President Trump imposes 10% tax on all imports, Vietnam bears 46%

US President Donald Trump said on April 2 (US time) that he would apply a basic tax rate of 10% on all imports into the country.

According to The Hill, the reciprocal tax rate that Mr. Trump will impose on a series of America’s largest trading partners, including China, will be 34%; Japan will be 24%; India will be 26%; Switzerland will be 21%; Indonesia will be 32%; Malaysia will be 24%; Cambodia will be 49%. As for the European Union, the reciprocal tax rate that Washington will impose on this bloc is 20%.

The White House in a statement released on the afternoon of April 2 (Washington DC time) affirmed that Mexico and Canada will not be subject to new reciprocal tariffs.

The three countries subject to the highest reciprocal tariffs are Cambodia, Laos and Madagascar. Vietnam – the 8th largest trading partner of the US – is also subject to a tariff of up to 46%. The general tariff of 10% will be applied from April 5, while the reciprocal tariffs will take effect from April 9.

In addition, the US will also impose a 25% tariff on all imported cars from April 3. With the above tax imposition, President Trump hopes to collect 6 trillion USD for the American people.

“April 2, 2025, will be remembered as the day American industry was reborn, the day America regained its fortune, and the day we made America wealthy again. This is one of the most important days in American history,” President Trump said.