1. China
- Response: Strongly opposes the 34% tariffs imposed by the U.S. and threatens retaliatory measures. China claims this policy violates international trade rules and risks triggering a global trade war.
- Action: Imposed reciprocal 34% tariffs on U.S. products, including agricultural goods, in response to Trump’s policy.
2. Japan
- Response: Called the 24–25% tariffs on cars and parts a "national crisis." The Japanese government urged the U.S. to revoke the unilateral policy and is ready to negotiate.
- Criticism: Japan’s Trade Minister criticized Trump’s policy for violating WTO agreements and bilateral trade relations.
3. Vietnam
- Response: Held emergency meetings to draft short- and long-term strategies. Vietnam fears the 46% tariffs will threaten its 2025 economic growth target of 8%.
- Hope: Urged the U.S. to maintain good relations and reconsider the policy.
4. Thailand
- Strategy: Ready to negotiate with the U.S. to mitigate the impact of 36% tariffs. Prime Minister Paetongtarn Shinawatra stated the government has prepared a mitigation plan.
5. Indonesia
- Impact: Hit with 32% tariffs in retaliation for Indonesia’s 64% tariffs on U.S. products. Major threats include mass layoffs in textiles and automotive sectors and economic recession risks.
- Efforts: Plans to emulate Vietnam’s strategy of export diversification and strengthening domestic markets.
6. European Union
- Response: European Commission President Ursula von der Leyen called the 20% tariffs a "massive blow to the global economy." The EU is prepared to retaliate with similar measures if needed.
- Criticism: Germany’s automotive industry deemed the policy harmful to all parties and pushed for negotiations.
7. Canada
- Action: PM Mark Carney threatened retaliatory steps to protect Canadian workers, calling the policy a threat to the global trade system.
8. Australia
- Criticism: PM Anthony Albanese labeled the 10% tariffs an "illogical move" that damages ally relations and raises U.S. household costs.
9. Exempted Countries
- Russia, North Korea, Cuba, Belarus: Exempt from additional tariffs due to existing sanctions and prior high tariffs.
10. Global Economic Impact
- Stock Markets: Nasdaq and Dow Jones indices plummeted by 5.3% and 3.3%, respectively.
- Currencies: Japanese yen and Malaysian ringgit strengthened, while the Philippine peso and Chinese yuan weakened.
- Concerns: Experts warn of stagflation risks from rising prices and declining global demand.
Other Countries
- India: Criticized the 26% tariffs but sees opportunities to capture market share from China and Vietnam.
- Singapore: PM Lawrence Wong warned of global trade war risks and urged vigilance.
- Cambodia: Plans to negotiate with the U.S. despite claiming the impact is less severe than feared.
