President Donald Trump has announced a preliminary trade agreement with China aimed at resolving key disputes, particularly concerning rare earth metals and high-end technology components. China has agreed to relax its export restrictions on rare earth elements vital for various industries, while the United States will lift certain restrictions on tech exports, including photolithography equipment. Despite President Trump’s assertion that the deal is finalized, analysts caution that it remains a preliminary framework necessitating further detail and formal approval.

Since taking office in January 2025, President Trump has initiated significant shifts in U.S. economic policy, particularly through the implementation of sweeping tariffs. Historically, U.S. import tariffs ranged from 2% to 4%, but new policies now impose a minimum 10% tariff on all imports, with significantly higher rates for certain products from specific countries. The tariffs, designed to bolster American manufacturing and address the national debt, have stirred global economic concerns.

The immediate impact of these tariffs has been a substantial increase in living costs for American households, with some estimates suggesting an annual increase of up to $3,800 per household. This has also led to a marked decline in investor confidence, evidenced by a 12% drop in the S&P 500 index shortly after the tariffs’ introduction, affecting retirees and 401(k) holders.

While the administration argues that any negative impacts of the tariffs will be temporary, the broader implications for global trade remain uncertain. Many countries, reliant on exports to the U.S., face significant economic challenges due to these tariffs. A study has identified 23 nations, spanning continents from Africa to South America, that are particularly vulnerable due to their high export-to-GDP ratios with the United States.

Countries like Cambodia and Vietnam, whose exports to the U.S. constitute nearly 30% and 27.4% of their GDP respectively, are among the most exposed. The tariffs could precipitate economic downturns in these nations unless alternative markets or solutions are found. Although higher reciprocal tariffs were initially planned, they have been temporarily suspended until July 2025, adding uncertainty to international economic relations.

President Trump and his administration maintain that these tariffs are crucial for restoring the U.S. economy’s health, yet their long-term global economic impact remains to be seen. As the situation develops, the world watches to see if President Trump’s economic strategies will ultimately benefit or harm both the U.S. and its international trade partners.

Which Nations Are Most Vulnerable to Trump’s Tariff Threats?

23. Guatemala

This Central American nation has a notable economic connection to the United States, with its exports to the U.S. representing 4.9% of its 2023 national GDP. These goods were valued at $5.2 billion, accounting for 0.17% of total U.S. imports. Guatemala’s economy was valued at $104.5 billion last year, with a GDP per capita of $5,763.

22. Switzerland

A major Western European economy, Switzerland’s exports to the U.S. made up 5.1% of its significant $884.9 billion GDP in 2023. The total value of these exports reached $45.1 billion, representing 1.5% of all American imports. The nation boasts one of the world’s highest GDP per capita figures at $99,565.

21. Dominican Republic

Located in the Caribbean, the Dominican Republic’s exports to the United States accounted for 5.8% of its national GDP in 2023. These exports were valued at $7.1 billion from an overall economy of $121.4 billion, with a per capita GDP of $10,718.

20. Jordan

This Western Asian nation’s exports to the U.S. comprised 6.2% of its GDP in 2023, amounting to a total value of $3.1 billion. Jordan’s economy was valued at $51.0 billion for the year, with a GDP per capita of $4,456.

19. Singapore

As a major hub in Southeast Asia, Singapore’s exports to the U.S. constituted 6.6% of its substantial $501.4 billion GDP in 2023. Valued at $32.9 billion, these goods made up 1.1% of total U.S. imports. The country’s GDP per capita stood at a high $84,734.

18. Marshall Islands

The Micronesian nation of the Marshall Islands has a unique economic relationship with the U.S., with exports making up 6.6% of its GDP. While this percentage is significant for its local economy, the total value was $17.2 million in 2023 from a GDP of $259.3 million. The GDP per capita was $6,678.

17. Fiji

The Melanesian country of Fiji saw its exports to the U.S. account for 6.7% of its national GDP in 2023, with a total value of $366.4 million. Fiji’s GDP for the year was $5.4 billion, resulting in a GDP per capita of $5,889.

16. South Korea

A major economic player in Eastern Asia, South Korea’s exports to the U.S. comprised 6.9% of its massive $1.7 trillion GDP in 2023. The value of these exports was a significant $117.9 billion, representing 3.93% of all American imports. The nation’s GDP per capita was $33,121.

