Financial markets panicked regarding tariff announcement Trump made on "Liberation Day"; here's a few words about them.
Cover image was made using Microsoft Excel 2007 and edited using MS Paint.
Table data came from the online edition of The Daily Mail, which itself came from The White House.
TL;DR
- Introduction
- Non-Monetary Tariffs
- One Quick Note
- Baseline Global Tariff
- Observations
- Mild Tariffs
- Observations
- "The Troublemakers"
- Observations
- Left Unsaid
- On the Bright Side...
- Just My Two Sats
Introduction
According to US President Donald Trump, Wednesday 2025-April-02 was "Liberation Day" when he officially declared global reciprocal tariffs on all trading partners. All trading partners start at 10%. Due to non-monetary tariffs-- requirements put in place to act as barriers to trade-- additional tariffs are placed on those trading partners notorious for using them. Chief among those trading partners is China and the European Union.
Besides China and the EU, how many trading partners are considered troublemakers? Which trading partners are at least reasonable in their use of tariffs on US imports? Are there any surprises on the list President Trump revealed to the world on "Liberation Day"?
Keep reading to find out which trading partners receive which tariff rates.
Non-Monetary Tariffs
Non-monetary tariffs are barriers to trade. Even if tariff rates are set to 0%, these barriers have the effect of a monetary tariff. Non-monetary tariffs can take various forms, including regulatory compliance, value-added taxes, sales taxes, sourcing requirements, and whatever else makes it difficult for one trading partner to sell good into the target market.
| One Quick Note |
|---|
| The term "trading partners" is used to reflect the fact that trade with the US is done not only with nations such as China and Chile but also with regions such as British Indian Ocean Territory and Micronesia as well as with economic blocs such as the European Union. |
185 trading partners were listed on those famous poster boards used by President Trump on "Liberation Day" on April 2nd. These nations can be split into 3 groups: baseline global tariff, mild tariff, and "the troublemakers". Below is a short discussion of these 3 tariff groups.
Baseline Global Tariff
(Source for data: 🕸️Daily Mail🕸️)
115 trading partners or were charging the United States a 10% for its goods while the United States charged either 0% or a small percentage. On the so-called "Liberation Day," official US policy became global and reciprocal tariffs starting at 10%. For these 115 nations, the US will charge truly reciprocal tariffs of 10%:
- Albania
- Andorra
- Anguilla
- Antigua and Barbuda
- Argentina
- Armenia
- Aruba
- Australia
- Azerbaijan
- Bahamas
- Bahrain
- Barbados
- Belize
- Benin
- Bermuda
- Bhutan
- Brazil
- British Indian Ocean Territory
- British Virgin Islands
- Burundi
- Cabo Verde
- Cayman Islands
- Central African Republic
- Chile
- Christmas Island
- Cocos (Keling) Islands
- Colombia
- Comoros
- Cook Islands
- Curaçao
- Djibouti
- Dominica
- Dominican Republic
- Egypt
- El Salvador
- Eritrea
- Eswatini
- Ethiopia
- French Guiana
- French Polynesia
- Gabon
- Gambia
- Georgia
- Gibraltar
- Grenada
- Guadeloupe
- Guatemala
- Guinea-Bissau
- Guinea
- Haiti
- Heard and Mcdonald Islands
- Honduras
- Iceland
- Iran
- Kenya
- Kiribati
- Kosovo
- Kuwait
- Kyrgyzstan
- Jamaica
- Lebanon
- Maldives
- Mali
- Marshall Islands
- Martinique
- Mauritania
- Liberia
- Mayotte
- Micronesia
- Monaco
- Mongolia
- Montenegro
- Monteserrat
- Morocco
- Nepal
- Niger
- Oman
- Panama
- Paraguay
- Peru
- Qatar
- Republic of the Congo
- Rwanda
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
- Samoa
- San Marino
- São Tomé and Príncipe
- Saudi Arabia
- Senegal
- Sierra Leone
- Singapore
- Sint Marten
- Solomon Islands
- South Sudan
- Sudan
- Suriname
- Svalbard and Jan Mayen
- Tajikistan
- Tanzania
- Timor-Leste
- Togo
- Tokelau
- Tonga
- Turkey
- Turkmenistan
- Turks and Caicos Islands
- Tuvalu
- Ukraine
- United Arab Emirates
- United Kingdom
- Uruguay
- Uzbekistan
- Yemen
Observations
Brazil is the only founding member of BRICS (Brazil, Russia, India, China, and South Africa) with baseline global tariffs on US imports.
