The reciprocal tariffs that have taken effect overnight have resulted in a broad range of US tariffs on different countries. At one end sits China (effective tariff rate of 42%), and Brazil (35%), Switzerland (25%). At the other sits Mexico, Canada, and the UK (all just under 10%). The EU, Japan and several countries in South East Asia have also been able to negotiate deals that leave tariffs in the range of around 15-20%. The overall effective US tariff rate is now 17%, which takes it back to levels last seen in the 1930s. The 25% tariff that has been threatened on India is not due to take effect until August 27th, but if it were to happen it would take India’s tariff rate into the high-tariff group at 36%.
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