President Trump’s new tariffs hit Asian exporters the hardest. With a 90-day pause in place, countries like Vietnam and Cambodia seek trade solutions amid rising U.S. trade deficits.
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U.S. trade deficits and Trump’s new tariffs: which countries are getting hit the hardest?
The U.S. reported major trade deficits in February 2025 with China, the EU, and Mexico—just as President Trump’s latest round of ‘reciprocal’ tariffs took effect. Here’s a breakdown of who’s facing the steepest penalties, and why some key allies like Canada and Mexico are exempt.
The world braces for Trump’s reciprocal tariffs on April 2 – “What they charge us, we charge them”
On April 2, dubbed “Liberation Day” by President Trump, the U.S. will impose new “reciprocal” tariffs on imports, escalating trade tensions with key partners.
While countries like China, Mexico, and Canada are already expected to be hit hardest, many European and Asian economies will likely see a huge impact, prompting global warnings of retaliation, trade wars and a global economic slowdown.
IMF forecasts rising unemployment in U.S. and Canada in 2025
The IMF forecasts rising unemployment rates in 2024 and 2025 for G7 countries, driven by significant increases in the U.S. and Canada, despite initial declines since the 2020 pandemic.