PM requests to set up response team following US announcement of new tariffs

Prime Minister Pham Minh Chinh has requested immediate establishment of a rapid response team after the US Administration announced universal tariff range from 10- 49% country by country.

The response team will be headed by Deputy Prime Minister Bui Thanh Son.

Chairing a meeting on April 3 to discuss immediate and long-term measures relating to the issue, PM Chinh emphasized the current situation shows that trade competition is becoming fiercer, complicated and unpredictable.

Vietnam hopes that the US would have a policy that is consistent with the good relations between the two countries, the wishes of the people of both sides and Vietnam's efforts in recent times, in line with the conditions and circumstances of Vietnam as a developing country, still having to continue to overcome the severe and prolonged war consequences, the PM said.

He assigned Deputy Prime Minister Ho Duc Phoc to direct ministries and agencies to collect opinions from businesses, including large export enterprises.

The PM also reiterated the Government's GDP growth target of at least 8% for 2025 remains unchanged

According to the universal tariff announced by the US Administration,  Cambodia is subject to the highest tariff rate of 49%, followed by a 46% tariff on imports from Vietnam.

Meanwhile, the European Union faces a 20% tariff, and China would have an additional tariff of 34%. 

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