US Imposes 25% Tariffs on Canadian and Mexican Imports, Extends Measures to 60 Other Countries
As of February 1, 2025, the United States has begun to strengthen its protectionist stance by introducing a series of decrees that impose 25% tariffs on the majority of imports from Canada and Mexico, with plans to extend these measures to around 60 other countries. For all these countries, a base tariff of 10% now applies to exports to the United States, with additional surtaxes for some.
Tunisia Targeted by US Trade Measures
Tunisia, a target of this commercial retaliation, is subject to a reciprocal "discounted" tariff of 28%, calculated based on a 55% American trade deficit with the country (USD 1.1 billion in Tunisian exports to the US vs. USD 0.5 billion in imports). This measure comes in a context where one-third of Tunisian imports from the US consist of exempted food products, while the remaining two-thirds, mainly industrial goods, are subject to taxation.
Macroeconomic Impact on Tunisia
A recent analysis note from the IACE (Arab Institute of Business Leaders) reveals that on a macroeconomic level, Tunisia partially compensates for this trade deficit through remittances from the diaspora, estimated at 8 billion dinars per year. However, the growth of these remittances could slow down due to economic contraction in host countries.
Current Account Deficit and External Financing Challenges
Furthermore, the persistence of a current account deficit, which is resuming an upward trajectory after being limited to around 2% of GDP in 2024, is explained by a significant imbalance in medium- and long-term external capital flows, with loan repayments exceeding new borrowing. This fragile situation weighs heavily on Tunisia's external financing at a time when global credit conditions are tightening.
