On April 2, 2025, former U.S. President Donald Trump announced a new series of tariffs, termed “Liberation Day” tariffs, imposing duties ranging from 10% to 49% on imports from approximately 60 countries, including major trading partners like China, India, and the European Union. theaustralian+3Business Insider+3Wikipedia+3
Key Details of the Tariffs:
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Baseline Tariff: A 10% tariff is set to apply universally to imports from all countries, effective April 5, 2025. theaustralian+3The Guardian+3Wikipedia+3
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Country-Specific Tariffs: Additional tariffs have been assigned to specific countries based on assessments of their trade practices. For example:
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China: Facing a combined tariff rate of 65-70%, including existing levies.WSJ
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Vietnam: Subject to a 46% tariff.
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European Union: Imposed with a 20% tariff. The Guardian
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Global Reactions:
The announcement has elicited significant global reactions:AP News
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Market Impact: International markets have experienced volatility, with notable declines in Asian stock markets, including Japan, South Korea, and Australia. AP News
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International Criticism: Major economies, including the EU, China, Japan, and Germany, have condemned the tariffs as protectionist measures that threaten global economic stability. AP News
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Domestic Concerns: While aiming to revitalize U.S. manufacturing, economists warn that the tariffs could lead to higher consumer prices and potential job losses in sectors reliant on international supply chains.
Cambodia’s Position:
Among the affected nations, Cambodia faces one of the highest new tariffs, with rates reaching up to 49% on key exports. The U.S. cites concerns over Cambodia’s trade practices, particularly in textiles and footwear, as justification for these tariffs. The Cambodian government has criticized the decision, stating that the U.S. has exaggerated claims about Cambodia’s import duties on American goods. Pan Sovicheat, a spokesperson for Cambodia’s Ministry of Commerce, argued that the actual tariffs Cambodia places on U.S. imports are significantly lower than claimed. The Cambodian government is preparing to engage in diplomatic negotiations with the U.S. to mitigate the impact of these tariffs.
Looking Ahead:
As these tariffs take effect, the global community watches closely, anticipating both immediate and long-term impacts on international trade, economic growth, and geopolitical relations.
