Trump temporarily drops tariffs to 10% for most countries, ups China rate to 125%

By Thai Ha
Thu, April 10, 2025 | 7:15 am GMT+7

President Donald Trump on Wednesday dropped his reciprocal tariffs for countries reaching out to the U.S. to negotiate to 10% for 90 days.

The 90-day reprieve is applied to nearly 90 nations except for China.

In a social media post, the U.S. president said he was raising the tariffs imposed on imports from China to 125% “effective immediately” due to the “lack of respect that China has shown to the World’s Markets.”

According to NBC News, the White House said it would not release the list of countries that have contacted the U.S. for tariff negotiations.

Container warehouse at Tan Vu port in Hai Phong city, northern Vietnam. Photo courtesy of Vietnam News Agency.

Container warehouse at Tan Vu port in Hai Phong city, northern Vietnam. Photo courtesy of Vietnam News Agency.

Previously, on April 2, President Trump said he would levy massive 46% tariffs on imports from Vietnam as part of a new wave of global impositions, while it was 34% for China. The tariff on Vietnam would come into force on April 9.

The tax imposition for Vietnam was among the highest, only after Laos (48%) and Madagascar (47%). It was higher than many others like Sri Lanka and Myanmar (44%), Bangladesh (37%), Thailand (36%), mainland China (34%), Taiwan (32%), India (26%), South Korea (25%), Japan and Malaysia (24%), the EU (20%), and the Philippines (17%).

China, which is the U.S.’s third-largest trading partner, earlier Wednesday said it would raise its tariff rate for imports from the U.S. to 84%.

Prime Minister Pham Minh Chinh on Tuesday had stated that Vietnam would ask the U.S. to delay imposing its new tariffs on imports from Vietnam for at least 45 days, so that there is time for negotiations, preparations, and a smooth transition.

Deputy Prime Minister Ho Duc Phoc, accompanied by corporate executives, is making a working visit to the U.S., starting April 6, for tariff negotiations.

AmCham Vietnam in a release on Tuesday said it is encouraged by the "quick and reasoned responses" of the Vietnamese government in reaction to the new U.S. tariffs.

The chamber added that it is "pleased to learn of the constructive telephone exchange" between Party chief To Lam and President Trump on April 4.

The General Statistics Office of Vietnam reported on Sunday that Vietnam posted a trade surplus of $3.16 billion in Q1/2025. The U.S. was Vietnam’s biggest export market with an export revenue of $31.4 billion, up 16.5% year-on-year. Vietnam’s trade surplus with the U.S. in January-March was $27.3 billion, up 22.1% year-on-year.

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), declined for four consecutive sessions by a total of 221.12 points, following Trump’s April 2 announcement on massive 46% reciprocal tariffs on imports from Vietnam. (Monday saw no trading as it was a national holiday in Vietnam). The index dropped 38.49 points, or 3.4%, to 1.094,3 on Wednesday.

Global stock market indices rocketed sharply higher Wednesday on Trump’s latest announcement, reversing four days of losses.

Financial markets have been in turmoil since Trump's announcement, with U.S. stock markets seeing four straight days of declines as of Tuesday.

Trump’s full Truth Social announcement:

Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.

Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!

Comments (0)
  • Read More
Northern Vietnam province determined to break ground on LNG-fueled power project in Sept

Northern Vietnam province determined to break ground on LNG-fueled power project in Sept

A $2.56 billion LNG-fueled power project in the northern province of Hung Yen is set to break ground in September, local authorities reaffirmed.

Energy - Fri, July 25, 2025 | 10:19 pm GMT+7

State-owned giant Petrovietnam seeks to develop eco-energy, industrial center

State-owned giant Petrovietnam seeks to develop eco-energy, industrial center

Petrovietnam is studying a large-scale eco-energy and industrial center project in the country which will be a vital driving force of the group's future development and "a matter of survival", said chairman Le Manh Hung.

Energy - Fri, July 25, 2025 | 3:23 pm GMT+7

Standard Chartered puts Vietnam's 2025 growth forecast at 6.1%, country aims for 'at least 8%'

Standard Chartered puts Vietnam's 2025 growth forecast at 6.1%, country aims for 'at least 8%'

Standard Chartered has revised its 2025 GDP growth projection for Vietnam to 6.1%, down from 6.7% early this year.

Economy - Fri, July 25, 2025 | 2:51 pm GMT+7

Malaysia strives to transform Kuala Lumpur into flagship AI-driven smart city

Malaysia strives to transform Kuala Lumpur into flagship AI-driven smart city

Malaysia identifies AI as a key strategic driver to turn Kuala Lumpur into its leading smart city towards a livable, sustainable urban model and enhancing its competitiveness in ASEAN, according to Malaysian Digital Minister Gobind Singh Deo.

