the “reciprocal” tariff rates announced April 2, the adjusted reciprocal tariff rates as of November 1, the 2024 trade- weighted average tariff rate, and the trade-weighted average tariff rate as of October 17. Reciprocal tariffs include the fentanyl tariff for Canada, Mexico, and China. The adjusted reciprocal tariff rate reflects any trade agreement or tariff rate adjustment made after April 2. The trade-weighted average tariff rate can differ from the reciprocal tariff rate because of additional layers of tariffs, including Section 232 tariffs (national security) and section 301 tariffs (unfair trade). The trade-weighted average tariff rate can also differ from the adjusted reciprocal tariff rate because of products excluded from tariffs, such as products covered in the USMCA. The United Nations Trade and Development has calculated the trade-weighted average tariff rate applied to each country based on the composition of exports to the U.S. in 2024.
2024 Top Ten U.S. Trading Partners in Goods (Sources: U.S. Census, U.N. Trade and Development, Yale Budget Lab)
Rank
Country
2024 Total Trade (1)
2024 Total Deficit (1)
Reciprocal Tariff rate April 2 (2)
Adjusted Rate Nov. 1
Average (3) Tariff Rate 2024
Average (3) Tariff Rate Oct. 17
--
U.S. Total (4)
5,332.6
1202.2
-
-
2.4%
18.0%
1 2 3 4 5 6 7 8 9
Mexico Canada
839.9 762.1 582.5 236.0 227.9 197.1 158.6 149.7 148.0 129.2
171.9
25% 25% 34% 20% 24% 25% 32% 46% 10% 26%
25% 35% 20% 15% 15% 15% 20% 20% 10% 50%
<1.0% 19.8% <1.0% 12.0% 12.3% 47.1%
63.3
China
295.4
Germany (5)
84.8 68.5 66.0 74.0
1.1% 1.8%
10.3% 19.4%
Japan
South Korea
<1.0% 21.6%
Taiwan Vietnam
2.2% 4.4%
16.5% 23.5%
123.5
United Kingdom
11.8 45.6
<1.0%
9.5%
10
India
3.3%
35.0%
(1) Billions of U.S. dollars (2) tariff rates for Mexico and Canada were established in March (3) Average tariff rate is trade-weighted (4) Per Yale Budget Lab, 2.4% is avg. tariff rate at beginning of 2025 for U.S. (5) tariff rates reflect rate for European Union; Germany is largest EU trading partner Specific product tariffs (section 232 and section 301 tariffs) include the following: • 50% tariff on steel and aluminum imports; 25% for U.K. • 50% tariff on copper imports
• 25% tariff on all automobiles, with an exemption for U.S. content and a discount through April 2027 on parts tariffs for U.S.-assembled autos; reduced to 10% on the first 100,000 U.K. imports; reduced to 15% for Japan, E.U. and South Korea • 25% tariff on Medium/heavy-duty trucks and key parts • 10% tariff on buses; lumber; Canadian potash and energy • 25% for kitchen cabinets and vanities (50% in 2026) and upholstered wooden furniture (30% in 2026)
Central Wisconsin Report - Fall 2025
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