Tariffs was the hot topic of 2025. See the full list of U.S. duties around the world
Tariffs on dozens of key U.S. trading partners are in effect, but uncertainty remains.
TL;DR
- Tariffs on dozens of key U.S. trading partners are in effect, creating global economic uncertainty.
- The U.S. Supreme Court will hear the Trump administration's appeal regarding the legality of many tariffs.
- Tariffs are being used to address perceived trade imbalances with countries like China and the European Union.
- Some countries, such as Switzerland, have negotiated lower duties, while others like China have seen delays.
- Deals have been reached with the U.K., EU, Japan, South Korea, Vietnam, the Philippines, and Indonesia.
- Brazil and India face 50% levies, with specific reasons cited for Brazil's policies and India's oil purchases.
- Mexico and Canada face levies of 25% and 35% on goods not covered by the USMCA, which is subject to review.
- The U.S. is undecided on whether to maintain the USMCA or pursue bilateral deals with Mexico and Canada.