In the months since he took office in January 2025, President Donald Trump has broken with decades of U.S. economic policy and upended global trade. Since the end of World War II, tariffs, or import taxes, have been relatively low in the United States. In the early 2010s, goods imported to the U.S. were taxed at an average rate of between 2% and 4%. Now, under the policies recently enacted by the second Trump administration, all imported goods are subject to a minimum 10% tariff, with far higher rates for certain products out of certain countries.
24/7 Wall St. Key Points:
- Only months into his second term, President Donald Trump implemented sweeping tariffs on goods imported to the United States, upending decades of policy precedent.
- While the Trump administration views tariffs as necessary for America’s long-term economic prosperity, the president’s import taxes could be devastating for the economies of countries around the world.
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In the weeks since these policy changes were announced, much of the attention has centered on the impact universal tariffs will have on the finances of American citizens. Because the cost of Trump’s newly instated import taxes will ultimately be passed on to consumers, Trump’s tariffs could cost the average household as much as $3,800 a year, according to some estimates. Not only will tariffs raise the cost of living, but the uncertainty surrounding them has undermined investor confidence. The S&P 500 index plummeted by over 12% within a week of their implementation, hurting retirees and anyone with a 401(k).
President Trump, and those within his administration, maintain that tariffs are necessary to bring back American manufacturing and reduce the national debt — and that any harmful byproducts of these policies will be short-lived. Whether or not history will vindicate the Trump administration is not yet clear — but by raising prices on foreign goods, Trump’s tariffs could prove devastating for countries around the world that rely on trade with the United States.
Using data from the Observatory of Economic Complexity, 24/7 Wall St. identified the countries that are most exposed to Trump’s tariffs. Countries are ranked on the total value of goods exported to the United States in 2023 as a share of their national gross domestic product the same year. Only countries with available 2023 GDP data from the World Bank were considered in this analysis.
Among the countries on this list, the total value of exports to the United States ranged anywhere from $17.2 million to over $465 billion in 2023. For every country on this list, the value of these exports is equal to at least 4.9% of their annual GDP, and in some cases, nearly 30%. These 23 countries span multiple continents, including Africa, Asia, Europe and the Americas.
Every country on this list is subject to a minimum 10% tariff. Many of these countries that are seen by the Trump administration to have acted in ways detrimental to American economic interests have also been targeted by even higher tax rates — so-called “reciprocal tariffs.” However, most reciprocal tariffs were put on hold until July 2025. If, and to what extent, they will be reinstated remains to be seen. (Here is a look at the countries with the lowest tariff rates.)
Higher prices for many of the goods and services originating from these countries will likely reduce demand among American consumers. And, if some of these products are eventually offered by U.S. suppliers — an explicit policy goal of the Trump administration — lost revenue for these countries could fuel economic catastrophe. (Here is a look at the Americans who approve of Trump’s economic policies in the wake of sweeping tariff announcements.)
These are the countries with the most economic exposure to Trump’s tariff policies.
Why It Matters
Tariffs, or import taxes, have not been a meaningful source of revenue for the U.S. federal government since World War II. In the post-war era, commerce between the U.S. and its trading partners has been relatively unfettered by government imposed taxes. Within the first few months of his second term in office, however, President Donald Trump has upended these norms, imposing sweeping tariffs on U.S. imports. While the Trump administration sees tariffs as necessary to shore up the U.S. economy, even while accepting the likelihood of some short-term economic pain, Trump’s tariffs could prove economically devastating for many countries around the world over the long term.
23. Guatemala
- Exports to U.S. as share of national GDP in 2023: 4.9%
- Total value of exports to U.S. in 2023: $5.2 billion (0.17% of total value of U.S. imports)
- GDP in 2023: $104.5 billion
- GDP per capita in 2023: $5,763
- Country location: Central America
22. Switzerland
- Exports to U.S. as share of national GDP in 2023: 5.1%
- Total value of exports to U.S. in 2023: $45.1 billion (1.50% of total value of U.S. imports)
- GDP in 2023: $884.9 billion
- GDP per capita in 2023: $99,565
- Country location: Western Europe
21. Dominican Republic
- Exports to U.S. as share of national GDP in 2023: 5.8%
- Total value of exports to U.S. in 2023: $7.1 billion (0.24% of total value of U.S. imports)
- GDP in 2023: $121.4 billion
- GDP per capita in 2023: $10,718
- Country location: Caribbean
