Bigworld, Looking at those existing tariff rates against the US (below), Trump is right in saying that we are getting ripped off. These figures reportedly also include other factors in addition to existing tariffs, like the VAT / Value Added Tax in Europe, etc, but should represent a fairly close approximation to what the current barriers are against US exports to those countries.
There are a good number of countries that currently only have 10% imposed on the US (top of list), so those shouldn't be much of a problem. But the others range from 30-60%, and others a ridiculous 60-97%. Beyond the base 10%, Trump is only charging 1/2 of the tariffs % levied against the US, which doesn't sound unreasonable.
Well, now that we know where we stand (the worse case), everything that happens from here on out (tariff-wise) can only be an improvement (ie lower rates than those listed below). So that removes much of the uncertainty. The situation with Mexico and Canada isn't on the list, and presumably will be more fully negotiated in the period ahead (also to lower rates than currently).
I still would have preferred a 1 country at a time approach, but at least we now know the 'worst case', and the rates can only get lower, not any higher than those listed. So once 'digested' by the markets in the days ahead, the main coming news flow driving the financial markets should be -
1) Tariffs - can only get 'better' than the worst case listed below, ie individually negotiated deals producing lower rates.
2) Economic numbers - this is where it gets sticky, since these numbers will likely be deteriorating with each successive monh.
3) Corporate earnings - also dicey as the economy slows.
Country -- Tariff rate against US -- US reciprocal rate
UK ------------------------ 10% - 10%
BRAZIL ------------------ 10% - 10%
CHILE -------------------- 10% - 10%
AUSTRALIA ------------ 10% - 10%
SINGAPORE ----------- 10% - 10%
TURKEY ----------------- 10% - 10%
COLOMBIA ------------- 10% - 10%
ISRAEL ------------------ 33% - 17%
PHILIPPINES ---------- 34% - 17%
EUROPEAN UNION - 39% - 20%
JAPAN ------------------- 46% - 24%
MALAYSIA -------------- 47% - 24%
SOUTH KOREA ------- 50% -- 25%
INDIA --------------------- 52% - 26%
PAKISTAN --------------- 58% - 29%
SOUTH AFRICA ------- 60% - 30%
SWITZERLAND -------- 61% - 31%
INDONESIA ------------- 64% - 32%
TAIWAN ------------------ 64% - 32%
CHINA -------------------- 67% - 34%
THAILAND -------------- 72% - 36%
BANGLADESH -------- 74% - 37%
SRI LANKA ------------- 88% - 44%
VIETNAM --------------- 90% - 46%
CAMBODIA ------------- 97% - 49%
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