15. Ecuador

The economic ties of this South American nation to the U.S. are reflected in its exports, which accounted for 7.0% of its GDP in 2023, valued at $8.3 billion. Ecuador’s GDP was $118.8 billion, with a per capita figure of $6,610.

14. El Salvador

For the Central American country of El Salvador, exports to the United States represented 7.1% of its national GDP in 2023, valued at $2.4 billion. The nation’s GDP stood at $34.0 billion for the year, with a GDP per capita of $5,391.

13. Lesotho

The Southern African nation of Lesotho shows a significant dependency on the U.S. market, with exports making up 10.8% of its GDP in 2023. These exports were valued at $227.7 million from a total GDP of $2.1 billion. The country’s per capita GDP was $916.

12. Costa Rica

This Central American nation’s exports to the United States accounted for 11.0% of its GDP in 2023, with a total value of $9.5 billion. Costa Rica’s economy was valued at $86.5 billion last year, with a GDP per capita of $16,942.

11. Malaysia

A key economy in Southeast Asia, Malaysia’s exports to the U.S. represented 11.2% of its national GDP in 2023. The total value of these goods reached $44.9 billion, making up 1.5% of all U.S. imports. The country’s GDP was $399.7 billion, with a per capita figure of $11,379.

10. Thailand

Thailand’s exports to the United States comprised 11.4% of its $515.0 billion GDP in 2023. The value of these exports stood at $58.5 billion, accounting for nearly 2% of total U.S. imports. The GDP per capita for this Southeast Asian country was $7,182.

9. Trinidad and Tobago

This Caribbean nation’s economic exposure to the U.S. is notable, with exports making up 11.9% of its GDP in 2023. The value of these exports was $3.3 billion from a total GDP of $27.4 billion. The country’s GDP per capita for the year was $20,016.

8. Ireland

The Northern European economy of Ireland has a strong trade link to the U.S., with exports representing 12.2% of its $551.4 billion GDP in 2023. These exports were valued at a substantial $67.4 billion. The nation’s GDP per capita was very high at $103,888.

7. Honduras

Honduras shows significant reliance on the U.S. market, with exports accounting for 17.1% of its national GDP in 2023. These goods were valued at $5.9 billion from a total GDP of $34.4 billion. The Central American nation’s GDP per capita was $3,232.

6. Canada

As a major trading partner in Northern America, Canada’s exports to the U.S. accounted for a substantial 19.1% of its $2.1 trillion GDP in 2023. The total value of these exports was immense at $409.8 billion, making up 13.65% of all U.S. imports. Canada’s GDP per capita was $53,431.

5. Guyana

The South American nation of Guyana has a growing economic dependency on the U.S., with exports making up 20.4% of its GDP in 2023, valued at $3.5 billion. The country’s GDP was $17.2 billion for the year, with a per capita figure of $20,765.

4. Nicaragua

This Central American country’s economic exposure to the U.S. is significant, with exports representing 24.6% of its GDP in 2023. The value of these exports was $4.4 billion from a total GDP of $17.8 billion. Nicaragua’s GDP stood at $2,613 per capita.

3. Mexico

Mexico’s economy is deeply integrated with the U.S., with exports accounting for over a quarter of its $1.8 trillion GDP in 2023, at 25.5%. As a primary U.S. trading partner, its exports were valued at an enormous $456.5 billion, representing 15.21% of all American imports. The nation’s GDP per capita was $13,790.

2. Vietnam

The economy of this Southeast Asian nation is heavily reliant on the U.S. market, with exports making up 27.4% of its $429.7 billion GDP in 2023. These goods were valued at $117.7 billion, accounting for 3.92% of total U.S. imports. Vietnam’s GDP per capita was $4,282.

1. Cambodia

With the highest economic exposure on this list, Cambodia’s exports to the United States represented 28.9% of its national GDP in 2023. The total value of these exports was $12.2 billion from a total GDP of $42.3 billion. The Southeast Asian nation’s GDP per capita was $2,430.

Data source: 24/7 Wall St. and the Observatory of Economic Complexity. Infographics by Miami Daily Life / miamidaily.life.