
The market resolves based on the general import tariff rate that is actually in effect on the specified date. This includes both universal tariffs on all U.S. imports and country-specific tariffs on the specified country. Only tariffs that are currently active and being collected count - announced but not implemented tariffs, paused tariffs, or suspended tariffs do not qualify. The tariff rate refers to the general baseline rate, not including product-specific duties or exemptions. If multiple general rates apply, the highest rate in effect determines the resolution.
Examples (for <date> = Jan 1, 2026):
India: 25% Reciprocal Tariff (EO 14257) + 25% Russian Oil Penalty (EO 14329) = 50%
China: 10% Reciprocal Tariff (EO 14257, frozen) + 10% Fentanyl Penalty (IEEPA, reduced) = 20%
European Union: 15% Reciprocal Tariff "Floor" (EO 14257)
Falkland Islands: 10% Reciprocal Tariff (EO 14257, modified Aug 2025)