Over 50 countries seek relief from Trump's tariffs
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The news: More than 50 countries have contacted the US to seek tariff relief since President Donald Trump announced sweeping new levies, with Vietnam offering to remove all tariffs on US goods and India ruling out retaliation while pursuing a trade deal.
Vietnam offered to remove all tariffs on US imports and requested a 45-day delay to Trump’s 46% levy, according to a letter from Communist Party chief To Lam, reported by Bloomberg.
Lam’s letter confirmed comments made by Trump on Friday on social media, following a call between the two leaders.
Trade adviser Peter Navarro, meanwhile, on Sunday (Monday AEST) said Vietnam’s initiative “didn’t go far enough.”
India, facing a 26% tariff, ruled out retaliation and is pursuing a bilateral deal. Modi’s government has already lowered tariffs on high-end bikes and bourbon, dropped a tax on digital services, and is considering further reductions on import duties on US goods, according to Bloomberg.
Israel, hit with a 17% tariff, will raise the issue during Prime Minister Netanyahu’s impromptu visit to Washington, after Trump extended a surprise invitation during a phone call on Thursday.
The context: Despite a brutal sell-off in equity markets and warnings from Federal Reserve Chair Jay Powell, top US officials said the 10% base-line tariff implemented Saturday will not be delayed.
What they said: Treasury Secretary Scott Bessent called it a “one-time price adjustment” and said “there doesn’t have to be a recession.”
Speaking on Fox News on Sunday, Navarro said: “If you simply lowered our tariffs and they (Vietnam) lowered our tariffs to zero, we’d still run about USD120 billion trade deficit with Vietnam.”
“And the problem is all of the non-tariff cheating that they do.”
The sources: The New York Times, Reuters, Reuters, Bloomberg
