Case Insight: Vietnam Oil and Gas Group v Joint Stock Company (Power Machines – ZTL, LMZ, Electrosila Energomachexport) and another appeal [2025] SGCA 50
15 January 2026
Clyde & Co's Tariff Tracker: January edition
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Insight Article 30 January 2026 30 January 2026
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Global
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Geopolitical outlook
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Trade & Commodities
Clyde & Co’s Tariff Tracker provides an overview of all trade restrictions imposed or announced by the US and against the US. The tracker will be updated by our offices across the globe as new measures are introduced.
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The January updates on the tariff tracker including updates in US tariffs, retaliatory tariffs and any after-effects, are set out below.
28 JANUARY 2026
US tariffs
- On 15 January 2026, the US and Taiwan entered into a trade deal under which the US agreed to reduce tariffs on goods imported into the US from Taiwan to 15 percent.
- On 17 January 2026, the US said that it would impose a 10 percent tariff on “any and all goods” on several European countries – such as Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland – unless an agreement is reached for the purchase of Greenland. The US state that the ‘Greenland’ tariff is expected to be increased to 25 percent on 1 June 2026. It was not specified whether this tariff will apply on top of existing tariffs paid by these countries.
- On 27 January 2026, the US announced that tariffs on autos, pharmaceuticals, and lumber from South Korea will be increased from 15 percent to 25 percent, due to South Korea allegedly “not living up” to its trade agreement.
When will the tariffs come into effect?
- The 10 percent ‘Greenland’ tariff on several European countries is expected to take effect on 1 February 2026.
- It is currently unclear when the increased tariffs on goods from South Korea will take effect.
14 JANUARY 2026
US tariffs
- On 31 December 2025, the US announced that the scheduled tariff increases of 30 percent and 50 percent, on such items as upholstered furniture and kitchen cabinets, will be suspended until 1 January 2027 for those exporting countries which have reached an agreement with the US, including the UK and the EU.
- On 12 January 2026, the US imposed a 25 percent tariff on all countries that ‘do business with Iran’. The 25 percent tariff will apply to all that countries’ exports to the US.
- On 14 January 2026, the US imposed a new 25 percent tariff—in addition to all existing duties— on certain advanced computing chips, including Nvidia’s H200, AMD’s MI325X, and specified derivative products imported into the US.
When will the tariffs conme into effect?
- The 25 percent tariff on countries that ‘do business with Iran’ took effect immediately (i.e., on 12 January 2026).
- The new 25 percent tariff on advanced computing chips took effect on 15 January 2026.
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