On March 28, 2025, during a swearing-in ceremony at the Oval Office in the White House, U.S. President Donald Trump reveals that his administration has reached an agreement with the prestigious law firm Skadden, Arps, Slate, Meagher & Flom in Washington, DC.
Andrew Harnik | Getty Images
President Donald Trump is poised to announce his most significant set of tariffs to date. While substantial details remain under wraps, it is evident that the impact will vary greatly among trade partners.
On Wednesday, Trump is scheduled to present “reciprocal tariffs” aimed at countries with their own tariffs on U.S. goods or other policies deemed as unfair trade barriers by the White House. He has dubbed the launch date as America’s “liberation day” and referred to it as “the big one.”
The announcement has generated considerable uncertainty, with many essential elements — such as which countries will be affected, how tariff rates for each nation will be determined, and which nations will face the most severe impacts — still unclear.
While Trump has promoted these new tariffs as a means to restore America’s economic relationships globally, some officials within his administration have suggested a more targeted approach focusing on a select group of primary offenders.
Treasury Secretary Scott Bessent highlighted what he describes as the “Dirty 15” during a Fox Business interview on March 18.
This term refers to the 15% of countries that dominate U.S. trading activity while imposing significant tariffs and other “non-tariff barriers” on American products.
Bessent did not specify which countries are included in this group.
Kevin Hassett, director of Trump’s National Economic Council, noted in a follow-up interview that the administration is examining 10 to 15 countries that contribute to America’s “entire trillion-dollar trade deficit.”
Hassett, too, refrained from naming these countries. Data reported by the Commerce Department indicate that in 2024, the U.S. faced its highest goods trading deficit with China, followed by the European Union, Mexico, Vietnam, Ireland, Germany, Taiwan, Japan, South Korea, Canada, India, Thailand, Italy, Switzerland, Malaysia, Indonesia, France, Austria, and Sweden.
The Office of the U.S. Trade Representative, in a notice seeking public feedback for a review of unjust trade practices to be presented to Trump by Monday, specified 21 countries of particular interest.
The list includes many nations from the Group of 20, in addition to other “economies with the largest trade deficits in goods with the United States,” as mentioned in the notice.
These countries comprise Argentina, Australia, Brazil, Canada, China, the European Union, India, Indonesia, Japan, Korea, Malaysia, Mexico, Russia, Saudi Arabia, South Africa, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom, and Vietnam.
The White House did not respond to CNBC’s inquiry regarding the impending tariffs or the “Dirty 15.”
Adding to the confusion, Trump dismissed suggestions that only 10 or 15 nations would be subjected to reciprocal duties on Wednesday.
“You’d start with all countries,” Trump told reporters aboard Air Force One, stating there is “not a cut-off.”
Trump has pointed to America’s trade deficits in arguing that virtually all trading partners are “taking advantage” of the U.S.
Many economists contend that the U.S. importing more than it exports from various countries is not intrinsically negative; rather, it is indicative of a strong domestic demand for goods that may be procured at lower prices elsewhere.
The upcoming import duties will be layered on top of numerous earlier tariffs already implemented by Trump, including broad tariffs on China, steep tariffs on Canadian and Mexican goods that do not adhere to an existing trilateral trade agreement, as well as tariffs on steel, aluminum, and most recently, foreign cars and critical parts imports.
He has also indicated that additional tariffs on specific industries, like pharmaceuticals, are forthcoming.
