46%), Madagascar (47%), Laos (48%), and Cambodia (49%).
This African nation is the only country in the world being taxed at a 50% tariff rate.
At this stage, it’s not possible to determine the impact Trump’s tariffs will have on consumer prices— but it’s likely that prices will increase.
This is because it’ll become more expensive for US businesses to import goods. How much these import taxes will drive up prices remains unknown.
Sources: (Reuters) (CBS News)
US gets rid of tariffs on UK steel and aluminum, reduces car rate to 10%
The announcement comes as a deal between Trump and Starmer has been reached
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US President Donald Trump has decided to remove tariffs on UK steel and aluminum and cut the rate on car exports. The new changes come after Trump and UK Prime Minister Keir Starmer came to an agreement regarding the approach to trade between the nations.
Previously, on April 2, Trump unveiled the new reciprocal tariffs for countries exporting goods to the US. However, there have already been some changes to the tariff policies since then.
In this gallery, we explain what reciprocal tariffs are, why Trump implemented them, and how much each country is being taxed. Click on for more.