The U.S. has officially implemented a new tariff policy for imported goods, with Vietnam facing a retaliatory tariff of up to 46%—one of the highest rates among the affected countries. This decision, signed by President Donald Trump on April 2 (U.S. time), marks a strong move in the U.S.’s trade policy strategy.
Vietnam Faces 46% Tariff – One of the Highest Rates
At the ceremony announcing the new tariff policy at the White House Rose Garden, Trump emphasized that this is “our declaration of independence,” reaffirming the U.S.’s tough stance on international trade. The U.S. president presented a chart detailing the retaliatory tariffs for each country, with Vietnam facing a 46% tariff, second only to large economies like China (34%).
According to the new tariff regulations, the basic tariff applied to all imported goods to the U.S. is 10%, affecting countries like the U.K., Brazil, Singapore, Australia, Chile, Argentina, and Saudi Arabia. However, some economies will face higher tariffs:
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European Union (EU), Malaysia, Japan, South Korea, India: Tariffs range from 20% to 26%.
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China: 34%.
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Vietnam: 46% – the highest rate.
Trump explained that these retaliatory tariffs are based on the tariff rates these economies have imposed on U.S. goods. According to data released by Washington, Vietnam, China, and the EU are imposing tariffs of 90%, 67%, and 39%, respectively, on U.S. goods. However, the U.S. government did not provide a clear explanation of how these calculations are made.
Effective Date and Scope of Application
According to the White House, the new tariff policy will apply a basic import tariff of 10% starting on April 5, while higher tariffs will take effect on April 9. The new tariffs will not apply to certain essential items such as copper, pharmaceuticals, semiconductors, sawn wood, gold, energy, and some minerals unavailable in the U.S.
In Southeast Asia, Thailand will face a 36% tariff, Indonesia 32%, Malaysia 24%, the Philippines 17%, and Singapore will only face the basic 10%.
Notably, Canada and Mexico are not included in the list of countries affected by this new tariff, which may indicate Washington’s intention to maintain stable trade relations with its neighbors.
Trump’s Goal – Leverage for the U.S. Economy?
Trump emphasized that this policy aims to restore the U.S. to a balanced trade position. According to him, many countries have imposed excessively high tariffs on U.S. exports, causing the world’s largest economy to suffer losses amounting to trillions of dollars.
Washington expects that affected countries will lower their tariff rates and remove trade barriers. The U.S. claims that previous tariff policies caused a trade deficit of $1.2 trillion last year.
However, rather than immediately boosting the U.S. economy, many experts believe the new tariffs will lead to significant losses for American companies that rely on global supply chains. Businesses will be forced to raise product prices or endure thinner profit margins.
Financial Markets React After Trump’s Announcement
Following the announcement, U.S. stock markets plummeted:
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The S&P 500 futures dropped by 1.7%.
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Nasdaq futures lost nearly 2%.
According to Reuters, U.S. trade partners may respond with their own countermeasures, leading to higher prices for goods—ranging from bicycles to wine.
Economists warn that the new tariff policy could slow down the global economy, increase the risk of recession, and raise the cost of living for the average American family by thousands of dollars annually.
Allied Countries Respond Strongly
In response to the new tariff policy, affected countries have expressed their concerns:
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U.K.: Business and Trade Secretary Jonathan Reynolds confirmed that London remains committed to negotiating with Washington to mitigate the impact.
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Italy: Prime Minister Giorgia Meloni criticized the U.S. move as “a mistake,” warning that it could lead to a trade war that would weaken the West.
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Australia: Prime Minister Anthony Albanese expressed disappointment, calling it “not the action of a friend,” but stated that Australia would not impose retaliatory tariffs.
Conclusion – What Will This Move Lead to?
The U.S.’s new tariff policy could have long-term consequences for global trade. If other countries respond with their own tariffs, trade tensions could escalate, pushing the global economy into a period of instability.
In the coming time, the world will be waiting for further reactions from affected countries, particularly Vietnam, which faces one of the heaviest impacts with a tariff as high as 46%.
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Source: tuoitre.vn
