China, India may face lower effective tariffs with new US levy

Effective US weighted-average tariff rates (%)

Note: Effective weighted tariffs are calculated based on each country’s share of exports to the US and include product-specific tariffs on steel and aluminium (50%), copper (50%) and automobiles (25%). Key exemptions include pharmaceuticals, semiconductors, energy, lumber and minerals. Figures may not add up due to rounding.
Chart: STRAITS TIMES GRAPHICSSource: Maybank IBG Research