For example, China had a trade surplus of $295 billion with the US in 2024, with total exports of $438 billion. This gave a ratio of 68%. When divided by two, the final tariff rate became 34%.

This is the formula that Trump's team says was used to calculate reciprocal tariffs. (Source: Office of the United States Trade Representative) · SOURCE: USTR Trump touted that result on ...

China, for instance, had a trade surplus of $295 billion with the US last year on total exports of $438 billion — a ratio of 68%. Divided by two according to Trump’s formula, that yielded a ...

The Trump administration used 2024 data to calculate the tariff ... had a trade deficit with Bolivia in 2024 but a surplus in ... with largest total trade with the U.S. in 2024 that ...

Penguins, vaccines: Can negotiations save Trump’s oddest tariff targets? Barely inhabited islands, countries the US enjoys a trade surplus with, and a tariff formula that isn’t about tariffs.

That means China’s trade surplus with the United States was 67% of the value of its exports — a value the Trump administration labeled as “tariff charged to USA.” But it was no such thing.

Then, because Mr. Trump said he was being “kind,” the final tariff number was cut in half. James Surowiecki, a financial writer and book author, first pointed out the trend in a post on X.