According to the decree of President Donald Trump, the United States imposes additional duties on goods from a number of countries. The size of the tariffs varies depending on trade relations with Washington. The biggest restrictions are imposed on Cambodia, Vietnam, and Sri Lanka.
Countries with the highest duties
Cambodia – 49%
Vietnam – 46%; and
Sri Lanka – 44%
Thailand – 36%
China – 34% of the total
Bangladesh – 34%
Taiwan – 32%
Indonesia – 32%
Switzerland – 31%
South Africa – 30%
Pakistan – 29% – 29
Japan – 24% – 24
Malaysia – 24%
South Korea – 25%
European Union – 20%
Israel – 17%
Philippines – 17%
United Kingdom – 10%
Brazil – 10%
Singapore – 10%
Chile – 10% (basic rate)
Ukraine – 10% (basic tariff without additional restrictions)
The duties will come into force on April 9, 2025. In addition, the 10% basic tariff will be applied to all goods, which increases the overall rate for countries with already established duties. For example, Chinese goods will be subject to 44% (34% + 10%), and goods from the EU – 30% (20% + 10%).
Canada and Mexico are not yet subject to reciprocal tariffs.
Reasons for the introduction of duties
President Trump called these measures “mirror sanctions”, emphasizing that they are intended to compensate for unfair trade practices of other countries. According to him, the United States cannot afford to be an “economic target” and must protect its producers.
According to Bloomberg, the measures will affect the $33 trillion global market. Countries from China to Brazil are under attack, and the volume of their exports to the United States may decrease by 4% to 90%. Average tariffs may increase by 15%, which will trigger inflation in the US and increase the risk of recession.
In addition, the Trump administration continues to tighten trade measures previously introduced since 2017. In particular:
An additional 20% tax on all imports from China has been introduced.
A global 25% tariff on steel and aluminum is in effect.
A 25% duty on imports of automobiles and spare parts (effective April 3, 2025).
Expected consequences
Experts predict that under the maximum scenario, average tariffs in the US will increase to 2%, which could lead to a 4% reduction in GDP and a 2.5% increase in prices in the next two to three years.
China, the EU, and India will suffer the greatest losses, although their economies are likely to withstand the blow. Southeast Asian countries, Canada, and Mexico will experience a significant negative impact on their trade with the United States.
A modern tractor plant may be built in Ukraine, Minister of Agrarian Policy and Food Vitaliy Koval said following a meeting with representatives of the Korean company LS Group and Dmytro Pryputnyi, co-chairman of the Verkhovna Rada’s group on interparliamentary relations with the Republic of Korea.
“The construction of the tractor plant is not only a possible investment, but also a strategic step for the development of the Ukrainian agricultural sector. After all, since the beginning of Russia’s full-scale invasion of Ukraine, we have lost more than 8,000 units of machinery and equipment, of which more than a thousand units are tractors,” he wrote in a telegram on Thursday.
Koval noted that the Ministry of Agrarian Policy and Food is constantly working to update and modernize the material and technical base of the agricultural sector.
“We are interested in LS Group’s many years of experience and advanced technologies in the production of agricultural machinery, which they are ready to integrate into production in Ukraine. Korean investors are looking for potential partners to implement the project. Therefore, the Ministry of Agrarian Policy helps to establish such cooperation in the format of a joint Ukrainian-Korean enterprise,” the Minister emphasized.
According to him, the possibility of implementing bioenergy projects in Ukraine, in particular bioethanol production, as well as the prospect of creating a technology center to produce engines for agricultural machinery and other equipment, were also discussed with LS Group management.
The construction of the tractor plant is expected to strengthen the industrial base, create new jobs, and strengthen Ukraine’s position as a producer of high-quality agricultural machinery. This will allow Ukraine to increase its own production of agricultural machinery, which is one of the priorities of the Strategy for the Development of Agriculture and Rural Areas in Ukraine until 2030, the statement said.
LS Group is one of the leaders in the South Korean industry. Its model range includes tractors with a capacity of 30 to 150 horsepower.
Chinese and EU authorities have agreed to resume talks on duties on electric cars, the Chinese Ministry of Commerce said at a press conference. The talks will resume as soon as possible to create favorable conditions for investment and cooperation between Chinese and European companies, the ministry said.
US President Donald Trump announced the day before that he would impose additional 34 percent duties on goods from China and 20 percent duties on EU shipments. Earlier, he also imposed 25% duties on all car imports. In turn, the EU imposed higher duties on Chinese electric cars last year, including 17 percent for BYD, 18.8 percent for Geely and 35.3 percent for SAIC.