20. Jordan
- Exports to U.S. as share of national GDP in 2023: 6.2%
- Total value of exports to U.S. in 2023: $3.1 billion (0.10% of total value of U.S. imports)
- GDP in 2023: $51.0 billion
- GDP per capita in 2023: $4,456
- Country location: Western Asia
19. Singapore
- Exports to U.S. as share of national GDP in 2023: 6.6%
- Total value of exports to U.S. in 2023: $32.9 billion (1.10% of total value of U.S. imports)
- GDP in 2023: $501.4 billion
- GDP per capita in 2023: $84,734
- Country location: South-eastern Asia
18. Marshall Islands
- Exports to U.S. as share of national GDP in 2023: 6.6%
- Total value of exports to U.S. in 2023: $17.2 million (0.00% of total value of U.S. imports)
- GDP in 2023: $259.3 million
- GDP per capita in 2023: $6,678
- Country location: Micronesia
17. Fiji
- Exports to U.S. as share of national GDP in 2023: 6.7%
- Total value of exports to U.S. in 2023: $366.4 million (0.01% of total value of U.S. imports)
- GDP in 2023: $5.4 billion
- GDP per capita in 2023: $5,889
- Country location: Melanesia
16. South Korea
- Exports to U.S. as share of national GDP in 2023: 6.9%
- Total value of exports to U.S. in 2023: $117.9 billion (3.93% of total value of U.S. imports)
- GDP in 2023: $1.7 trillion
- GDP per capita in 2023: $33,121
- Country location: Eastern Asia
15. Ecuador
- Exports to U.S. as share of national GDP in 2023: 7.0%
- Total value of exports to U.S. in 2023: $8.3 billion (0.28% of total value of U.S. imports)
- GDP in 2023: $118.8 billion
- GDP per capita in 2023: $6,610
- Country location: South America
14. El Salvador
- Exports to U.S. as share of national GDP in 2023: 7.1%
- Total value of exports to U.S. in 2023: $2.4 billion (0.08% of total value of U.S. imports)
- GDP in 2023: $34.0 billion
- GDP per capita in 2023: $5,391
- Country location: Central America
13. Lesotho
- Exports to U.S. as share of national GDP in 2023: 10.8%
- Total value of exports to U.S. in 2023: $227.7 million (0.01% of total value of U.S. imports)
- GDP in 2023: $2.1 billion
- GDP per capita in 2023: $916
- Country location: Southern Africa
12. Costa Rica
- Exports to U.S. as share of national GDP in 2023: 11.0%
- Total value of exports to U.S. in 2023: $9.5 billion (0.32% of total value of U.S. imports)
- GDP in 2023: $86.5 billion
- GDP per capita in 2023: $16,942
- Country location: Central America
11. Malaysia
- Exports to U.S. as share of national GDP in 2023: 11.2%
- Total value of exports to U.S. in 2023: $44.9 billion (1.50% of total value of U.S. imports)
- GDP in 2023: $399.7 billion
- GDP per capita in 2023: $11,379
- Country location: South-eastern Asia
10. Thailand
- Exports to U.S. as share of national GDP in 2023: 11.4%
- Total value of exports to U.S. in 2023: $58.5 billion (1.95% of total value of U.S. imports)
- GDP in 2023: $515.0 billion
- GDP per capita in 2023: $7,182
- Country location: South-eastern Asia
9. Trinidad and Tobago
- Exports to U.S. as share of national GDP in 2023: 11.9%
- Total value of exports to U.S. in 2023: $3.3 billion (0.11% of total value of U.S. imports)
- GDP in 2023: $27.4 billion
- GDP per capita in 2023: $20,016
- Country location: Caribbean
8. Ireland
- Exports to U.S. as share of national GDP in 2023: 12.2%
- Total value of exports to U.S. in 2023: $67.4 billion (2.25% of total value of U.S. imports)
- GDP in 2023: $551.4 billion
- GDP per capita in 2023: $103,888
- Country location: Northern Europe
7. Honduras
- Exports to U.S. as share of national GDP in 2023: 17.1%
- Total value of exports to U.S. in 2023: $5.9 billion (0.20% of total value of U.S. imports)
- GDP in 2023: $34.4 billion
- GDP per capita in 2023: $3,232
- Country location: Central America
6. Canada
- Exports to U.S. as share of national GDP in 2023: 19.1%
- Total value of exports to U.S. in 2023: $409.8 billion (13.65% of total value of U.S. imports)
- GDP in 2023: $2.1 trillion
- GDP per capita in 2023: $53,431
- Country location: Northern America
5. Guyana
- Exports to U.S. as share of national GDP in 2023: 20.4%
- Total value of exports to U.S. in 2023: $3.5 billion (0.12% of total value of U.S. imports)
- GDP in 2023: $17.2 billion
- GDP per capita in 2023: $20,765
- Country location: South America
4. Nicaragua
- Exports to U.S. as share of national GDP in 2023: 24.6%
- Total value of exports to U.S. in 2023: $4.4 billion (0.15% of total value of U.S. imports)
- GDP in 2023: $17.8 billion
- GDP per capita in 2023: $2,613
- Country location: Central America
3. Mexico
- Exports to U.S. as share of national GDP in 2023: 25.5%
- Total value of exports to U.S. in 2023: $456.5 billion (15.21% of total value of U.S. imports)
- GDP in 2023: $1.8 trillion
- GDP per capita in 2023: $13,790
- Country location: Central America
2. Vietnam
- Exports to U.S. as share of national GDP in 2023: 27.4%
- Total value of exports to U.S. in 2023: $117.7 billion (3.92% of total value of U.S. imports)
- GDP in 2023: $429.7 billion
- GDP per capita in 2023: $4,282
- Country location: South-eastern Asia
1. Cambodia
- Exports to U.S. as share of national GDP in 2023: 28.9%
- Total value of exports to U.S. in 2023: $12.2 billion (0.41% of total value of U.S. imports)
- GDP in 2023: $42.3 billion
- GDP per capita in 2023: $2,430
- Country location: South-eastern Asia
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