Tariffs on US Goods

The 19 countries with the highest international trade tariffs Ben Moshinsky, 10/11/16, Business Insider

  

The sun is beginning to set on globalization. Political uncertainty and the growing popularity of nationalist movements is making it harder to sign international trade agreements.

And all eyes will be on the kind of trade agreements Britain negotiates once it leaves the European Union in 2019. But despite this trend, trade tariffs between developed economies remain low.

The World Economic Forum released its Global Competitiveness Report on the state of the world's economies and it shows that protectionism is mostly a policy of developing nations.

The group analyzed data including levels of corruption, inflation, and policy stability to compile a picture of virtually every country. One of the indicators the WEF uses is a country's average international trade tariff burden, measuring the customs duty levied on imports of merchandise. Check out the highest rates below:

19. Brazil: 11.5% – Brazil has high tariffs on imports but this hasn't helped the country balance large current account and government deficits. - Thomson Reuters

18. Venezuela: 11.8% – Venezuela is at the foot of the WEF's global competitiveness table, coming in 130th out of a total of 138 countries, with foreign currency regulations taking the brunt of the blame in the survey. - Thomson Reuters

T=16. Ethiopia: 13% – With a GDP per capita of just $687, Ethiopia suffers from a closed economy. - Photo Courtesy of Walter Chang

T=16. India: 13% – India climbed 16 places in the WEF's competitiveness ranking, making it the most improved country of 2016. - Shutterstock

15. Gabon: 13.4% – Gabon came in at 108th in the WEF's overall competitiveness report, with a lack of access to financing cited as the economy's biggest problem. - REUTERS/Thomas Mukoya

14. Bangladesh: 13.5% – The European Union is Bangladesh's main trading partner, accounting for around 24% of Bangladesh's total trade in 2015. - Reuters/Eduardo Munoz

13. Egypt: 13.6% – Between 2001 and 2014, UK exports of goods to Egypt fell by around 9%. They were worth £1 billion in 2014, according to the UK government. - REUTERS/Amr Abdallah Dalsh

T=11. Algeria: 13.8% – In 2013 the UK export trade to Algeria was worth £529 million, making it the UK’s fourth largest market in Africa. - Magharebia

T=11. Sierra Leone: 13.8% – Sierra Leone has high customs tariffs which account for about 45% of government revenue, according to the World Trade Organization. - Flickr/Eduardo Fonseca Arraes

10. Barbados: 14.2% – Imports into Barbados are subject to a standard VAT rate of 17.5%, but some goods are taxed at as much as 70%. - LU LIN/Shuttershock

T=8. The Gambia: 14.3% – The Gambia has a small economy and imports hit $1.1 billion in 2014 – mostly cotton, rice, sugar and petrol – making it the 177th biggest importer in the world. - AP/Jason Florio

T=8. Chad: 14.3% – Chad reported a positive trade surplus of more than $1 billion in 2014. Crude oil made up 95% of its total exports. - NASA

T=6. Cameroon: 14.6% – Cameroon has an import tariff range of 10-30% on most goods. Clothes and woven silk and wool goods get the top 30% rate. - Reuters/Dominic Ebenbichler

T=6. Zimbabwe: 14.6% – Zimbabwe has a trade deficit of around $3 billion, with imports accounting for 49% of GDP, while exports run at less than 25%. - Reuters/Philimon Bulawayo

5. Pakistan: 16.6% – Import tariffs in Pakistan range from zero to 35% for most goods, with vehicles levied at a higher rate of 65%. - Faisal Mahmood/Reuters

4. Nepal: 16.8% – Customs duty in Nepal accounts for around a fifth of the country's total tax revenue, according to government statistics. - PHANUPONG CHUATAEW/Shutterstock

3. Sri Lanka: 17.6% – Most products are slapped with a 15% levy when entering Sri Lanka, but some are taxed at a rate of 100%. - Carlos Amarillo/Shutterstock

3. Bhutan: 22.7% – Bhutan levies a tax of up to 100% on foreign goods sold in the country, apart from beer, which is taxed at the point of sale rather than the border. -REUTERS/ Cathal McNaughton

1. Iran: 28% – While the US is tentatively normalising international relations with Iran, lifting sanctions on oil exports, the country's import tariff regime is still the strictest in the world. - REUTERS/Stringer

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