4 out 5 members of the "+" in BRICS+-- Egypt, Ethiopia, Iran, and United Arab Emirates-- have mild tariffs on US imports. (The 5th "+" in BRICS+, Indonesia, charges a 64% tariff on US imports while the US raised its tariff on imports from Indonesia to 32%.)
Iran still trades with the US? Was this only during the administrations of President Obama and President Biden? Or has Iran been trading with the US as far back as the 1980s when Ronald Reagan was president?
Despite bombing US ships in the Red Sea as a show of solidarity with Hamas in its conflict with Israel, Yemen charges a baseline tariff on US imports.
Mild Tariffs
For 10 trading partners, the US will charge the baseline global tariff of 10% on their imports even though the trading partners charge anywhere from 12% to 49% on imports from the US. Exclude the one trading partner charging 49% on its imports from the US, and the rates range from 12% to 20%. These are the 10 trading partners charging mild tariffs:
(Source for data: 🕸️Daily Mail🕸️)
| Count | Trading Partner | New US Tariff | Tariff on US Imports |
|---|---|---|---|
| 1. | Afghanistan | 10% | 49% |
| 2. | Bolivia | 10% | 20% |
| 3. | Costa Rica | 10% | 17% |
| 4. | Ecuador | 10% | 12% |
| 5. | Ghana | 10% | 17% |
| 6. | New Zealand | 10% | 20% |
| 7. | Papua New Guinea | 10% | 15% |
| 8. | Saint Helena | 10% | 15% |
| 9. | Uganda | 10% | 20% |
| 10. | Trinidad and Tobago | 10% | 12% |
Observations
Ecuador and the multi-island nation of Trinidad and Tobago charge "only" a 12% tariff on US imports.
The US will add a 10% tariff on imports from Bolivia, New Zealand, and Uganda; this is half of the 20% those trading partners add to US imports.
For all the money the US poured into Afghanistan since 2002, Afghanistan was allowed to charge a 49% tariff on US imports. This is the most surprising observation regarding this small group of trading partners
"The Troublemakers"
There may be a better description for the trading partners in this group, but the heading for this section reflects the complaints we've ben hearing from Donald Trump since the 1980s, and definitely since June 2015 when he declared his candidacy for president.
Even though we were told that the US tariff policy as of "Liberation Day"-- 2025-April-02-- was going to be reciprocal tariffs, for these 60 trading partners it's more like "half-reciprocal": Whatever the tariff was, the US raised its tariff rate to "only" half.
The baseline global tariff rate the US is placing on imports is supposed to be 10%. However, in the case of "The Troublemakers," that rate isn't enough to compensate for what Peter Navarro, Senior Counselor to the President for Trade and Manufacturing, explains as 🕸️non-monetary tarrifs🕸️. Using Vietnam as an example, Navarro says that it wouldn't be enough for Vietnam to drop its tariff rate to 0% because it also adds numerous non-monetary tariffs.
