Live updates: stocks plunge because the prices prevail over the world trade war

How did Trump calculate the first column of prices billed in the United States? Juan in Nicaragua asks.

At first, trade economists were disjointed by the way the prices had been calculated.

But the raw methodology used by the White House to calculate the list of reciprocal world prices has since become clear.

The Trump administration used a simple formula: each country it took a trade deficit with the United States, divided it by the value of these country exports to the United States, then divided this figure in half, in a gesture of kindness.

Allows you to take this step by step, using official data from the United States and the example of Vietnam, which President Donald Trump said imposed a 90% rate on American goods and would therefore obtain a reciprocal rate of 46%.

In 2024, Vietnam, a massive and growing global manufacturing center, sold $ 136.6 billion in goods in the United States.

Because Americans want to buy things like Nike shoes much more than Vietnamese do not want to buy things like Ford cars, the United States has sold much less in Vietnam. Vietnam only bought $ 13.1 billion in the United States the same year.

The subtraction of $ 13.1 billion of $ 136.6 billion gives Vietnam a trade surplus of $ 123.5 billion with the United States. But a surplus of men's trade is another trade deficit of men that Trump clearly indicated that he finds unpleasant, similar to being torn off.

The $ 123.5 billion division of $ 136.6 billion dollars (Vietnam's export value to the United States) gives 0.90 or, as a percentage, 90%. In a supposed act of kindness, Trump has almost halved, which means that Vietnam will only face a price of 46%.

With a few exceptions, the White House repeated this methodology for all the countries of its price table. To be clear, these countries are punished to have trade surpluses with the United States, not because it had imposed a price on goods exchanged with the greatest economy in the world.

The trend was first underlined by James Surowiecki, a financial writer, in an article on X.

This message has been updated with additional information.

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