How Asia is saving the economy from Trump's tariffs: strategies of Japan, India, South Korea
Kyiv • UNN
Asian countries are responding to US tariffs, protecting their financial interests. Japan is negotiating, South Korea is providing support to automakers, India is cutting rates.
Leading Asian economies are trying to protect their financial interests by responding to tariffs announced by the US president last week.
UNN reports with reference to Іndependent.
Details
The increase in tariffs by the US president to the highest level in the last 100 years has raised fears of recession among Asian countries. The eastern region of the world produces most of the goods sold around the world, and against the background of the aggravation of the global trade war, this may significantly affect the financial interests of countries such as South Korea, Japan, China, India and others.
Japan is one of America's strongest allies, which has suffered from a 24 percent duty. The country's Prime Minister, Shigeru Ishiba, appealed to Washington, emphasizing that Donald Trump's tariff policy is extremely disappointing and called for it to be revised. In response, Trump confirmed that Japan is sending a team to the United States to negotiate trade.
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China, which has been hit hardest by the impressive 104% duties, has refused to submit to Trump's pressure. The PRC promises to "fight to the end" in this confrontation. Beijing introduced a 34% duty on imports of goods from the USA in response to Trump's tariffs. It also became known that China will increase additional duties on US imports from 34% to 84% from 10 April in response to new US restrictions.
The government of South Korea confirmed that cars and auto parts are "the main item of South Korea's exports to the United States", so the decision to introduce a 25% duty on these goods "will significantly affect" the country's industry.
Seoul rushed to protect the automotive industry, announcing an emergency support package for South Korean automakers. It is about the amount of 2 billion dollars.
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The Central Bank of India has cut interest rates for the second time this year to stimulate the slowing economy and prepare for the devastating consequences of the newly introduced US tariffs.
Vietnam has requested a 45-day deferral of the introduction of American tariffs. At the same time, Prime Minister Pham Minh Chinh promised that Hanoi would buy more American goods, including defense and security products.
Let us remind you
US President Donald Trump said that the US does not plan to suspend tariffs. He noted that Washington will conclude fair deals with all countries.
Due to Trump's duties and the trade war, the situation on the markets is getting worse. US stocks are falling, and Asian markets are suffering from their worst week since the pandemic.