How did Donald Trump admin calculate reciprocal tariffs for countries? Details here

With even an uninhabited island home only to penguins and seals being subject to the taxes that the Republican claimed he had imposed on nations that "looted" and "raped" America for decades, US President Donald Trump's administration's reciprocal tariff bombshell has sent shockwaves around the globe.

The much-anticipated reciprocal tariffs that Donald Trump has imposed on other nations begin at 10% and increase to nearly 50%. According to reports, the Donald Trump administration opted to impose reciprocal tariffs on countries using a new methodology that focuses mostly on trade balances rather than matching tariff rates and trade obstacles. To put it simply, the trade deficit is at the heart of Trump's reciprocal tariff formula.

The United States Trade Representative (USTR), who has already caused a stir in international markets, described the new tariff chalking out technique in a statement issued Wednesday evening. Using statistics from the US Census Bureau for 2024. The "discounted" tariff rate is then calculated by halving the result.