Is the White House Preparing $438 Billion in New Tariffs?

Published

March 24, 2026

Author

Richard Stern

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.

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Joel Griffith, Senior Fellow

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 Country Total U.S. Imports (2025) SCOTUS Decision

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

Is the White House Preparing $438 Billion in New Tariffs?

Total Tariff Cost (Annual / Ten-Year) $438 billion / $4.4 trillion