Countries and companies mull strategies for coping with barrage of higher US tariffs
BANGKOK — President Donald Trump’s latest tariff hikes on U.S. imports are compelling countries and industries to scramble for footing in a time of potential upheavals in global trade. Its Commerce Ministry that it was “studying the opportunities that may arise due to this new development in U.S. trade policy.” It said talks were underway on a trade agreement, including “deepening supply chain integration.” The U.S was New Delhi’s biggest trading partner in 2024 with two-way trade estimated at $129 billion, according to U.S. data. Vietnam’s Foreign Ministry spokesperson, Pham Thu Hang, said Hanoi would keep talking with the U.S. to “find practical solutions” as 46% U.S. tariffs threatened to decimate exports of footwear, electronics, textiles and seafood. “If enforced, would negatively impact bilateral economic and trade relations as well as the interests of businesses and people in both countries,” Hang said in comments cited by state-run media, which reported that the deputy prime ninister and former finance minister Ho Duc Phoc was scheduled to visit the U.S. for trade talks next week. Likewise, von der Leyen said the EU was consulting with steel and auto makers, pharmaceutical companies and other industries about how to give them more “breathing space.” Looking elsewhere Trump’s decision to sharply raise tariffs on countries spanning the globe is “self-defeating,” Wang Huiyao, president of the Chinese think tank Center for China and Globalization, said in an interview.
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