In January, the three companies went to the Court of Justice of the European Union to appeal the new duties. Last November, Beijing and Brussels discussed the possibility of replacing duties for China with an obligation to sell electric cars at a minimum price.
Chinese authorities, duties on electric cars, EUROPEAN UNION
In March 2025, Ukraine exported goods worth $3.62 billion, which is 4.5% more than in March last year ($3.46 billion) and 18% more than in February this year, Deputy Minister of Economy and Trade Representative of Ukraine Taras Kachka said.
“Despite the decline in exports in the first two months of the year, we managed to achieve positive dynamics in March. A significant increase in exports in March compared to February this year was made possible by an increase in the supply of agricultural products, iron ore and metallurgical products,” the press service of the Ministry of Economy quoted him as saying on its website on Tuesday.
According to preliminary data, in the first quarter of 2025, exports of goods reached almost $9.9 billion, the Ministry noted, while last year it exceeded $10 billion. The Ministry’s release does not provide information on imports of goods in March and their dynamics.
“Despite the decline in the physical weight of Ukrainian exports, their monetary value is increasing. In March last year, we exported almost 11.9 million tons, and in March this year – 9.98 million tons. Thus, the share of goods with higher added value is gradually increasing, which means that the Ukrainian processing industry is successfully overcoming obstacles in its development as a result of the war and entering foreign markets,” Kachka emphasized.
He clarified that compared to February of this year, the physical volume of exports in March increased by 15.9%.
According to the trade representative, exports of cast iron in March this year increased by more than 13.4 times (by $110 million) compared to February, sunflower seeds – by 11.5 times (by $15.9 million), oil cake – by 80.3% (by $35.8 million), sunflower oil – by 39.2% (by $141.6 million).
Kachka added that in March, exports by sea increased by 24.7% in monetary terms and 17% in weight compared to February this year, while exports by rail increased by 16.8% in monetary terms and 15.1% in weight.
According to the Ministry of Economy, in March Ukraine exported the following by value: corn ($514.4 million or 2.4 million tons); sunflower, safflower, or cottonseed oil ($503 million or 441 thousand tons); wheat ($25.5 million or 1.2 million tons). t); wheat ($253.9 million or 1.1 million tons); iron ore and concentrates ($238.4 million or 2.9 million tons); soybeans ($150.2 million or 369.2 thousand tons); insulated wires ($124.6 million or 6.5 thousand tons) and pig iron ($118.9 million or 300.9 thousand tons).
Ukrainian producers exported most of their goods to Poland ($407.7 million), Turkey ($294.3 million), Italy ($231.8 million), Germany ($196.3 million), China ($189.4 million), and Spain ($185.7 million).
The European Union remains Ukraine’s key trading partner. In March, Ukraine exported $2.04 billion worth of goods to the EU, or 6.1% more than in February.
PJSC “Ukrainian Fire Insurance Company” (UFCI) in 2024 attracted insurance payments totaling UAH 559 mln, which is 17% higher than in 2023, as reported on the website of the Rating Agency IBI-Rating in the information on confirmation of the long-term credit rating of the company at the level of “uaAA”, forecast “in development”.
According to RA data, the strategic types of insurance for the company are transport insurance (MTPL, CASCO and other motor liability) – 50% of premiums, as well as medical and health insurance (9% and 7% respectively). Channels of sales of the insurer are well diversified that promotes stable dynamics of receipts of insurance payments, RA indicated.
Last year, UPIC made insurance payments in the amount of UAH 139.8 mln, which is 7.6% less than in 2023. The company’s profit amounted to UAH 15.8 mln against UAH 22.6 mln in 2023.
It is reported that the agency for analytical research for the purpose of updating the rating of the company used materials of UPIC, in particular, financial statements for 2022-2024 and other necessary internal information, as well as data from open sources, which RA considers reliable.
RA has attributed to positive factors of the insurer’s activity a significant stock of assets, which can be represented by insurance reserves on deposits in banking institutions (in particular state-owned) with credit ratings corresponding to high investment level according to the national rating scale.
PJSC UPIC has been operating in the insurance market since 1992. The majority shareholder and the Chairman of the Supervisory Board is Alexander Mikhailov.
The insurer is a member of the Motor (Transport) Insurance Bureau of Ukraine and works with 25 risks within 18 classes of insurance.
payments to clients, PJSC UPIC, Ukrainian Fire Insurance Company
