How do US reciprocal tariffs affect the world?

Immediately after US President Donald Trump announced that he would impose reciprocal tariffs, the governments of Japan, South Korea and Taiwan immediately took action.

US President Donald Trump in the Oval Office of the White House in Washington DC (USA) on February 13 - Photo: REUTERS

What is a countervailing tax?

On February 13, US time, President Donald Trump signed a memorandum, ordering officials to begin calculating reciprocal tariffs to be imposed on imported goods from global trading partners, including China, Japan, South Korea and the European Union, according to Reuters news agency.

Accordingly, reciprocal tariffs are tariffs that the US Government will apply to imported goods of a trading partner, commensurate with the current tariff rate that this partner applies to imported goods from the US.

The reciprocal tariffs ordered by Mr. Trump are also calculated based on barriers or non-tariff measures and actions of other countries, causing increased costs for American businesses and people.

"On trade, I've decided in the interest of fairness, I'm going to impose reciprocal tariffs, meaning any country that puts a tariff on the United States, we're going to put a tariff on them. No more, no less," Trump told reporters at the White House on February 13.

Japan, South Korea seek ways to respond

In South Korea, Mr. Choi Sang Mok, Acting President and Minister of Economy and Finance of South Korea, said on February 14 that the country will carefully review non-tariff barriers and other weaknesses to respond to the US's plan to apply reciprocal tariffs, according to Reuters news agency.

"The impact of reciprocal tariff measures may not be large on our economy, as tariffs are low thanks to the Korea-US Free Trade Agreement.

However, as the US said it would also assess non-tariff barriers, including value-added tax and taxes on digital services, the situation needs to be monitored,” Mr. Choi stressed.

The South Korean government will respond by identifying key areas of concern for the US and preparing documents explaining to the Trump administration about South Korea's non-tariff barriers, Choi added.

In Japan, Chief Cabinet Secretary Yoshimasa Hayashi said the country has begun communicating with the United States following US President Trump's reciprocal tariff order, according to Reuters.

"We have been in contact with the US side. Our country will respond appropriately while carefully considering the specific details of the measures to be announced in the future and their impact on our country," Mr. Hayashi said.

Taiwan's semiconductor industry is worried.

In Taiwan (China), Reuters quoted two close sources as saying that Taiwanese leader Lai Ching-te will hold a high-level security meeting on February 14 to discuss new US tariffs as well as the relationship between the two sides.

The council meeting, which included senior agency leaders and other officials, focused on US President Trump's threat to impose tariffs on semiconductors in an effort to take manufacturing from Taiwan to the US.

Taiwan's presidential office declined to comment, but said it would hold a press conference at 11:30 a.m. on February 14 after a meeting of senior security officials.

Previously, Mr. Trump criticized Taiwan and said he wanted to restore US semiconductor chip production, according to Reuters.

“Taiwan took our chip business away. We had Intel. We had great companies that did very well and it was taken away from us.

And we want that business back. We want it back in the United States. If they don't bring it back, we're not going to be very happy," Trump said on February 13.

Source: https://tuoitre.vn/thue-doi-ung-cua-my-tac-dong-den-the-gioi-ra-sao-20250214112332494.htm