President Donald Trump unveiled plans on Thursday for a series of reciprocal tariffs as part of the administration's ongoing efforts to address global trade imbalances. These new tariffs, set in motion through an executive action, are designed to encourage negotiations for revised trade terms with the United States.
Unlike immediate implementation, the delay in enforcing the tariffs allows affected nations time to engage in discussions with the US. The current average import tariff rate for industrial goods in the US stands at 2%, as reported by the US Trade Representative.
Weighted average tariff rates take into account the value of a country's imports, giving more weight to nations with a significant share of exports subject to tariffs in other countries. This results in higher weighted average tariff rates for countries heavily reliant on exports facing tariffs elsewhere.
