HCMC – President Donald Trump on April 2 signed an executive order imposing sweeping reciprocal tariffs on U.S. trade partners worldwide, with Vietnam in the top tier facing a 46% rate, said global media outlets.
Speaking in the White House Rose Garden, Trump declared a 10% base tariff on all imports and presented a chart outlining steeper duties for several of America’s top trading partners.
Canada and Mexico, the two largest trading partners of the United States, will be exempt from the basic 10% tariff. These two countries are already subject to a 25% tariff on goods imported into the U.S.
Vietnam and China are among the trading partners hit with the highest reciprocal tariffs. China will face a 34% tariff and combined with the existing 20% tariff, this brings the total to 54%.
Meanwhile, the European Union will be subject to a 20% rate, and Vietnam a 46% tariff. Japan will be taxed at 24%, South Korea at 25%, India at 26%, Cambodia at 49%, and Taiwan at 32%.
The minimum import tariff will take effect after midnight on April 5, while the higher rates will come into force on April 9.
Trump said he would consider lowering tariffs if other countries removed trade barriers on U.S. exports.
