President Trump’s tariffs are already having an impact.
Earlier this week, Trump announced a sweeping new trade policy that included a universal 10 percent tariff on all imports into the United States.
In addition to this baseline measure, the administration introduced a system of reciprocal tariffs targeting countries with significant trade surpluses over the U.S.
The tariffs vary in severity, with higher rates imposed on nations deemed to have particularly unbalanced trade relationships or who refuse to buy American goods.
However, many countries are already offering the U.S. concessions:
Vietnam — Following the announcement of a nearly 50 percent tariff on their imports, Vietnam has immediately entered negotiations with the White House.
President Trump reported a “very productive call” with Vietnam’s Communist Party General Secretary To Lam, during which Lam expressed a willingness to reduce tariffs to zero contingent on the signing of a free trade agreement.
India — India has initiated discussions with the U.S. to address the trade barriers.
Officials are reportedly exploring the possibility of reducing or eliminating tariffs on certain U.S. imports and increasing purchases of American goods.
Israel — Israel wants to negotiate terms and potentially secure exemptions or reductions and has already agreed to scrap all its tariffs on U.S. imports.
Prime Minister Netanyahu will further discuss the issue with Trump on Monday.
European Union (27 countries) — The EU has proposed lowering car tariffs and increasing purchases of U.S. energy and military equipment in an effort to negotiate exemptions and reductions.
Trump has long complained about the EU’s unwilligness to buy American cars.
Japan — Japan has signaled a willingness to negotiate by pledging increased imports of U.S. liquefied natural gas (LNG) and investments in artificial intelligence.
South Korea — South Korea is looking at possible trade concessions that would involve leveraging strategic sectors like semiconductors to reach a favorable agreement.
Thailand — Facing the prospect of billions in losses, the Thai government is planning to increase imports from the U.S. and reduce tariffs on American products to address the trade imbalance.
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Many other countries are also readying trade delegations and concessions to try and win exemptions.
Trump, meanwhile, says that “every country” has called him asking to renegotiate their trade arrangements.
“Every country has called us, that’s the beauty of what we do, we’ve put ourselves in the driving seat,” she said.
”If we’d asked most of these countries to do us a favour, they’d have said no, now they’ll do almost anything for us… the tariffs give us great power to negotiate”.
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