Shock, chaos and a hollow win: Chasing a tariff deal with Trump
Summary
President Trump's announcement of high tariffs affected many Southeast Asian countries that rely on exports, leading them to negotiate deals to lower these tariffs. Thailand and other countries like Vietnam were able to secure agreements to reduce the tariffs, although the specifics of these deals remain unclear. The negotiation process involved many challenges, including political tensions and past grievances.Key Facts
- President Trump announced high tariffs on Southeast Asian countries, with rates as high as 49%.
- Thailand faced a specific tariff rate of 36% before negotiating it down to 19%.
- Vietnam negotiated a deal to reduce its tariff from 46% to 20%.
- Southeast Asian countries collectively exported goods worth $477 billion to the US in 2024.
- Vietnam is heavily reliant on the US market, with exports making up about 30% of its GDP.
- Political issues, such as the return of Uyghur asylum-seekers to China by Thailand, affected negotiations.
- Thailand's government structure and political tensions made negotiations challenging compared to Vietnam's quicker decision-making process.
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