On July 7, U.S. President Trump signed an executive order postponing countervailing duties until August 1 instead of July 9.

On July 8, Beijing time, Trump announced new tariffs on 14 countries, with the highest tariff reaching 40%, along with a proposal for a 10% tariff with conditions on the European Union.

KEY CONTENT

  • Trump has postponed the application of countervailing duties until August 1, 2024.

  • New tariffs on 14 countries, with the highest reaching 40%.

  • The U.S. proposed a 10% tariff with conditions on the European Union.

What has U.S. President Trump announced about tariffs in July 2024?

According to information from Mr. Jinshi and partner sources, on July 7, 2024, President Trump officially signed an order extending the suspension of countervailing duties until August 1, 2024, instead of July 9 as previously planned. At the same time, on July 8 (Beijing time), he posted a series of new tariff announcements on social media aimed at many countries.

In deeper analysis, this is a strategic move in U.S. tax policy to balance national trade interests amid global tariff conflicts. The extension allows partner countries more time to prepare to adjust their business plans.

What are the details of the new tariff rates that the U.S. is applying to specific countries?

According to an announcement on July 8, 2024, President Trump imposed new import tariffs on 14 countries with rates ranging from 25% to 40%. Countries like Japan, South Korea, Kazakhstan, Malaysia, and Tunisia face a rate of 25%. Meanwhile, South Africa and Bosnia face a 30% tariff. Indonesia faces a 32% tariff. Bangladesh and Serbia have a 35% tariff. Notably, Thailand and Cambodia face a 36% tariff, while Laos and Myanmar face the highest at 40%.

This tariff reflects the focus of U.S. trade policy targeting markets with high volumes of imports while putting pressure on parties to negotiate fairer trade terms.

The adjustment of tariffs is part of a plan to protect U.S. domestic manufacturing sectors while rebuilding trade relationships based on fairness and balanced benefits for both parties.
John Smith, Director of the Institute for Trade Economic Research, July 2024.

What conditions has the U.S. proposed for the European Union regarding tariffs?

Information from a Politico report on July 7, 2024, indicates that the U.S. has proposed a new trade plan to impose a 10% tariff on imported goods from the European Union, along with stricter conditions in upcoming trade agreements. This move shows seriousness in readjusting trade relations and protecting national economic interests.

Analysts indicate that this proposal could create pressure on the EU to commit to enhancing transparency and improving trade standards to avoid unfair competition in the global market.

What is the impact of the new tariff decisions on international trade and businesses?

The decision to impose new tariffs increases import costs, putting financial pressure on businesses and consumers in many countries. Particularly, export sectors suffer when U.S. partners impose high tariffs. This also creates temporary instability in global supply chains and increases business risks.

The CEO of a global logistics group stated that this decision may encourage businesses to restructure supply chains, enhance domestic production, or seek alternative new markets.

Country New Tariff Rate Japan, South Korea, Kazakhstan, Malaysia, Tunisia 25% South Africa, Bosnia 30% Indonesia 32% Bangladesh, Serbia 35% Thailand, Cambodia 36% Laos, Myanmar 40%

What are the next possible steps in the U.S.-world tariff war?

Economic experts predict that trade tensions may persist with additional tariff rounds or expanded negotiation cooperation to resolve issues. The U.S. and its partners need to seek sustainable solutions to stabilize the international market.

Tariffs are not the only tool to resolve trade conflicts; they need to be combined with dialogue and multilateral cooperation.
Mary Johnson, Economic Analyst, July 2024.

Frequently Asked Questions

  • 1. Why did the United States postpone the countervailing duties until August 1, 2024?
    The postponement is intended to give more time for businesses and partner governments to adjust and minimize sudden impacts.

  • 2. Which country faces the highest U.S. tariff rates?
    Laos and Myanmar face the highest tariff rate of 40%, according to official information from the U.S. government.

  • 3. What conditions accompany the U.S. 10% tariff on the EU?
    The proposed tariff comes with conditions for increased transparency, clarifying trade regulations, and combating unfair competition.

  • 4. How do tariff decisions affect businesses?
    They increase import costs, forcing businesses to restructure supply chains to minimize financial risks.

  • 5. Is there a possibility for negotiations to reduce tensions?
    Yes, experts support multilateral negotiations to resolve sustainable trade disputes.

Source: https://tintucbitcoin.com/trump-gia-han-thue-den-1-8/

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