Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Policy Memo
Topline
The Trump administration recently announced new tariff investigations on 16 countries and the European Union. If these investigations replicate the tariffs struck down by the Supreme Court, it will result in a $438 billion annual tax hike. • U.S. con
Advancing American Freedom Foundation is a nonprofit institution that promotes and defends policies that elevate traditional American values.
PLYMOUTH INSTITUTE FOR FREE ENTERPRISE Is the White House Preparing $438 Billion in New Tariffs? Richard Stern, Vice President Joel Griffith, Senior Fellow MARCH 24, 2026
TOPLINE: The Trump administration recently announced new tariff investigations on 16 countries and the European Union. If these investigations replicate the tariffs struck down by the Supreme Court, it will result in a $438 billion annual tax hike.
• U.S. consumers imported $2.6 trillion from those countries in 2025. • Investigations are intended to replace tariffs eliminated by the Supreme Court decision on International Emergency Economic Powers Act (IEEPA). • Average tariffs on those countries were 16.8% before SCOTUS’ IEEPA ruling. • Over ten years, these tariffs would result in a tax increase of $4.4 trillion.
Tariff Level Prior to
SCOTUS Decision Total U.S. Imports (2025)
Bangladesh 20% $9.5 billion
Cambodia 19% $15.3 billion
China 10% $308.4 billion
European Union 15% $633.2 billion
India 18% $103.8 billion
Indonesia 19% $34.7 billion
Japan 15% $146 billion
Korea 15% $125.2 billion
Malaysia 19% $59.7 billion
Mexico 25% $534.9 billion
Norway 15% $6.6 billion
Singapore 10% $38.1 billion
Switzerland 15% $106 billion
Taiwan 15% $201.4 billion
Thailand 19% $91.3 billion
Vietnam 20% $193.8 billion
Average Tariff/Total Imports 16.8% $2.607 trillion
Total Tariff Cost (Annual / Ten-Year) $438 billion / $4.4 trillion