Tariffs - Countries that be be hit the Hardest

On March 28, 2025, xAI (Grok) acquired X (formerly Twitter) in an all-stock deal valuing X at $33 billion and xAI at $80 billion, absorbing X’s $12 billion debt. As you may know, both of these are Elon Musk’s companies. 

This Wednesday, 4/2, Trump will be implementing new reciprocal tariffs, so called “liberation day” for many countries. I have listed the top 15 countries those may be hit the hardest. Please see the details below. Having said that, these are just a presumption but what exactly will happen can't be predicted. We have to wait until the declarations to know the real fact. 

Top 15 Countries with U.S. approximate Trade Deficits (2024, Goods Only, in Billions of USD). These may be hit hardest.
  1. China: -$295.4
    • Driven by imports of electronics, machinery, and apparel.
  2. European Union (EU-27): -$235.6
    • Aggregate deficit, with key contributions from Germany and Ireland.
  3. Mexico: -$171.8
    • Vehicles, auto parts, and machinery dominate imports.
  4. Vietnam: -$123.5
    • Electronics and clothing fuel this growing deficit.
  5. Ireland: -$86.7
    • Pharmaceuticals and medical goods are major factors.
  6. Germany: -$84.8
    • Vehicles, machinery, and industrial goods lead.
  7. Taiwan: -$73.9
    • Electronics and semiconductors drive the gap.
  8. Japan: -$68.5
    • Vehicles and industrial supplies outweigh exports.
  9. South Korea: -$66.0
    • Electronics and vehicles contribute heavily.
  10. Canada: -$63.3
    • Energy, vehicles, and machinery imports exceed exports.
  11. India: -$45.7
    • Pharmaceuticals, textiles, and IT-related goods play a role.
  12. Thailand: -$45.6
    • Electronics and rubber products widen the deficit.
  13. Italy: -$44.0
    • Machinery, vehicles, and luxury goods are key imports.
  14. Switzerland: -$38.5
    • Pharmaceuticals and precision instruments dominate.
  15. Malaysia: -$24.8
    • Electronics and semiconductors boost imports.
Top 15 Countries with U.S. Trade Surpluses (2024, Goods Only, in Billions of USD)
  1. Netherlands: $55.5
    • Petroleum products and chemicals drive exports.
  2. South and Central America (aggregate): $47.3
    • Includes multiple countries, with oil and machinery exports prominent.
  3. Hong Kong: $21.9
    • Electronics and machinery exports exceed imports.
  4. United Arab Emirates (UAE): $19.0
    • Oil and gas exports are significant.
  5. Australia: $17.9
    • Agricultural goods and machinery lead.
  6. Belgium: $14.8
    • Chemicals and pharmaceuticals boost exports.
  7. United Kingdom: $11.9
    • Machinery and aircraft exports contribute.
  8. Singapore: $11.4
    • Electronics and precision instruments drive the surplus.
  9. Brazil: $8.8
    • Agricultural exports and aircraft sales outweigh imports.
  10. Saudi Arabia: $5.8
    • Petroleum and chemical exports are key.
  11. Panama: $4.5
    • Fuels and machinery exports exceed minimal imports.
  12. Chile: $4.2
    • Agricultural goods and minerals boost exports.
  13. Peru: $3.8
    • Fuels and agricultural exports lead.
  14. Colombia: $3.5
    • Oil and coffee exports contribute to the surplus.
  15. Dominican Republic: $2.9
    • Tobacco and electrical equipment exports outweigh imports.

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