The tariff wall is four times more uneven

In 2017, the gap between the most and least tariffed major US trade partner was 7.1 percentage points: Vietnam at 7.2%, Canada at 0.1%. In 2025 the gap was 28 points: China at 30.6%, Canada at 2.6%.

The wall is not just higher. Where a good ships from now matters more than what the good is.

The numbers are value-weighted annual rates from the ETRX origin panel: for each origin and year, calculated duties summed and divided by customs value summed. The ten origins compared are the largest by import value. Heatmap: origin by product, June 2026.

Research and commentary. Not investment advice. The index itself: the current print.