How Trump’s latest economic move reshapes global trade and targets key U.S. allies.
The White House has released a tariff schedule that does not include Mexico, Canada, or Russia.
On Wednesday, U.S. President Donald Trump announced an unprecedented wave of tariffs impacting various countries worldwide. Latin America will face a reciprocal 10% tariff on all imports, while the European Union will be subject to a 20% tariff.
In Latin America, the tariffs will apply to all imports from the region, with the exception of Mexico, which is currently unaffected. Venezuela and Nicaragua will face higher rates of 15% and 18%, respectively.
Peru, despite maintaining a free trade agreement with the U.S. for 19 years, will also be subject to a 10% tariff, as will Ecuador.
Asia is one of the most heavily affected regions, with tariffs reaching:
- China: 34%, in addition to the existing 20% tariff
- India: 26%, as part of the ongoing trade war
These percentages are based on half of what the White House estimates each nation or bloc imposes on U.S. exports through tariff and non-tariff barriers.
Some Asian countries will be hit even harder:
- Vietnam: 46%
- Thailand: 36%
- Taiwan: 32%
“Tailandia and other countries impose much higher prices, like 60%, India 70%, Vietnam 75%, and even more in some cases. Until today, the U.S. had imposed just a 2.5% tariff,” said Trump, justifying the new measures.
Other affected countries include:
- Bangladesh: 37%
- South Korea: 25%
- Japan: 24%
- Sri Lanka: 44%
- Indonesia: 32%
- Malaysia: 24%
The United Kingdom, which Trump described as the U.S.’s “closest ally,” will face a 10% tariff.
The British Business and Trade Minister, Jonathan Reynolds, stated that his government remains “calm and committed” to negotiating a bilateral economic agreement to mitigate the impact.
Switzerland, the U.S.’s second-largest trading partner after the EU, will face a 31% tariff. Swiss President Karin Keller-Sutter responded swiftly, stating that the government would “quickly define the next steps” in response.
“Long-term economic interests are the priority. Respect for international law and free trade are fundamental,” she added.
Meanwhile, Liechtenstein will face a 37% tariff.
Tariffs imposed on African nations include:
- South Africa: 30%
- Madagascar: 47%
- Angola: 32%
- Nigeria: 14%
- Namibia: 21%
- Mozambique: 16%
- Zambia: 17%
- Democratic Republic of the Congo & Cameroon: 11%
- Zimbabwe: 18%
Additionally, a 10% tariff will apply to Kenya, Ethiopia, Ghana, Senegal, Tanzania, Uganda, Gabon, Liberia, Rwanda, and Sierra Leone, among others.
Following the 15% tariff imposed on Norwegian imports, Norwegian Finance Minister Jens Stoltenberg stated that “no one benefits from a trade war” and that it is too soon to determine the full impact on Norway’s economy.
“This will affect Norway and Norwegian companies, but it’s too early to say how severe it will be,” Stoltenberg told Norwegian news agency NTB.
“The tariffs imposed today are bad news for the global economy and for an open economy like Norway,” he added.
Ukraine, which the U.S. is pressuring to sign a deal allowing American exploitation of its mineral resources, will face a 10% tariff.
This matches the percentage Washington estimates Ukraine currently imposes on U.S. imports. Notably, Russia is absent from the White House’s tariff schedule.
In addition to the tariffs, Trump is demanding that Kyiv sign a contract allowing the U.S. to extract its mineral resources as compensation for U.S. support in the war against Russia.
The agreement was supposed to be signed during Ukrainian President Volodymyr Zelensky’s visit to the White House on February 28, 2025. However, a heated verbal exchange resulted in Zelensky leaving without signing the document.
Negotiations are ongoing, but Ukraine insists that the final terms must be mutually acceptable and not solely benefit the U.S.
The initial version of the agreement proposed a U.S.-controlled investment fund, financed by half the revenue from Ukraine’s rare earth mineral exploitation. However, according to Ukrainska Pravda, the latest version, presented to Ukraine on March 28, includes less favorable conditions—such as granting the U.S. priority in all mineral exploitation projects.
Meanwhile, the U.S. is attempting to broker a ceasefire between Ukraine and Russia, starting with partial truces covering energy infrastructure and the Black Sea, though so far without success.
