Asia, Trump’s ‘Liberation Day’ is trying to prepare for the wave of new tariffs: ‘We are working on this issue even on weekends’
US President Donald Trump’s words come with the words “Liberation Day”. On April 2, the White House will offer new tariffs in both friends and enemy. 16:00 East time In the rose garden, the President tries to retaliate against what the US sees as a maltreatment by trade partners.
Most of these trade partners are in Asia, where governments are already trying to prepare.
On Monday, Vietnam, which has a great trade surplus with the USA cut Import tasks for a range of products such as cars, food products and liquefied natural gas.
Vietnam benefited from companies that removed supply chains from China; The Southeast Asian country has the third largest trade surplus to the list of countries at risk of Trump tariffs with the United States, and Hanoi may offer preventive concessions to avoid triggering a trade war.
India also proposes to cut import taxes in agricultural products such as almonds and cranberries and reuters. reported last week. Last year, the United States and the $ 47.5 billion trade surplus, South Asian country, is reported to completely remove some tariffs on imported goods.
Trump grumbles about India’s tariffs on US goods, which were higher than the USA’s US products. US President’s Indian protectionism “wild”Even if Prime Minister praises Narendra Modi.
‘All countries’
Since he came to the office, Trump has applied 25% tariffs and 25% tariffs in Chinese goods, 20% of tariffs, steel and aluminum imports.
There is no clear detail about which tasks will be implemented and which countries will be affected by the tariffs coming on April 2. On Sunday, however, Trump argued that tariffs would hit the “all countries as a starting point and return to previous reports that new trade measures could be narrower.
Many Asian governments adopt the waiting and see approach to tariffs before Wednesday.
Allies such as Japan, South Korea and Australia have tried to negotiate trade problems with Washington – from now on.
In mid -March, after the new US steel tariffs failed to exempt, Australian Prime Minister Anthony Albania complained that the movement was karşı against the spirit of the permanent friendship of our two nations ”. Tuesday, management repetitive That they will not compromise the United States to make an agreement.
Japan and South Korea promises to provide support to their sectors in case of new US tariffs. Japan Prime Minister Shigeru Ishiba, “We are working on this issue without stopping,” he said. in question Tuesday. (New US automobile tariffs pose a threat to Japan and the automobile sector.)
Then there is China, already subject to more than one new tariff from Trump administration. Beijing responded to new import tasks with its own measures, unlike applying retaliation tariffs and expanding the black list of “unreliable assets”. The Chinese authorities said they were ready to fight the “trade war, tariff war or another type of war”.
Trade Ministers from Japan, South Korea and China on Sunday kept The first economic dialogues in five years.
Companies are also preparing
In addition to tariffs in steel, aluminum and cars, Trump promised new taxes on semiconductor and pharmaceutical imports.
Asian companies also promised to invest in the United States to avoid new tariffs and support Trump’s desire to restore domestic production.
In January, Japanese automobile manufacturer Honda promised to increase its investment in three Ohio automobile facilities to expand its ability to build houses, hybrids and internal combustion engine vehicles.
In March, the world’s leading chip producer Taiwan semiconductor production company (TSMC) announced an $ 100 billion investment to expand its operations in Arizona in the next four years. (Taiwan’s government is also reported to think of buying more US goods to reduce trade surplus.)
Last week, South Korean car manufacturer Hyundai promised to invest $ 21 billion in American manufacturing, including a $ 5.8 billion steel plant in Louisiana.
Nevertheless, the biggest promise comes from Japan’s Softbank. Earlier this year, Softbank in partnership with Openai and Oracle promised a new investment of $ 500 billion in its US -based AI infrastructure.
This story initially took part in Fortune.com
