The Trump administration has announced a new 40% tariff on transshipments in a move primarily targeting China.

Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

He also imposed a tariff of 50% on more than half of America’s imports from Brazil, complaining the country was persecuting Jair Bolsonaro, its former president, much as Mr Trump himself felt persecuted after he was ousted from office in 2021.

President Donald Trump has said that tariffs won’t lead to higher prices. But the United States economy seems to disagree: Inflation, which has remained fairly tame, is slowly creeping up because of tariffs.

Here’s how Canada, Mexico, China and other countries fare under President Donald Trump’s plan to rebalance global trade.