Are Trump's tariffs working?
Are the broad tariffs imposed by donald trump on the US's allies and enemies effective? Nearly 50 nations have contacted the White House, and some have chosen to completely eliminate tariffs on US imports, five days after the news sent world markets into a tailspin.
Taiwan and vietnam, two of the nations subject to the highest reciprocal tariffs imposed by the US, have proposed to remove all tariffs as a starting point for trade negotiations. After trump hinted at one-on-one agreements if countries corrected their trade imbalances with the US, other countries, like india and indonesia, have also chosen not to respond.
Taiwan and vietnam, two of the nations subject to the highest reciprocal tariffs imposed by the US, have proposed to remove all tariffs as a starting point for trade negotiations. After trump hinted at one-on-one agreements if countries corrected their trade imbalances with the US, other countries, like india and indonesia, have also chosen not to respond.
VIETNAM OFFERS zero TARIFFS ON US PRODUCTS
After the united states slapped a high 46% levy on goods from the Southeast Asian country, vietnam was the first country to cut its tariffs on US imports to zero. The event followed what the US President described as a "very productive" chat between Vietnamese Premier To Lam and trump over the weekend.
"Just had a very productive call with To Lam, general secretary of the Communist party of vietnam, who told me that vietnam wants to cut their tariffs down to zero if they are able to make an agreement with the US," trump said on Truth Social.
Prior to Trump's announcement of reciprocal tariffs, known as Liberation Day, vietnam has already reduced a number of duties and promised to purchase more American agricultural and aircraft goods.
Vietnam's economy, which depends largely on commerce, is in danger of being upended by the 46% import charge, as the US is its largest export market.
Vietnam has quickly become a manufacturing hub in recent years amid tensions between the US and China. As businesses expanded their supply chains, Vietnam's economy benefited.
"Just had a very productive call with To Lam, general secretary of the Communist party of vietnam, who told me that vietnam wants to cut their tariffs down to zero if they are able to make an agreement with the US," trump said on Truth Social.
Prior to Trump's announcement of reciprocal tariffs, known as Liberation Day, vietnam has already reduced a number of duties and promised to purchase more American agricultural and aircraft goods.
Vietnam's economy, which depends largely on commerce, is in danger of being upended by the 46% import charge, as the US is its largest export market.
Vietnam has quickly become a manufacturing hub in recent years amid tensions between the US and China. As businesses expanded their supply chains, Vietnam's economy benefited.
TAIWAN TO REMOVE TRADE BARRIERS
Taiwan is another Asian nation that has provided free taxes on US goods. After taiwan was hit with a high 32% US tariff, President Lai Ching-te promised on sunday to reduce trade barriers.
Taiwan's president has referred to the action as "unreasonable" even though the Asian nation has announced a $100 billion investment in US semiconductor plants. taiwan has made significant pledges to participate in US energy projects and has a significant trade imbalance with the US.
Taiwan's president has referred to the action as "unreasonable" even though the Asian nation has announced a $100 billion investment in US semiconductor plants. taiwan has made significant pledges to participate in US energy projects and has a significant trade imbalance with the US.
Taiwan's largest semiconductor company, TSMC, pledged an additional $100 billion in march to increase its investment in advanced semiconductor manufacturing in the United States. Among TSMC's principal clients are Qualcomm, NVIDIA, and Apple. However, the united states does not impose tariffs on semiconductors.
INDIA, indonesia UNLIKELY TO RETALIATE
Countries like india and indonesia have chosen to rely on diplomacy and negotiations despite the fact that a number of nations have resisted Trump's tariffs, with some, like China, enacting prompt retaliation.
Airlangga Hartarto, Indonesia's main economic minister, told Reuters that the nation will find "mutually beneficial solutions" rather than retaliate against Trump's 32% tariff.
A senior official told Reuters that india, which has been subject to a 26% tariff, has made the decision to concentrate on completing the bilateral trade agreement with the US as soon as feasible.
Airlangga Hartarto, Indonesia's main economic minister, told Reuters that the nation will find "mutually beneficial solutions" rather than retaliate against Trump's 32% tariff.
A senior official told Reuters that india, which has been subject to a 26% tariff, has made the decision to concentrate on completing the bilateral trade agreement with the US as soon as feasible.
A major provision in Trump's executive order that provides relief to countries that take "significant steps to remedy non-reciprocal trade arrangements" is what the narendra Modi-led administration is relying on, according to the official.