MOSCOW: The US budget could be replenished by over US$120 billion thanks to the reciprocal tariffs that Washington imposed on G7 countries, RIA Novosti’s analysis of US statistics data showed.
On Wednesday, US President Donald Trump signed an executive order imposing a 10 per cent base tariff on all US imports starting April 5, while additional, reciprocal tariffs on countries with the largest trade deficits will take effect on April 9.
The following tariff rates will apply to G7 countries: 20 per cent to France, Germany and Italy as EU members, 24 per cent to Japan and 10 per cent to the United Kingdom. Canada is subject to a 25 per cent rate on aluminum, steel, automobiles and spare parts.
US imports from France were US$59.9 billion last year, which would allow Washington to earn almost US$12 billion in tariffs in 2025, assuming that the level of imports remains roughly the same. Imports from Germany amounted to UD$160.4 billion, and from Italy to US$76.4 billion, which would result in US$32.1 billion and US$15.3 billion, respectively, in income from tariffs for the US.
Japan sold goods to the US for US$148.2 billion last year. The US budget revenue, with tariffs at 24 per cent, would be US$35.6 billion. Imports from the UK were US$68.1 billion, which would bring US$6.8 billion to the US budget from tariffs.
Canada sold US$21.4 billion worth of aluminium to the US, US$12.7 billion worth of steel, US$28.3 billion worth of cars and US$11.3 billion worth of auto spare parts in 2024, which adds up to US$73.7 billion in total. This could make another US$18.4 billion in tariff revenues this year.
Thus, the total US revenue from imports from G7 countries due to the new tariffs could amount to more than US$120.1 billion a year.
