The U.S. government has announced that a new round of tariffs will begin on August 1st. According to international media reports, U.S. leaders have recently indicated that tariff notifications for smaller countries will be issued soon, and that these countries will face import tariff rates "slightly higher than 10%".
In a media interview, the US leader said, "We plan to impose uniform tariff standards on these small economies." He further revealed that imports from at least 100 countries are expected to be subjected to tariffs "in excess of 101 TP3T".
Senior officials at the U.S. Department of Commerce explained that the rate is primarily aimed at countries in Africa and the Caribbean, which have a relatively small volume of trade with the United States and have limited impact on the U.S. strategic goal of reducing the global trade deficit.
In addition, the U.S. government has indicated that it is nearing the end of trade negotiations with Vietnam, while it has reached a comprehensive trade agreement with Indonesia.
On July 15, U.S. leaders announced via social media platforms that following a meeting with the Indonesian president, the two sides had signed a "landmark agreement" under which Indonesia would "fully open its markets to the United States for the first time."
Details of the agreement show that Indonesia has committed to buying $15 billion worth of U.S. energy products, $4.5 billion worth of U.S. agricultural products, and 50 airliners from a well-known aircraft manufacturer. Meanwhile, for the first time, U.S. agricultural and fishery producers will gain full access to the Indonesian market.
Under the terms of the agreement, Indonesia will pay a tariff of 19% on all goods exported to the United States, while goods exported from the United States to Indonesia will enjoy zero tariffs and non-tariff barriers. It is important to note that if goods from high tariff countries are found to be transshipped through Indonesia to the United States, the corresponding tariffs will be added to the tariffs payable by Indonesia.
If the final published text of the agreement is in line with what US leaders have stated, the 19% tariff rate means that Indonesia will face the lowest tariff levels among the more than 20 trading partners that have recently received US tariff notifications. Indonesia thus becomes the first country to reduce U.S. tariff requirements through a trade agreement.
The U.S. government has reportedly sent tariff notices to 24 countries and the European Union, and the new policy will go into effect on Aug. 1, with a maximum tariff rate of up to 501 TP3 T. U.S. leaders have revealed that the U.S. has already struck similar trade deals with a number of countries, and that more agreements are being negotiated.
Author: Kim
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