Breakdown of the tariff changes worldwide since June 1st

North America

United States

The U.S. has implemented several tariff adjustments:

Canada & Mexico: A 25% tariff was imposed on all imports from Canada and Mexico, with an additional 10% tariff specifically targeting Canadian energy imports.
China: The U.S. raised tariffs on Chinese imports, particularly targeting steel, aluminum, and technology products. However, a 90-day suspension was announced for certain Chinese-origin goods, reducing the additional duty from 34% to 10%.
European Union: The U.S. threatened to impose 50% tariffs on EU imports, but implementation has been delayed until July 9th.
Automobile Industry: A 25% tariff was applied to automobile and auto parts imports, primarily affecting Mexico and the EU.
Steel & Aluminum: A 25% tariff was imposed on all steel and aluminum imports, regardless of country of origin.

Canada

Retaliatory Tariffs: Canada imposed import taxes on U.S. automobiles and auto parts.
Steel & Aluminum: Tariffs were applied to U.S. steel and aluminum imports.
Economic Impact: The Canadian economy saw a 2.2% growth in the first quarter as businesses rushed to get ahead of tariffs.

South America

Brazil

U.S. Tariffs: Brazil maintained its 10% tariff on imports from the U.S. but is actively negotiating trade agreements to mitigate the impact.
Trade Diversification: Brazil is expanding trade partnerships with the EU and Mercosur bloc to reduce reliance on U.S. imports.

Europe

European Union

U.S. Tariff Threat: The U.S. threatened 50% tariffs on EU imports, but implementation has been delayed.
Tourism Impact: European tourists have reduced travel to the U.S. due to tariff concerns.

Asia

China

Retaliatory Tariffs: China raised tariffs on U.S. exports, particularly targeting coal, natural gas, and petroleum.
Manufacturing Sector: Increased tariffs were applied to cars, car parts, and agricultural machinery.
Technology Imports: China imposed new restrictions on semiconductors and electronics from the U.S..

Bangladesh

U.S. Tariff Pause: Bangladesh was previously hit with a 37% tariff by the U.S., but after negotiations, the U.S. paused these tariffs for 90 days.

Other Countries

Cambodia: Cambodia is preparing to negotiate tariff reductions with the U.S..
Mexico: Mexico has imposed retaliatory tariffs on U.S. agricultural exports.

Asia Tariffs Between Asian Countries

Asian countries have also adjusted their tariffs on each other in response to global trade shifts:

China & Vietnam: China has increased tariffs on Vietnamese exports, particularly in the textile and electronics sectors.
India & China: India has imposed higher tariffs on Chinese imports, particularly targeting electronics and machinery.
South Korea & Japan: South Korea has lowered tariffs on Japanese auto parts to encourage trade, while Japan has raised tariffs on South Korean steel.
Thailand & Vietnam: Thailand has reduced tariffs on Vietnamese agricultural products to strengthen trade ties.

Recent Tariff Impacts

The recent tariff changes have had significant effects on global trade and economies:

U.S. Inflation & Consumer Prices: U.S. tariffs have increased the prices of imported goods, leading to higher inflation.
Tourism Decline: Countries affected by U.S. tariffs, including Japan, Canada, and Mexico, have seen a double-digit percentage drop in tourists visiting the U.S..
Steel Industry Disruptions: The doubling of U.S. steel and aluminum tariffs has led to concerns that Canadian steel could be shut out of the U.S. market.
Global Economic Slowdown: The OECD has warned that the ongoing trade war is causing the global economy to slow, with growth heading for its weakest pace since the COVID-19 pandemic.
Automobile & Manufacturing Costs: The 50% tariff on steel and aluminum is expected to impact industries ranging from automakers to household products, increasing costs for consumers.

Industry-Specific Tariff Impacts

Steel & Aluminum

The doubling of U.S. steel and aluminum tariffs has led to concerns that Canadian steel could be shut out of the U.S. market.
Canadian steel producers are struggling with higher transportation costs as they shift sourcing away from the U.S..

Automotive

The 25% tariff on auto imports is expected to increase car prices in the U.S. and reduce exports from Mexico and the EU.
Canadian auto manufacturers are facing higher costs due to retaliatory tariffs.

Technology & Electronics

China’s higher tariffs on U.S. semiconductors are disrupting supply chains.
U.S. tech firms are exploring alternative sourcing strategies to mitigate costs.

Medical Devices

The medtech industry is facing significant financial headwinds due to tariffs on Chinese imports.
Companies like Johnson & Johnson and GE HealthCare expect hundreds of millions in losses due to tariff-related costs.

Tourism

Countries affected by U.S. tariffs, including Japan, Canada, and Mexico, have seen a double-digit percentage drop in tourists visiting the U.S..
Airlines have reported a weakening demand for transatlantic routes among European passengers.

Summary

Since June 1st, global trade has been significantly impacted by tariff changes, particularly those initiated by the U.S. The U.S. has imposed 25% tariffs on imports from Canada and Mexico, 50% tariffs on the EU (delayed until July 9th), and higher tariffs on Chinese imports, including steel, aluminum, and technology products. In response, China has raised tariffs on U.S. exports, particularly in the energy and manufacturing sectors. Canada has retaliated with import taxes on U.S. automobiles and steel, while Brazil is negotiating trade agreements to mitigate the impact. Asian countries have also adjusted tariffs on each other, with India increasing tariffs on Chinese electronics and South Korea lowering tariffs on Japanese auto parts. The economic consequences include higher inflation, a slowdown in global growth, disruptions in the steel and automotive industries, and a decline in tourism. The OECD has warned that the ongoing trade war could lead to the weakest global growth since the COVID-19 pandemic.

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