On April 2nd, 2025, the United States announced a new trade policy that introduced a 10% tariff on all imported goods, with even higher ‘reciprocal’ rates for certain countries. However, on April 9th 2025, the US declared a 90-day suspension on applying tariffs for most countries, except for China. At that same time, the US also announced a 10% universal tariff on all imports, along with a number of sector-specific tariffs that are all currently in force. The reciprocal tariffs were due to come into effect on July 9th. However,  on July 7th, the White House announced another extension along with modifications to the reciprocal tariff rates. These tariffs will come into effect on August 1st.

With the aim of understanding the implications of the new US tariffs on global trade, International Economics Consulting (IEC) has deployed a Trade Simulation Model that estimates trade losses of the currently applicable tariffs and the threatened tariffs.

The ASEAN & ECOWAS briefs presented below are two examples of IEC’s capabilities in providing strategic advisory to understand better the implications of these tariffs. The dashboard presented below is an interactive tool that allows users to gain an understanding of the applicable tariffs at the country and regional levels and also on the implications of these tariff changes, in terms of both exposure and trade losses at the sectoral levels. 

The Technical Note outlines the methodology used to assess the impact of planned US “reciprocal tariffs” on global trade. The note covers data sources used, tariff levels by scenario, data modelling methods used and information on data discrepancies.

For further details or to request additional tariff briefs, please write to International Economics Consulting Ltd at info@tradeeconomics.com. Our team stands ready to provide customised analysis for your region, country, sector, or product interests.