Some Asian nations reacted with relief yesterday after US President Donald Trump announced tariffs that in some cases were lower than threatened, and delayed by a week to Thursday.
However, while countries such as Taiwan still hope to negotiate lower rates, uncertainty remains over transshipments and levies on Japanese cars.
Trump’s announcement does not cover export giant China — currently in negotiations on a trade deal ahead of an Aug. 12 deadline.
Photo: Bloomberg
The 19 percent levy for Thailand and Cambodia — fresh from border clashes that killed more than 40 people — is a let-off from the threatened 36 percent.
Thailand called it a “major success” and a “win-win approach aimed at preserving Thailand’s export base and long-term economic stability.”
The US trade deficit with Thailand reached US$45.6 billion last year. Its main exports include machinery, vehicles and auto components.
Cambodian Prime Minister Hun Manet called it “the best news for the people and economy of Cambodia to continue to develop the country.”
The major manufacturer of low-cost clothing for Western brands initially faced a tariff of 40 percent.
Neighboring Vietnam concluded an agreement with Washington at the beginning of last month on a rate reduced to 20 percent.
Washington also intends to impose a 40 percent surcharge on goods transported to the US via third countries — known as transshipments.
This could hurt in particular nations in Southeast Asia, whose production chains are closely linked to China.
Many Cambodian factories are Chinese-owned, and the White House has accused the kingdom of allowing Chinese goods to stop over on the way to US markets, skirting steeper rates imposed on Beijing.
A tariff of 15 percent agreed on last week between Japan and Washington — down from a threatened 25 percent — is due to be applied from Thursday.
However, Japanese auto exports were already being hit by a 25 percent rate, and Tokyo wants to know when this would be lowered too.
Japan “will continue to call on the US side promptly to take measures to implement the recent agreement, including reducing tariffs on automobiles and auto parts,” government spokesman Yoshimasa Hayashi said yesterday.
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