Washington [US], August 1: On the morning of August 1 (Vietnam time), US President Donald Trump signed an executive order imposing reciprocal tariffs of 10% to 41% on imports from dozens of trading partners, according to Reuters.
According to the decree signed by President Trump , the highest tax rate applied to Syria is 41%, followed by Laos and Myanmar at 40%.
Tax rates of 30% or more are in Algeria, Bosnia and Herzegovina, Iraq, Serbia, South Africa, Sweden.
In addition, the White House also announced that exports from Canada to the US will be subject to a 35% tax rate, instead of the current 25% rate, according to AFP.
According to CNN, countries with trade deficits with the US will be subject to a general rate of 10%. Partners not listed in the annex will also be subject to a rate of 10%.
The 15% tariff will act as a new floor for trading partners with which the US has a trade deficit. About 40 partners will be subject to the new 15% tariff. Meanwhile, more than a dozen partners will be subject to tariffs higher than 15%.
According to the decree, the reciprocal tax rate applicable to Vietnam is 20%.
AFP quoted officials as saying that the higher US tariffs will take effect after seven days, on August 7, to give Customs and Border Protection enough time to make the necessary changes to collect the new taxes.
The White House said that some of the trading partners listed in the annex have announced that they are close to reaching agreements with the United States. As such, those partners will continue to pay the announced tariffs until the agreement is finalized and President Trump issues a follow-up order to acknowledge it. An official later confirmed to the media that there are more agreements that have not been announced.
On the evening of July 31, Mr. Trump announced that he had spoken by phone with Mexican President Claudia Sheinbaum and agreed to extend the negotiation period by 90 days. During that time, Mexico will still be subject to a 25% tax related to the addictive drug fentanyl, a 25% car tax, and a 50% tax on aluminum, steel, and copper. In addition, Mexico agreed to immediately end non-tariff trade barriers, Mr. Trump added.
Previously, the US said it had reached trade agreements with a number of partners, most recently South Korea, Cambodia, Thailand and Pakistan.
Source: Thanh Nien Newspaper
