FACTBOX-Countries and industries most exposed to Trump's IEEPA-based tariffs

ReutersJan 8, 2026 11:30 PM

Jan 8 (Reuters) - The U.S. Supreme Court is set to issue rulings on Friday on cases related to the legality of tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act.

The administration faces the possibility of having to refund nearly $150 billion paid in tariffs to importers if the court declares that the sweeping duties Trump has imposed under the IEEPA are illegal.

Major corporations such as Costco COST.O, Revlon, Ray-Ban eyeglass maker EssilorLuxottica ESLX.PA, Bumble Bee Foods, Yokohama Tire 5101.T and Kawasaki Motors 7012.T have sued the U.S. government challenging IEEPA-based tariffs and seeking refunds on duties paid.

The tariffs invoked under the Emergency act fall into three categories: fentanyl-linked tariffs on China, Mexico and Canada; broad "reciprocal" tariffs aimed at shrinking trade deficits; and punitive levies against countries for non-trade political reasons.

Notably, pharmaceuticals, energy, agricultural commodities, services as well as aircraft and aerospace industries have been largely exempt from U.S. tariffs, protected due to their critical nature, global supply chains and potential impact on public health and international commerce.

Meanwhile, the EU and countries such as the UK, Japan, South Korea, Vietnam and Switzerland have struck tariff-reduction deals with the U.S. in exchange for market access and investment commitments.

Here are some countries and industries exposed to the IEEPA-based tariffs:

Countries	Industry exposed	Companies impacted	Tariff rate
China and Hong Kong	Consumer electronics, machinery, medical devices, chemicals, toys	Lenovo 0992.HK, Volvo Cars VOLCARb.ST, Costco COST.O, Walmart WMT.O, Amazon AMZN.O, Target TGT.N, Apple AAPL.O	10%
Taiwan	Semiconductors/chipmakers	Foxconn 2354.TW, TSMC 2330.TW	20%
Mexico	Autos, auto parts, industrial components, consumer goods	Volkswagen VOWG.DE, General Motors GM.N, Ford F.N	no tariff for USMCA-compliant, 25% for non-USMCA goods
Canada	Metals, energy products, manufactured goods	Alcoa AA.N, TransCanada-linked suppliers, Canadian steel producers	no tariff for USMCA-compliant, 25% for non-USMCA goods
European Union (EU) and the UK	Autos, machinery, industrial equipment, chemicals, consumer goods, pharmaceuticals	AstraZeneca AZN.L, Tata Motors' TATM.NS Jaguar Land Rover, Stellantis STLAM.MI, Sanofi SASY.PA	15% on most EU goods, 10%-25% on UK goods, depending on specific product and category
Japan and South Korea	Autos, machinery, industrial equipment, consumer goods	Honda 7267.T, Hyundai Motor 005380.KS, Samsung Electronics 005930.KS	Reduced to about 15% under negotiated deals
Southeast Asia, often called the China-plus-one manufacturing hub (Vietnam, Thailand and Indonesia)	Apparel, footwear, electronics assembly, furniture, homeware, auto parts	Nike NKE.N, Toyota 6201.T, Western Digital WDC.O, Hewlett Packard HPE.N, VF Corp VFC.N and Lululemon LULU.O	19% to 20% "reciprocal" rates
India	Pharmaceuticals, refined fuels, specialty chemicals, gems and jewelry, agri, auto components, toys	Sun Pharma SUN.NS, Dr Reddy's REDY.NS, Reliance-linked exporters, Mattel MAT.O, Hasbro HAS.O	50% tariffs on some of key exports
Brazil	Steel, aluminum, agricultural products	Embraer EMBJ3.SA, ArcelorMittal MT.AS, Gerdau GGBR4.SA, Marfrig MBRF3.SA	40% punitive tariff plus 10% "reciprocal" tariff
South Asia except India (Bangladesh, Sri Lanka and Pakistan)	Apparel, textiles and sports goods	H&M HMb.ST, Gap GAP.N, Victoria's Secret VSCO.N, and Adidas ADSGn.DE	19% on Pakistan, 20% on Bangladesh and Sri Lanka

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.