BANGKOK (AP) — President Donald Trump’s latest tariffs on U.S. imports are increasingly forcing countries and industries to scramble to base on potentially turbulent times in global trade.
As world markets suffered huge losses on Friday, the Taiwan president promised to support industries that Trump announced the most vulnerable to 32% tariffs on his “liberation day”.
China responded to the U.S. imports of all U.S. products starting April 10, and the U.S. tariffs on 34% of U.S. imports to China.
Vietnam said its deputy prime minister would visit the United States for talks on trade. Some, such as the head of the European Commission of the European Union, vowed to fight back while pledging to improve the free trade rules. Others said they hope to provide relief with the Trump administration.
seize the day
India was hit by a tariff rate of 26%, which is below 34% of China’s exports and Vietnam’s exports 46%. Its Commerce Department “is looking at the opportunities that may arise due to this new development in U.S. trade policy.” It said negotiations on trade agreements are underway, including “deepening supply chain integration.”
According to U.S. data, the U.S. is New Delhi’s largest trading partner, and two-way transactions are estimated at $129 billion, according to U.S. data. They set an ambitious goal to more than double bilateral trade by 2030. Most drugs and other drugs, namely India’s important exports to the United States, are exempt from reciprocity tariffs.
However, diamonds and other gemstones in another major export industry comply with higher responsibilities.
Business groups say they see the challenge as an opportunity to improve India’s competitiveness. “At a time when global trade momentum is rapidly shifting, Indian exporters must be equipped with the right policies, strategies and support to compete effectively,” said SC Ralkan, head of the Federation of Indian Export Organizations, in a statement.
We need to talk
Most U.S. trading partners stressed that they hope that negotiations could help resolve trade frictions with Washington. Japanese Prime Minister Shigeru Ishiba said he was preparing to fly to Washington in a final effort to stop Trump from ordering 24% tariffs exported from Asia’s largest U.S. allies.
“The global trade system has serious flaws,” EU European Commission President Ursula von der Leyen said on Thursday during a visit to Uzbekistan. But she mocked Trump, saying, “It is impossible to solve the problem of tariffs as your first and last tool. That’s why we have been preparing to negotiate with the United States.”
In Italy, Prime Minister Giorgia Meloni told state television she believes the tariffs imposed by 20% of the U.S. exports from Europe are wrong, but “not some people make some people a disaster. They,” Meloni said.
Vietnamese Foreign Ministry spokesman Pham Thu Hang said Hanoi will continue to talk to the United States to “find a practical solution” as 46% of U.S. tariffs threaten to reduce exports of footwear, electronics, textiles and seafood.
Hang said in a comment cited by state-owned media: “If enforced, it will have a negative impact on bilateral economic and trade relations and on the interests of enterprises and peoples of both countries.
Helping hand
Taiwan President Lai Ching-te said he would provide “the greatest support” to industries that are most affected by the new tariffs. Taiwan’s trade surplus with the United States is relatively high, partly because the island is a major source of computer chips and other advanced technologies. “We believe this is unreasonable and are also concerned about the impact these measures may have on the global economy,” Lai said in a statement on his Facebook page.
Lai said he directed Prime Minister Cho Jung-tai to work closely with the affected industries and communicate with the public about its plans to stabilize the economy.
Japan’s leader Ishiba and other governments also said they are preparing countermeasures to support the industry’s response.
Similarly, Von der Leyen said the EU is consulting with steel and automakers, pharmaceutical companies and other industries to give them how to give them more “breathing space”.
See other places
Wang Huiyao, chairman of China’s Chinese think tank and the Center for Globalization, said in an interview that Trump’s decision to raise tariffs on countries around the world was “self-deception.”
The latest tariffs put a heavy burden on some countries in Latin America, the Middle East, Africa and Asia.
Wang said this is a trade war with the world, and China’s strategy is to engage in more trade with Southeast Asia and Latin America, Europe, the Middle East and other developing countries.
“The possible outcome is that China will become the largest trading nation, its economy will trade more with other countries, and the United States may become more isolated,” Wang said.
EC President Von der Leyen said Europe will work hard to build more bridges, and as a regional economic group larger than the United States, it also has its own huge market.
She said the EU was its “safe haven in turbulent times.”
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Associated Press journalists from all over the world have contributed.
Elaine Kurtenbach, Associated Press