With this in mind, below is a table of 60 trading partners classed as "The Troublemakers":
(Source for data: 🕸️Daily Mail🕸️)
| Count | Trading Partner | New US Tariff | Tariff on US Imports |
|---|---|---|---|
| 1. | Algeria | 30% | 59% |
| 2. | Angola | 32% | 63% |
| 3. | Bangladesh | 37% | 74% |
| 4. | Bosnia and Herzegovina | 35% | 70% |
| 5. | Botswana | 37% | 74% |
| 6. | Brunei | 24% | 47% |
| 7. | Cambodia | 49% | 97% |
| 8. | Cameroon | 11% | 22% |
| 9. | Chad | 13% | 26% |
| 10. | China | 34% | 67% |
| 11. | Côte d’Ivoire | 21% | 41% |
| 12. | Democratic Republic of the Congo | 11% | 22% |
| 13. | Equatorial Guinea | 13% | 25% |
| 14. | European Union | 20% | 39% |
| 15. | Falkland Islands | 41% | 82% |
| 16. | Fiji | 32% | 63% |
| 17. | Guyana | 38% | 76% |
| 18. | India | 26% | 52% |
| 19. | Indonesia | 32% | 64% |
| 20. | Iraq | 39% | 78% |
| 21. | Israel | 17% | 33% |
| 22. | Japan | 24% | 46% |
| 23. | Jordan | 20% | 40% |
| 24. | Kazakhstan | 27% | 54% |
| 25. | Laos | 48% | 95% |
| 26. | Lesotho | 50% | 99% |
| 27. | Libya | 31% | 61% |
| 28. | Liechtenstein | 37% | 73% |
| 29. | Madagascar | 47% | 93% |
| 30. | Malawi | 17% | 34% |
| 31. | Malaysia | 24% | 47% |
| 32. | Mauritius | 40% | 80% |
| 33. | Moldova | 31% | 61% |
| 34. | Mozambique | 16% | 31% |
| 35. | Myanmar (Burma) | 44% | 88% |
| 36. | Namibia | 21% | 42% |
| 37. | Nauru | 30% | 59% |
| 38. | Nicaragua | 18% | 36% |
| 39. | Nigeria | 14% | 27% |
| 40. | Norfolk Island | 29% | 58% |
| 41. | North Macedonia | 33% | 65% |
| 42. | Norway | 15% | 30% |
| 43. | Pakistan | 29% | 58% |
| 44. | Philippines | 17% | 34% |
| 45. | Réunion | 37% | 73% |
| 46. | Saint Pierre and Miquelon | 50% | 99% |
| 47. | Serbia | 37% | 74% |
| 48. | South Africa | 30% | 60% |
| 49. | South Korea | 25% | 50% |
| 50. | Sri Lanka | 44% | 88% |
| 51. | Switzerland | 31% | 61% |
| 52. | Syria | 41% | 81% |
| 53. | Taiwan | 32% | 64% |
| 54. | Thailand | 36% | 72% |
| 55. | Tunisia | 28% | 55% |
| 56. | Vanuatu | 22% | 44% |
| 57. | Venezuela | 15% | 29% |
| 58. | Vietnam | 46% | 90% |
| 59. | Zambia | 17% | 33% |
| 60. | Zimbabwe | 18% | 35% |
Observations
3 of 5 BRICS nations are considered "Troublemakers": India with 52% tariffs on US imports, China with 67% tariffs, and South Africa with 60% tariffs. Those were the rates as of 2025-April-02.
Taiwan, considered by many to be an ally of the US in its adversarial relationship with China, charges a 64% tariff on US imports.
The European Union charges 39% tariffs on US imports.
Israel, one of the fiercest allies of the United States, had placed 33% tariffs on US imports.
Liechtenstein imposed 73% tariffs on US imports. Its larger neighbor, Switzerland, placed tariffs of "only" 61% on US imports.
Lesotho, an independent nation contained within the borders of South Africa, places a 99% tariff on US imports. As recently as 2024 it was still receiving US funds from the agency known as USAID.
Not on the List
A few nations didn't appear on the "Liberation Day" list of nations getting reciprocal tariffs:
Canada and Mexico are in a club all their own since new tariffs were put on them in February 2025.
