Top Countries Behind U.S. Tariff Revenue
Key Takeaways
- At the beginning of 2025, the United States implemented higher tariff rates on imported goods from many major trading partners.
- At a trade-weighted tariff rate of 47.3%, nearly one-third of U.S. tariff revenue is collected on imports originating from China.
- Despite long-standing free trade agreements under NAFTA and later the USMCA, imports from Mexico and Canada now generate the second- and third-highest tariff revenues for the U.S.
Tariff rates vary by country, as does the value of goods each nation exports to the U.S. As a result, their contributions to U.S. tariff revenue differ significantly.
In this Markets in a Minute graphic, created in partnership with Terzo, we break down which countries generate the most U.S. tariff revenue through imports under the new rates.
Top Sources of U.S. Tariff Revenue by Country
Amid rapidly shifting trade policies, exact revenue figures are hard to confirm. Global Trade Alert approximated tariff revenue by applying current tariff rates to 2024 import data. The data comprises the country’s top 20 trading partners.
Here are the results:
| Exporter | Hypothetical Tariff Revenue ($ billions) |
|---|---|
| China | 205.2 |
| Mexico | 84.1 |
| Canada | 78.8 |
| India | 33.0 |
| Japan | 32.3 |
| Germany | 29.9 |
| Vietnam | 29.8 |
| South Korea | 27.9 |
| Taiwan | 17.3 |
| Italy | 12.9 |
| Thailand | 12.6 |
| Brazil | 12.5 |
| Switzerland | 12.2 |
| France | 9.9 |
| Other | 105.5 |
China’s imports top the list, generating an estimated $205.2 billion in U.S. trade revenue. This is nearly 30% of the projected $703.9 billion total. The high volume of Chinese imports and a steep trade-weighted tax rate of 47.3% largely drive this.
Despite long-standing free trade agreements under NAFTA and later the USMCA, imports from Mexico and Canada now generate the second- and third-highest trade revenues for the country. They totaled $84.1 billion and $78.8 billion, respectively.
Other Trading Partners
The remaining $335.7 billion is split between imports from a variety of countries. India ($33.0 billion) and Germany ($32.3 billion) are also estimated to be heavy contributors.
The U.S. once considered imposing punitive tariffs on Switzerland before reversing the proposal. As a result, its imports are estimated to contribute $12.2 billion.
Uncertainty Ahead
With geopolitical tensions and trade dynamics evolving quickly, policies may continue to shift. Investors can benefit from staying informed on these macroeconomic developments.
Stay in tune with your company’s spending, revenue, and risk with Terzo’s AI-powered financial platform.
-
Business1 week agoIndustries Hiring and Firing the Most Employees
As the U.S. labor market cools, which industries are still hiring—and which are cutting back their workforces?
-
Markets3 weeks agoThe $150T Global Debt Market
Global debt continues to climb, reaching $150T in Q1 2025. Which countries carry the heaviest burdens?
-
Money1 month agoNEW: Fed Rate Cuts vs. Other G7 Countries
How do Fed rate cuts in the U.S. compare with the interest rate changes in other G7 countries, and what does it mean for business?
-
Jobs1 month agoRanked: The Fastest Growing Jobs (2024-2034)
Explore the fastest growing jobs by projected growth rate, plus salary insights, in a rapidly changing job market.
-
Investor Education2 months agoThe $127 Trillion Global Stock Market in One Giant Chart
This graphic pieces together the $127T global stock market to reveal which countries and regions dominate—and how much equity they control.
-
Personal Finance2 months agoLate to the Ladder: The Rise in First-Time Home Buyers’ Age
The median age of first-time home buyers has reached a historic high. See just how long it’s taking people to get on the property ladder.
-
Markets3 months agoUnpacking Real Estate Ownership by Generation (1991 vs. 2025)
The Silent Generation’s share of real estate has dropped dramatically as people age, but how have Baby Boomers, Gen X, and Millennials fared?
-
Business3 months agoAmerica’s Economic Engines: The Biggest Industry in Every State
Real estate is the biggest industry by GDP in 26 states. Find out why it dominates—and what fuels the rest of the country.
-
Maps3 months agoMapped: Manufacturing as a Share of GDP, by U.S. State
Tariffs are rising to boost American-made goods. Which states gain the most—and least—from manufacturing today?
-
Technology4 months agoProfit Powerhouses: Ranking The Top 10 U.S. Companies by Net Income
Collectively, the ten most profitable U.S. companies have a net income of $684 billion—more than the entire GDP of Belgium.
-
Money4 months agoMillionaire Hubs: Mapping the World’s Wealthiest Cities
New York City has the highest millionaire population globally. Which other cities attract the world’s wealthiest?
-
Economy4 months agoTomorrow’s Growth: GDP Projections in Key Economies
The global economy is expected to have slighter slower growth going forward. Which countries are on track to have the biggest GDP increases?
-
Money6 months agoMapped: Interest Rates by Country in 2025
The U.S. has kept their target rate the same at 4.25-4.50%. What do interest rates look like in other countries amid economic uncertainty?
-
Markets6 months agoU.S. Housing Prices: Which States Are Booming or Cooling?
The national housing market saw a 4.5% rise in house prices. This graphic reveals which states had high price growth, and which didn’t.
-
Investor Education7 months agoThe Silent Thief: How Inflation Erodes Investment Gains
If you held a $1,000 investment from 1975-2024, this chart shows how the inflation rate can drastically reduce the value of your money.
-
Politics8 months agoTrade Tug of War: America’s Largest Trade Deficits
Trump cites trade deficits—the U.S. importing more than it exports—as one reason for tariffs. Which countries represent the largest deficits?
