Trade Exposure

Trade Exposure is a data page on the Companies desk of Glassbox Auditing. How much each company depends on imported goods and what tariffs would do to its margins.

Last updated: 29 Sep 2026.

What is the latest reading?

Duties as a share of goods imports: 8.0% as of 2025, +1.6 pts since 1969. Source: FRED B235RC1Q027SBEA, FRED A255RC1Q027SBEA.

What is on this page today?

Customs duties came to 6.8% of the value of U.S. goods imports in 2026 Q3, against 1.7% in 2016-17 before the trade war — 8.2% in 2026 Q2 · BEA quarterly figures at annual rates (BEA, 29 Sep 2026)
Customs duties came to 5.1% of federal current receipts in 2026 Q2, against 1.1% in 2016-17 before the trade war — 5.5% in 2026 Q1 · BEA quarterly figures at annual rates (BEA, 29 Jun 2026)
Tesla: 32% of U.S. imports in its product categories came from China and Hong Kong in 2025, against 24% in 2017 — 36% in 2024 · Largest source: China 32% · Categories (the terminal's estimate of what it buys): lithium-ion batteries, electric cars, vehicle parts (Census Bureau, 30 Dec 2025) TSLA
Apple: 31% of U.S. imports in its product categories came from China and Hong Kong in 2025 — 66% in 2024 · Largest source: Viet Nam 34% · Categories (the terminal's estimate of what it buys): smartphones, laptops & tablets, network equipment, headphones & earbuds (Census Bureau, 30 Dec 2025) AAPL
Alphabet: 13% of U.S. imports in its product categories came from China and Hong Kong in 2025 — 23% in 2024 · Largest source: Other Asia, nes 25% · Categories (the terminal's estimate of what it buys): servers & processing units, processors & ai chips, network equipment, smartphones (Census Bureau, 30 Dec 2025) GOOGL
Modine: 13% of U.S. imports in its product categories came from China and Hong Kong in 2025, against 22% in 2017 — 15% in 2024 · Largest source: Mexico 30% · Categories (the terminal's estimate of what it buys): heat exchangers, cooling equipment (Census Bureau, 30 Dec 2025) MOD
Equinix, Digital Realty, Iron Mountain: 13% of U.S. imports in their product categories came from China and Hong Kong in 2025, against 46% in 2017 — 20% in 2024 · Largest source: Mexico 24% · Categories (the terminal's estimate of what it buys): power converters & ups, cooling equipment, generators (Census Bureau, 30 Dec 2025) EQIX DLR IRM
Vertiv: 11% of U.S. imports in its product categories came from China and Hong Kong in 2025, against 35% in 2017 — 15% in 2024 · Largest source: Mexico 24% · Categories (the terminal's estimate of what it buys): power converters & ups, cooling equipment, switchgear (Census Bureau, 30 Dec 2025) VRT

Where does the data come from?

Items on this page come from BEA; Census Bureau. Each item links to its own source. All sources, how items are checked.

What does this page lead to?

Prices & Inflation (Macro): Tariffs are paid by the importer at the border and tend to be passed on in part to shelf prices, so higher duties on these companies' goods raise core goods inflation over the following months. (moves the same way; 3-12 months; economy scale) Source: BLS consumer price indexes (food at home and away, airline fares, core goods, gasoline, all items), via FRED.
Tariffs & Government (Macro): The duties these importers pay are the customs receipts on Tariffs & Government, so higher tariffs on their goods raise federal customs revenue. (moves the same way; months; economy scale) Source: U.S. Census international trade (duties by product & country).
Supply Map (Companies): Companies that depend on imports tend to move suppliers to lower-tariff countries over several quarters, which redraws who supplies whom. (either way, depending on the cause; quarters; company scale) Source: UN Comtrade (U.S. Census trade data).
Valuation (Companies): Tariff costs a company cannot pass on come out of gross margin and cut earnings, which changes the P/E this page compares with the company's own history. (either way, depending on the cause; weeks; company scale) Source: SEC EDGAR XBRL company facts (10-Q/10-K).
Auto & Energy (Companies): Carmakers import parts and whole vehicles under the tariff schedule (Section 232 duties on autos and parts since 2025), so tariff changes reach their costs directly. (moves the other way; months; sector scale) Source: USITC Harmonized Tariff Schedule.
Economies & Debt (World Powers): U.S. imports are other countries' exports, so tariffs that cut U.S. purchases from China, Mexico or Vietnam reduce those economies' export earnings. (moves the other way; months; global scale) Source: UN Comtrade (U.S. Census trade data).
Amazon Listings (Feed): Sellers of imported goods tend to raise list prices after duties rise; Amazon listings show those price changes on the shelf. (moves the same way; weeks; company scale) Source: Amazon.com listings via Amazon Scraper API.

What feeds this page?

AI Supply Chain (AI): Chips, servers and networking gear are largely made in Taiwan, South Korea and Mexico, so the build-out raises these companies' imports and their exposure to tariffs and export rules. (moves the same way; quarters; company scale) Source: UN Comtrade (U.S. Census trade data).
Supply Map (Companies): A company relying on overseas suppliers carries their country's duties in its costs, so supply from high-tariff countries raises its trade exposure. (moves the same way; quarters; company scale) Source: UN Comtrade (U.S. Census trade data).
Vehicles (Domestic Intelligence): Most EV battery cells are made in China and face U.S. tariffs, so a larger electric share raises automakers' exposure to tariffs on imported cells and parts. (either way, depending on the cause; quarters; company scale) Source: UN Comtrade (U.S. Census trade data).
Amazon Listings (Feed): Listing prices of brands that import most of their goods tend to rise after new tariffs as importers pass on part of the duty; Trade Exposure shows each company's import dependence. (either way, depending on the cause; months; company scale) Source: USITC Harmonized Tariff Schedule.
World Map (Global Intelligence): Conflict, sanctions or a blocked passage in a trading partner raises the cost or cuts the supply of the imports Trade Exposure measures for each company. (either way, depending on the cause; weeks to months; sector scale) Source: UN Comtrade (U.S. Census trade data).
Transport & Internet (Global Intelligence): Companies that rely on goods shipped from Asia pay more and wait longer when ships queue at ports or detour around a blocked passage, adding to the import costs Trade Exposure weighs. (moves the same way; weeks; sector scale) Source: UN Comtrade (U.S. Census trade data).
All Indicators (Macro): A stronger dollar on the board's trade-weighted index makes imported parts and goods cheaper in dollars, offsetting part of a tariff for importers, while it shrinks the dollar value of exporters' foreign sales. (moves the other way; 1-2 quarters; company scale) Source: FRED (Federal Reserve Bank of St. Louis).
Tariffs & Government (Macro): Higher tariff rates raise the landed cost of imported parts and goods; companies that import much of their cost of goods carry it in their margins unless they pass it on. (moves the other way; 1-2 quarters; company scale) Source: USITC Harmonized Tariff Schedule.
Power Board (World Powers): Companies that import heavily from China or other rivals carry more tariff and supply risk than those that source from allies. (either way, depending on the cause; months; company scale) Source: UN Comtrade (U.S. Census trade data).