According to the 🕸️German Marshall Fund🕸️, these nations aren't on the list due to existing sanctions: Belarus (for supporting Russia in its conflict with Ukraine), Cuba (for US sanctions going back to President John F. Kennedy), North Korea, and Russia (for starting its "special military operation" in Ukraine on 2022-February-24).
For whatever reason, these nations were missing from the list: Burkina Faso, Palau, the Seychelles, Somalia, and Vatican City.
Left Unsaid
The tariffs presented in those poster boards on "Liberation Day" feature overall tariffs. There are also different tariffs for specific goods such as rice or sugar or steel. Even if a trading partner added a 10% tariff on imports by default, if the good falls into a specific category, that tariff can easily be far higher (even exceeding 100%). Of course, in this case, the tariff in the opposite direction will be a reciprocal tariff. These specific tariffs can be negotiated away, but both trading partners need to be sure both get what they want.
On the Bright Side...
Stocks are on sale! Stocks which were out of reach for most people on April 1st may be in sight for them as additions to their portfolios. Even fractional shares can be larger than usual.
Cryptocurrency is on sale! If you haven't done it already, stack those Sats! Fill those bags full of HIVE, LEO, and DASH! Become a member of the 1 BNB Club or even the 1 ETH Club. Convert more fiat currency to HBD and other stablecoins.
These tariffs are temporary. While President Trump isn't afraid of imposing tariffs on trading partners, what he really loves to use is the threat of tariffs. As soon as his negotiations achieve the results he wants, the threatened tariffs never get implemented or the recently implemented tariffs get lifted. More importantly, unless Congress passes tariff legislation which the president signs into law, these "Liberation Day" tariffs disappear no later than the moment when POTUS 48-- a Democrat, or an Independent, or maybe even another Republican-- is inaugurated at 12:01pm on 2029-January-20.
If the "Liberation Day" tariffs work as advertised, fortunes are waiting to be made by those with patience and insight. This is a big "if" and definitely not given. This is a big-time example of the saying "high risk, high reward."
Just My Two Sats
We keep getting told that "free trade" is a good thing on the global level, yet most nations of the world impose tariffs on their trading partners.
If the tariffs were equal for both trading partners, that's not a concern. If the tariffs were unequal but near each other, the trading partners can deal with that. But when one trading partner charges a low tariff or even a 0% tariff but the other trading partner charges an outrageous tariff-- 50%, 75%, 99%, even 110+%-- that's a problem. Multiply that by the number of trading partners charging those outrageous tariffs, and it's just a matter of time before the afflicted trading partner says "Enough."
At least one person believed it was time for his nation to say "Enough" to the nation's trading partners who were acting like, well, "troublemakers"; this person just happened to be inaugurated President of the United States. Twice.
The big surprise isn't that "Liberation Day" became a reality (especially since the previous day was, ironically, April Fools' Day). Instead, the big surprise is that markets and trading partners were not prepared for this day, especially since Donald Trump-- in and out of politics-- had been promising this for years.
"Liberation Day" can bring about a new economic boom, or it can bring about the demise of the federal government and the nation along with it. This is the riskiest of "high risk, high reward" moves made in my lifetime, and I grew up during an era when thermonuclear war was a distinct possibility. However, if it works out well for all sides and we get "high reward" from "Liberation Day," that's as good or better than 1 BTC reaching USD 1M or some memecoin going 10,000x.
If Donald Trump as POTUS 45 was known for MAGA, then Donald Trump as POTUS 47-- still known for MAGA-- is now known for ►FAFO◄[1]. We've seen FAFO put into practice regarding border security. We're seeing FAFO being applied via the DOGE under direction of Elon Musk. When it comes to trade policy, President Trump is "All FAFO, All the Time."
FAFO is an abbreviation meaning "Fuck around and find out." It was coined by (of all people) Elon Musk in 2022 at the time he threatened Kanye West with suspension or ban from Twitter due to his out-of-bounds tweets. ↩