Prime Minister meets with ministries and sectors on US reciprocal taxes

Prime Minister Pham Minh Chinh speaks at the meeting on the morning of April 3. Photo: VNA

Last night, April 2 (local time), US President Donald Trump announced import tariffs on dozens of economies. Of these, Vietnam was subject to a rate of 46%, among the countries with the highest tariffs along with China, Cambodia, Indonesia, and Myanmar.

On the morning of April 3, Prime Minister Pham Minh Chinh chaired a meeting with ministries and sectors following the US announcement of new tariffs on imports from Vietnam. The meeting was attended by heads of the Ministry of Finance, Ministry of Industry and Trade, Ministry of Agriculture and Environment, the State Bank of Vietnam and other agencies.

The US has imposed reciprocal import tariffs on more than 180 trading partners. About half of the economies will be subject to a common tariff of 10%, effective April 5. Major trading partners of the US will be subject to higher tariffs of up to 50%, effective April 9.

Businesses are concerned that their goods will be "very stressful" when the US imposes a reciprocal tax of up to 46% on Vietnam - a country with high tax rates. This will reduce the competitiveness of Vietnamese goods compared to products from other countries.

According to data from the Customs Department, in 2024, Vietnam will export goods worth 119.5 billion USD to the US and import 15.1 billion USD from this market. There are 15 billion USD export items, of which 3 dominant groups include computers - components with 23.2 billion USD; machinery and equipment and textiles with 22 billion and 16.2 billion USD, respectively.

Telephones, wood and footwear are also groups of products that bring in large value, ranging from 8.3 to 9.8 billion USD. Agricultural products also make important contributions, such as cashew nuts and seafood with 1.15 billion and 1.83 billion USD respectively, or coffee with nearly 323 million USD.

The Government met after the US announcement on reciprocal tariffs on imports from Vietnam on the morning of April 3. Photo: VNA

Dr. Le Duy Binh, Director of Economica Vietnam, commented that the 46% tax rate that the US imposed on Vietnamese goods is very high compared to many countries. According to him, the products that are greatly affected include industries with a high proportion of exports to the US such as agricultural products, wood, electronics, textiles, etc. Enterprises in the supply chain of these products, along with export support units, are also affected.

US Treasury Secretary Scott Bessent told Senate Republicans earlier that reciprocal tariffs would be a “ceiling” for the US to impose on countries, which could be reduced if trading partners meet the Trump administration’s demands.

However, some products from other countries will not be subject to reciprocal tariffs. For example, aluminum, steel, cars, and auto parts, which were previously subject to a 25% tariff by the US, will continue to be subject to this rate. Similarly, gold, copper, pharmaceuticals, semiconductors, wood, and certain energy and mineral products not available in the US will also not be subject to reciprocal tariffs.

VN (according to VnExpress)

Source: https://baohaiduong.vn/thu-tuong-hop-voi-cac-bo-nganh-ve-thue-doi-ung-cua-my-408649.html