Updated: January 13, 2026
Executive summary
The administration announced a 25% tariff on goods from countries "doing business" with Iran, effective immediately, and has applied an extensive set of additional tariffs under Section 232 and the International Emergency Economic Powers Act (IEEPA). The measures target broad swaths of global trade: major tariffs include a 10% tariff on Chinese imports covering $272.7B of trade (effective 5/14/25), a 13.5% tariff on EU imports covering $284.8B (effective 8/7/25), and country-level rates ranging up to 50% under certain IEEPA actions. These duties change trade costs, influence commodity prices and supply chains, and create discrete re-risking events for traders and institutional investors.
Key, quotable points
- "A 25% tariff on goods from countries 'doing business' with Iran is effective immediately."
- China: 10% tariff on $272.7B of goods (effective 5/14/25).
- EU: 13.5% tariff on $284.8B of goods (effective 8/7/25).
- Select Section 232 measures include steel and aluminum adjustments totaling an average 48.2% tariff for specified categories.
- Patented pharmaceuticals: stated Section 232 rate of 100% (15% for the EU).
These statements are explicit policy inputs that materially affect cross-border flows and risk premia for affected sectors (commodities, autos, aerospace, semiconductors).
Snapshot: Major tariffs and trade exposure
- China (effective 5/14/25): 10% tariff; affected trade $272.7B.
- European Union (effective 8/7/25): 13.5% tariff; affected trade $284.8B.
- India (effective 8/27/25): 25% tariff; affected trade $52.5B.
- Vietnam (effective 8/7/25): 20% tariff; affected trade $82.6B.
- Japan (effective 8/7/25): 13.5% tariff; affected trade $66.7B.
- Canada (effective 8/1/25): 33.6% tariff on USMCA noncompliant goods; affected trade $14.4B.
Sector-level highlights (selected):
- Autos and parts: Section 232 and IEEPA actions apply; autos faced differentiated timing (autos from April 3, parts from May 3) with temporary offset provisions for cars assembled in the US.
- Medium and heavy trucks, buses, truck parts: tariff rate 24.2%; affected trade $27.7B; effective 11/1/25.
- Softwood timber and lumber: 18.5% tariff.
- Copper (excluding refined copper): Section 232 at 50% in some listings.
- Steel and aluminum (new products added from June 23): Section 232 aggregated rate shown as 48.2% for these line items.
- Patented pharmaceuticals: Section 232 rate listed as 100% (15% for EU) for affected trade categories.
The dataset includes dozens of additional country-level tariffs (rates from 10% up to 50%, affected trade often provided in billions or less than $0.1B for smaller partners) and multiple overlapping authorities (Section 232 and IEEPA) that drive effective duties.
Implementation authorities and legal status
- Measures have been invoked under Section 232 (national security) and under the International Emergency Economic Powers Act (IEEPA). Some tariffs were announced unilaterally via social media and listed as "effective immediately."
- The Supreme Court was asked to rule on the use of IEEPA to justify tariffs; until a judicial decision is issued, existing IEEPA-based duties remain in place. The legal process creates forward uncertainty on which duties may be modified or rescinded.
Market and economic implications (practical, non-speculative)
- Trade-cost shock: Tariffs raise the landed cost of imports for targeted goods, directly increasing input costs for downstream manufacturers and import-dependent sectors.
- Commodity and industrial prices: High tariffs on metals (steel, aluminum, copper) and energy-linked measures (25% on nations importing Venezuelan oil listed for some cases) can raise global commodity premia and widen price dispersion across regions.
- Supply-chain re-routing: Broad, multi-country tariffs create incentives for importers to shift sourcing to untargeted suppliers, accelerate nearshoring, or increase domestic sourcing where feasible.
- Currency and capital flows: Elevated tariffs can alter FX pressures and risk premia on equities for exporters and importers; exposure can be proxied by affected-trade dollar values and sector placement (AUTOS, semiconductors, aerospace).
For traders and analysts: quantify exposure by mapping portfolio weights to affected sectors and cross-referencing the affected trade dollar values and stated tariff rates in this tracker.
How institutional investors should use this tracker
Data integrity and limitations
- The tracker compiles stated tariff rates, affected-trade dollar magnitudes, and effective dates for dozens of countries and sector groupings.
- Overlaps: some tariffs apply under multiple authorities (Section 232 and IEEPA); in cases where Section 232 and IEEPA both appear, the effective duty can vary by product and waiver status.
- This compilation reports stated rates and affected-trade figures as policy inputs; it does not model GDP-level impacts or firm-level margin projections. Analysts should apply their own valuation models to quantify earnings and cash-flow adjustments.
Selected country list (representative, not exhaustive)
- China — 10% on $272.7B (effective 5/14/25)
- EU — 13.5% on $284.8B (effective 8/7/25)
- India — 25% on $52.5B (effective 8/27/25)
- Vietnam — 20% on $82.6B (effective 8/7/25)
- Japan — 13.5% on $66.7B (effective 8/7/25)
- Canada — 33.6% on $14.4B (effective 8/1/25)
- Multiple smaller partners: rates from 10% to 50%, affected trade ranges from <$0.1B to several billion; many effective dates clustered around 8/7/25.
Conclusion and actionable signals
- The tariff program is expansive in scope, with headline rates that materially raise the cost of trade for large partners (China, EU, India) and targeted, very high rates for select sectors (pharmaceuticals, metals, autos).
- Traders should treat effective dates and legal milestones as discrete event risks; portfolio hedges and scenario-based margin adjustments are recommended.
- Use the affected-trade dollar values and listed tariff rates to construct exposure matrices for sector-level stress tests and to identify likely winners (domestic producers, alternative suppliers) and losers (import-dependent manufacturers).
Updates
This tracker will be updated when new effective dates, rates, or legal decisions alter the scope or status of listed tariffs.
