Trump’s Tariffs Target US Trade Partners Both Big and Small

With the letters unveiled Saturday to the European Union and Mexico threatening tariffs of 30% on each of the major trading partners’ goods, President Donald Trump passed a significant milestone. If he delivers on his threats, he’s increasing the amount of trade on which US importers will have to pay new elevated taxes to more than half the value of goods coming into the US.

Products from the EU and Mexico together were worth more than $1.1 trillion in 2024, or more than a third of all imports. Add Japan, Canada and South Korea, all of which got their own letters last week, and you easily get over half of US annual imports. Which in the logic advanced by the US administration — that tariffs are meant to eliminate a trade deficit that has got out of hand — makes sense.