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[–><!–>President Trump's new tariffs on more than 100 countries used the same simple formula to calculate the rate for each of them.–><!–>
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[–><!–>The formula’s central value is the trade deficit, the difference between imports and exports between each country and the United States, for the year 2024.–><!–>
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[–><!–>But his one-size-fits-all formula is blunt: It applies the exact same math to countries whether they have hefty trade barriers or wide-open markets. It considers only the size of a trade deficit, not why the deficit exists.–><!–>
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[–><!–>But it’s bad news for most of America’s other trading partners. The United States imports more goods from the European Union than it sends. But it exports more services than it buys. If you counted services in the trade gap in Mr. Trump’s formula, the tariffs on the E.U. would shrink almost in half.–><!–>
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[–><!–>Many countries are in the same boat as the European Union, because the United States is the world’s largest exporter of services. Switzerland, in particular, would see its tariffs drop quite a bit if services were taken into account. It exports plenty of pharmaceuticals and watches to America, but if you count all the services it imports from America, its trade deficit shrinks significantly.–><!–>
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Current tariff rate
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| –>Kosovo<!–> | [!–><!–> |
| –>Brunei<!–> | [!–><!–> |
| –>Switzerland<!–> | [!–><!–> |
| –>Equatorial Guinea<!–> | [!–><!–> |
| –>Monaco<!–> | [!–><!–> |
| –>Mozambique<!–> | [!–><!–> |
| –>Venezuela<!–> | [!–><!–> |
| –>Nigeria<!–> | [!–><!–> |
| –>Kenya<!–> | [!–><!–> |
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[–><!–>It is hard to say how long the formula will remain intact. Mr. Trump said Thursday that he was willing to make deals with other countries if the United States received something “phenomenal.”–><!–>
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