“US tariffs will have virtually no impact on Ukraine” – Penzin
3 April 2025 12:34
OPINION
on April 2, U.S. President Donald Trump announced the introduction of “mirror” tariffs against almost all countries of the world (except Russia, Belarus, and the DPRK). These tariffs, according to the White House, will be half of the tariff that a particular country has imposed on US goods. For example, China allegedly imposes a 67% tariff on U.S. goods, so the U.S. imposed a 34% tariff on Chinese goods.
For those countries that do not impose special duties on American goods, a basic tariff of 10% was introduced.
Trump called the introduction of such trade barriers “Liberation Day” and said that this day will go down in US history as the beginning of the restoration of the American economy and greatness.
"Komersant Ukrainian" asked economist Oleg Pendzin how painful these tariffs could be for Ukraine. According to the expert, there is no need to worry – the US duties cannot seriously affect the domestic economy, as the trade turnover between the two countries is quite insignificant.
“The total trade turnover between Ukraine and the United States is about $2 billion a year. This is a very small amount. It is mainly about the agricultural sector, as metals are already under sanctions restrictions. Therefore, I do not think this will significantly affect foreign economic activity in Ukraine,”
– the economist believes.
Instead, Trump’s tariffs may have a much more indirect impact on Ukraine. As wrote, they caused a big drop in markets and will definitely affect the entire global trade system.
All previous tariffs imposed by Trump in 2025
The new tariffs do not replace the previous ones, but are added to them. The Trump administration has already imposed many tariffs.
1. Tariffs on steel and aluminum
- Announced: february 10, 2025.
- Entered into force: march 12, 2025.
- Rate: 25% on all imported steel and aluminum products.
- Additional: Trump said that all duty-free steel products must be “melted and cast” in the United States, and aluminum products must be “smelted and cast.”
2. Tariffs on Chinese goods
- Announced: february 1, 2025.
- Entered into force: february 4, 2025 (10%), March 4, 2025 (increased to 20%).
- Rate: 20% on all Chinese goods.
3. Tariffs on goods from Canada
- Announced: february 1, 2025.
- Entered into force: march 4, 2025.
- Rate: 25% on all Canadian goods (exception: 10% on energy).
- Adjustments: on March 6, tariffs on USMCA-compliant goods were postponed until April 2, 2025.
4. Tariffs on goods from Mexico
- Announced: february 1, 2025.
- Entered into force: march 4, 2025.
- Rate: 25% on all Mexican goods.
- Adjustments: on March 6, tariffs on USMCA-compliant goods were postponed until April 2, 2025.
5. Tariffs on Canadian oil, gas and potash fertilizers (potash)
- Announced: february 1, 2025.
- Entered into force: march 4, 2025.
- Rate: 10%.
- Adjustments: on March 6, the potash tariff was reduced to 10% and all energy tariffs were postponed until April 2, 2025.
6. De minimis suspension for China, Mexico and Canada
- Announced: February 2025.
- Action: Duty exemptions on low-value imported goods are temporarily canceled.
- Adjustments: on February 7, 2025, Trump reinstated the exemptions.
7. Plan to implement “recycle tariffs”
- Announced: february 13, 2025
- Expected launch: april 2, 2025
- What it means: calculation of duties based on the trade balance and tax rates of the US partners
8. Tariffs on copper
- Announced: march 12, 2025.
- Expected implementation: in the nearest future.
9. Threats of tariffs on the EU
- Announced: february 2, 2025.
- Expected implementation: uncertain.
- Possible measures: 200% tariff on alcohol from the EU.
10. Investigation into Canadian timber
- Announced: march 1, 2025.
- Possibility of imposing tariffs due to the threat to US national security.
Tariffs of other countries in response to Trump’s policy
Canada
First round of tariffs
- Announced: february 1, 2025.
- Entered into force: march 4, 2025.
- Rate: 25%.
- Amount: uSD 20.8 billion. U.S. dollars (C$30 billion).
- Adjustments: on March 6, Canada postponed the expansion of tariffs to 86 billion dollars. The tariffs were postponed to USD 86 billion (CAD 125 billion).
Second round of tariffs
- Announced: march 12, 2025.
- Entered into force: march 13, 2025.
- Rate: 25%.
- Amount: uSD 20.6 billion. USD (29.8 billion Canadian dollars).
- Main products: steel, aluminum, industrial and agricultural products.
China
First round of tariffs
- Announced: february 1, 2025.
- Entered into force: february 4, 2025.
- Rate:
- 15% on coal and liquefied natural gas.
- 10% on oil and agricultural machinery.
- Additional measures:
- Restrictions on exports of certain metals (including tungsten).
- Adding PVH Corp. and Illumina to the list of unreliable entities.
- Antitrust investigation against Google.
The second round of tariffs
- Announced: march 4, 2025.
- Entered into force: march 10, 2025.
- Rate:
- 15% on chicken, wheat, corn and cotton.
- 10% on sorghum, soybeans, pork, beef, seafood, vegetables, fruits and dairy products.
- Additional measures:
- Suspension of imports of American timber.
- Revocation of soybean import licenses for three US companies.
European Union
The first stage of tariffs
- Announced: march 12, 2025.
- Expected implementation: april 1, 2025.
- Rate: not specified.
- Amount: eUR 4.5 billion.
- Main products: consumer goods from the United States.
Second phase of tariffs
- Expected implementation: mid-April 2025.
- Amount: 18 billion euros.
- Main products: steel, aluminum, household appliances, wood, poultry, beef and other food products.
Additional events
- march 13, 2025: The EU announced a 50% tariff on American whiskey.
- Trump responded by threatening a 200% tariff on alcohol from the EU.
Colombia
- Announced: january 26, 2025.
- Rate: 25%.
- Reason: a dispute over the deportation of Colombian citizens from the United States.
- Result: The Colombian government agreed to accept the deportees and the escalation of tariffs was stopped.
