S&P/ASX 200 Index (ASX: XJO) shares fell 0.94% yesterday as the market digested the 'Liberation Day' reciprocal US tariffs.
The US Government announced a range of new duties on imported products manufactured outside the country.
All nations, including Australia, will be subject to a minimum 10% tariff on most imports into the US from tomorrow.
Some countries will be hit much harder.
The US Government has released a complete reciprocal US tariffs list by country to help us understand the new lay of the land.
These reciprocal tariffs will go on top of any other tariffs already in place or previously announced.
Which countries are getting the highest tariffs?
The US will impose a 34% reciprocal tariff on goods imported from the world's largest manufacturing nation, China.
This will go on top of the 20% tariff for China that has been previously announced.
Some countries will have much higher reciprocal tariffs.
Examples are Lesotho (50%), Cambodia (49%), Laos (48%), and Vietnam (46%).
Taiwan will have a 32% reciprocal tariff. South Korea faces 25%. Japan and Malaysia will have a 24% tariff.
The European Union (EU) will have a 20% tariff.
Some specific products have escaped the reciprocal tariffs.
These include copper, pharmaceuticals, semiconductors, some critical minerals, and energy products.
US tariffs list by country 2025
Here is a complete US tariffs list by country for 2025. The tariffs set above the baseline 10% come into effect next Wednesday.
Canada and Mexico do not appear on this list because they will not be subject to reciprocal tariffs.
The US has previously announced a general tariff of 25% for them.
Any country not listed below will be subject to the new minimum 10% US tariff.
Russia is not listed due to sanctions already in place.
| Country | US reciprocal tariff (%) |
| Algeria | 30% |
| Angola | 32% |
| Bangladesh | 37% |
| Bosnia and Herzegovina | 35% |
| Botswana | 37% |
| Brunei | 24% |
| Cambodia | 49% |
| Cameroon | 11% |
| Chad | 13% |
| China | 34% |
| Côte d'Ivoire | 21% |
| Democratic Republic of the Congo | 11% |
| Equatorial Guinea | 13% |
| European Union | 20% |
| Falkland Islands | 41% |
| Fiji | 32% |
| Guyana | 38% |
| India | 26% |
| Indonesia | 32% |
| Iraq | 39% |
| Israel | 17% |
| Japan | 24% |
| Jordan | 20% |
| Kazakhstan | 27% |
| Laos | 48% |
| Lesotho | 50% |
| Libya | 31% |
| Liechtenstein | 37% |
| Madagascar | 47% |
| Malawi | 17% |
| Malaysia | 24% |
| Mauritius | 40% |
| Moldova | 31% |
| Mozambique | 16% |
| Myanmar (Burma) | 44% |
| Namibia | 21% |
| Nauru | 30% |
| Nicaragua | 18% |
| Nigeria | 14% |
| North Macedonia | 33% |
| Norway | 15% |
| Pakistan | 29% |
| Philippines | 17% |
| Serbia | 37% |
| South Africa | 30% |
| South Korea | 25% |
| Sri Lanka | 44% |
| Switzerland | 31% |
| Syria | 41% |
| Taiwan | 32% |
| Thailand | 36% |
| Tunisia | 28% |
| Vanuatu | 22% |
| Venezuela | 15% |
| Vietnam | 46% |
| Zambia | 17% |
| Zimbabwe | 18% |
Why is the US imposing tariffs?
The US says the purpose of these tariffs is to right the various wrongs that it has put up with for decades.
They are designed to "rectify trade practices that contribute to large and persistent annual United States goods trade deficits".
In the executive order, President Donald Trump said:
I have declared a national emergency arising from conditions reflected in large and persistent annual U.S. goods trade deficits, which have grown by over 40 percent in the past 5 years alone, reaching $1.2 trillion in 2024.
Large and persistent annual U.S. goods trade deficits have led to the hollowing out of our manufacturing base; inhibited our ability to scale advanced domestic manufacturing capacity; undermined critical supply chains; and rendered our defense-industrial base dependent on foreign adversaries.
The President said the tariffs would provide redress for "a lack of reciprocity in our bilateral trade relationships" over many years.
The US reciprocal tariffs have been set at levels that directly penalise each country based on its own tariffs or other charges imposed on US goods.