Southeast Asia - Fri, July 25, 2025 | 1:50 pm GMT+7

Bridgestone holds 25% of Vietnam’s passenger tire market: exec

Bridgestone holds 25% of Vietnam’s passenger tire market: exec

Vietnamese consumers purchase approximately 3 million passenger tires annually, with Bridgestone holding a 25% share of the market, said Nguyen Ngoc Dung, senior national sales manager for the passenger tire group at Bridgestone Vietnam.

Companies - Fri, July 25, 2025 | 1:43 pm GMT+7

Vietnam securities firms see diverging profits in Q2

Vietnam securities firms see diverging profits in Q2

The top 10 securities companies on the Ho Chi Minh Stock Exchange (HoSE) experienced mixed earnings in Q2 amid the strong rebound of the benchmark VN-Index.

Finance - Fri, July 25, 2025 | 12:55 pm GMT+7

Vietnam's retail space market rebounds after massive crackdowns on counterfeit goods

Vietnam's retail space market rebounds after massive crackdowns on counterfeit goods

The presence of numerous international brands in Ho Chi Minh City and Hanoi signals that Vietnam's retail market remains attractive, and following a wave of authorities' crackdowns on counterfeit goods, consumers are expected to benefit from a more sustainable market.

Real Estate - Fri, July 25, 2025 | 10:46 am GMT+7

Vietnam's plastics heavyweight Tien Phong sees record-high quarterly profit

Vietnam's plastics heavyweight Tien Phong sees record-high quarterly profit

Tien Phong Plastic JSC, a top plastics manufacturer in Vietnam, posted an after-tax profit of VND320.5 billion ($12.26 million) in Q2/2025, up 34.5% year-on-year and an all-time quarterly high.

Companies - Fri, July 25, 2025 | 9:00 am GMT+7

VinFast partners with 12 major banks to accelerate green transport in Hanoi

VinFast partners with 12 major banks to accelerate green transport in Hanoi

Vietnamese electric vehicle maker VinFast, a subsidiary of Vingroup, on Thursday signed a cooperation agreement with 12 financial institutions to promote the transition from gasoline-powered vehicles to electric ones in Hanoi.

Companies - Thu, July 24, 2025 | 10:43 pm GMT+7

Thailand submits final proposal in tariff talks with US

Thailand submits final proposal in tariff talks with US

Thailand has entered the final stage of negotiations with the U.S. on tariffs, hoping to achieve a tax rate that is competitive with regional partners before the August 1 deadline.

Southeast Asia - Thu, July 24, 2025 | 10:39 pm GMT+7

Vietnam’s expressway giant VEC lands huge state capital boost

Vietnam’s expressway giant VEC lands huge state capital boost

State-owned expressway developer Vietnam Expressway Corporation (VEC) has seen its charter capital rise by over VND37.5 trillion to VND38.62 trillion ($1.48 billion) this year, as per a decision signed by Minister of Finance Nguyen Van Thang.

Companies - Thu, July 24, 2025 | 10:26 pm GMT+7

Vietnam’s food giant Kido to acquire 41% stake in operator of HCMC mall

Vietnam’s food giant Kido to acquire 41% stake in operator of HCMC mall

Kido Group (HoSE: KDC), a leading food company in Vietnam, has announced its plan to acquire a 41% stake in Bac Binh Construction Investment JSC, the operator of Van Hanh Mall – one of the largest shopping centers in Ho Chi Minh City.

Real Estate - Thu, July 24, 2025 | 10:14 pm GMT+7

Vietnam remains Nike’s biggest manufacturing hub for 3rd year in row

Vietnam remains Nike’s biggest manufacturing hub for 3rd year in row

Vietnam remains Nike’s largest manufacturing base globally for the third fiscal year running, according to the U.S. sportswear giant’s annual report for fiscal year 2025 ending in May.

Companies - Thu, July 24, 2025 | 4:24 pm GMT+7

Gia Binh to be northern Vietnam’s largest airport as scale largely revised up

Gia Binh to be northern Vietnam’s largest airport as scale largely revised up

Gia Binh International Airport in Bac Ninh province, an industrial hub neighboring Hanoi, is set to surpass Noi Bai as northern Vietnam’s largest airport, after the construction ministry approved adjustments to its projected capacity and land area.

Infrastructure - Thu, July 24, 2025 | 3:25 pm GMT+7

Ho Chi Minh City powers up as industrial giant post-merger

Ho Chi Minh City powers up as industrial giant post-merger

Vietnam’s southern economic engine Ho Chi Minh City is shifting into high gear, fueled by a landmark merger with neighboring industrial hubs Binh Duong and Ba Ria-Vung Tau.

Companies - Thu, July 24, 2025 | 2:04 pm GMT+7

Malaysia announces cash aid, fuel price cut amid inflation

Malaysia announces cash aid, fuel price cut amid inflation

Malaysian Prime Minister Anwar Ibrahim on Wednesday announced new measures to address growing public concern about the rising cost of living, including a cash handout for all adult citizens and a promise to lower fuel prices.

Southeast Asia - Thu, July 24, 2025 | 1:44 pm GMT+7