Photographer: Tim Rue/Bloomberg

Who’s Most at Risk From U.S. Tariffs? Follow Value Added

In an integrated global economy, with supply chains stretching across national borders, the headline export data don’t tell the whole story on who has most to lose from a lurch toward protectionism in the U.S. So to get a more accurate picture, Bloomberg Economics used the OECD’s Trade in Value Added database to see who really has the most exposure. The order doesn’t change radically: On both headline exports, and value-added exports, Canada and Mexico show up as most exposed to U.S. tariffs -- what changes is the degree of exposure, with both nations less vulnerable on a value-added basis.

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