2024 Top Ten U.S. Trading Partners in Goods and Tariff Rates (Sources: U.S. Census, U.N. Trade and Development)
Rank
Country
Average (1) Tariff Rate 2024
Reciprocal Tariff rate 4/2/25 (2)
Reciprocal Tariff Rate 8/7/25
2026 Avg. (1) Tariff Rate w/IEEPA
2026 Avg (1) Tariff Rate Post-IEEPA
1 2 3 4 5 6 7 8 9
Mexico Canada
<1.0% <1.0% 12.30% 1.10% 1.80% <1.0% 2.20% 4.40% <1.0% 3.30%
25% 25% 34% 20% 24% 25% 32% 46% 10% 26%
25% 35% 30% 15% 15% 15% 20% 20% 10% 50%
14.80% 9.60% 37.50% 10.60% 16.40% 16.00% 21.40% 24.20% 7.20% 21.70%
14.00% 8.20% 27.10% 9.80% 15.50% 15.00% 18.90% 18.30% 7.20% 14.00%
China
Germany (3)
Japan
S. Korea Taiwan Vietnam
U.K.
10
India
(1) Average tariff rate is trade-weighted; United Nations Trade and Development calculation (2) Tariff rates for Mexico and Canada were established in March 2025 (3) Tariff rates reflect rate for European Union; Germany is largest EU trading partner
According to the U.S. Treasury, in 2025 tariff revenue comprised of customs duties, taxes, and fees, generated approximately $265 billion in revenue for the federal government, which was approximately 10% of the $2.7 trillion raised through individual income tax revenue. 2025 tariff revenue was approximately 0.7% of the $38.5 trillion federal debt outstanding as of December 31. The regulatory costs of administering the tariff program, including the regulatory costs to the U.S. government of enforcing the tariffs and the regulatory costs to businesses for complying with tariff laws, have not been disclosed nor deducted from tariff revenue numbers. According to the Penn Wharton Budget Model of the University of Pennsylvania , tariff revenue collected under the IEEPA accounted for approximately 50% of total customs duties since the reciprocal tariffs were initiated. Trade The table below shows the impact of the 2025 tariffs on U.S. trade with its top ten trading partners. The table shows the total trade for 2025 and 2024 with each country, the change in trade, net exports for 2025 and 2024 with each country, and the change in net exports. Net exports are defined as the value of exports minus the value of imports. If net exports are positive, the United States has a trade surplus; if net exports are negative, the United States has a trade deficit. A negative change in net exports means that the trade deficit increased; a positive change means that the trade deficit decreased. In 2025, total trade in goods rose 5.0% to $5.6 trillion. The U.S. trade deficit in goods rose to a record high of $1.23 trillion in 2025, with a 4.3% increase in imports. In 2025, total trade in goods increased by $268.4 billion while the trade deficit increased by $28.3 billion. The top three trading partners comprised 35.8% of total trade in goods, with Mexico, Canada, and China, accounting for 15.6%, 12.8%, and 7.4% respectively. Trade in goods with the top ten trading partners increased for seven countries, with the largest increases occurring for Taiwan ($97.3 billion) and Vietnam ($59.9 billion). The largest trade decrease was with China, with trade decreasing $167.2 billion. Trade deficits were recorded for nine of the ten top trading partners in 2025, which was identical to 2024. In each year, there was a trade surplus with only the United Kingdom. The largest trade deficit decrease was with China, with a drop of $93.4 billion. Significant trade deficit increases occurred with Taiwan, Vietnam, and Mexico, with increases of $73.0 billion, $54.6 billion, and $25.4 billion, respectively.
Central Wisconsin Report - Spring 2026
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