What sectors and countries are most affected by Trump's tariffs?

The tariff rollout continues to cause economic chaos. Here's our exclusive analysis on the businesses and places impacted by it.

Map of tariffs imposed by the United States (credit: The Independent)

Donald Trump's sweeping "Liberation Day" tariffs in 2025 have redrawn the global trade map and crashed global markets. With nearly every trading nation now facing baseline tariffs of 10%, and some confronting levies over 50%, the implications for innovation and the energy transition are significant, especially for countries heavily integrated into global value chains. We assessed how key regions and countries are affected and the likely strategic responses.

For subscribers, our full analysis is below along with our recent analysis of sector impacts.

China – The Biggest Loser?

China has been hit the hardest, with tariffs reaching an effective rate of 54% on most goods: 34% above the 20% already in place. Given China’s $430 billion export volume to the US in 2024, this is a significant economic shock. The country’s core strengths in manufacturing, solar photovoltaics, EV batteries, and critical minerals will now face significant price hikes in US markets, weakening demand.

Implications: The higher costs may redirect China's clean tech exports to Europe and the Global South, while simultaneously accelerating its shift to self-reliant innovation and domestic green markets. However, retaliatory tariffs on US semiconductors or agricultural goods could further fragment global supply chains.

United Kingdom – An Unexpected Blow to Automotive Exports