US imposes 46% tax on 90% of goods imported from Vietnam

Processing frozen shrimp for export. (Photo: Kim Ha/VNA)

On the afternoon of April 2, local time, US President Donald Trump announced a 46% reciprocal tax on 90% of total imported goods from Vietnam, the second highest among countries exporting to the US market, only after Cambodia (49% tax on 97% of total exported goods to the US).

Also in the Southeast Asia region, Thailand is subject to a 36% tax on 72% of total goods, followed by Indonesia (32%, 64%), Malaysia (24%, 47%), the Philippines (17%, 34%), Singapore (10%, 10%);

In the list of countries and economies subject to this tax, notable are China (34%, 67%), the European Union (20%, 39%), Sri Lanka (44%, 88%), Bangladesh (37%, 74%), Taiwan (32%, 64%), Switzerland (31%, 61%), South Africa (30%, 60%), Pakistan (29%, 58%), India (26%, 52%), South Korea (25%, 50%), Japan (24%, 46%), Israel (17%, 33%).

The group of countries subject to a 10% tariff on 10% of goods exported to the US includes the UK, Australia, Colombia, Chile, Brazil and Türkiye.

Notably, Canada and Mexico are not on the list of countries subject to reciprocal tariffs by the US this time.

Responding to the US move, British Business and Trade Secretary Jonathan Reynolds issued a statement on April 2 affirming that London is still determined to sign an economic agreement with Washington to be able to "lighten" the 10% tax rate applied to exports to the US.

“Our approach is to remain calm and work to build on this agreement, which we hope will mitigate the impact of what has been announced,” Minister Reynolds said in a statement.

Britain will be among the countries facing the lowest tariffs on imports into the US, while dozens of other countries face higher tariffs, according to President Trump.

However, the UK government official also made it clear: “We have many tools… and we will not hesitate to act." London “will continue to engage with UK businesses” to “assess the impact of any further steps we take.”

Also on April 2, Italian Prime Minister Giorgia Meloni criticized the new US tariffs on imports from the EU as "wrong," but warned that the trade war would only weaken the West.

“The US tariffs against the EU are a measure that I consider wrong and not suitable for any party,” the head of the Italian government wrote. “We will do everything possible to reach an agreement with the US to prevent a trade war that will inevitably weaken the West in favor of other global players.”

From Sydney, Prime Minister Anthony Albanese spoke out to affirm that the US President's trade tariff policy towards close ally Australia is "completely unfounded," not "the action of a friend" and will change the perception of the bilateral relationship.

However, Mr. Albanese affirmed that Australia will not impose retaliatory tariffs on the US.

Meanwhile, the White House confirmed on the same day that “the 10% tax rate will take effect from 00:01 on April 5 (11:01 on the same day Hanoi time), while higher tariffs on different partners will take effect from 00:01 on April 9 (11:01 on the same day Hanoi time)”./.

(Vietnam+)

Source: https://www.vietnamplus.vn/my-ap-thue-46-doi-voi-90-hang-hoa-nhap-khau-tu-viet-nam-post1024443.vnp