U.S. Officially Imposes Global Countervailing Duties, Asian Stock Markets Plunge

At 11:01 AM on April 9, 2025 (Vietnam time), the U.S. government officially implemented new countervailing duties on a wide range of countries and territories. This is considered the highest level of tariffs in over a century, aimed at reducing the trade deficit and protecting the domestic economy. Vietnam, along with many other nations, is now facing significant challenges from this policy.

Details of the U.S. Countervailing Tariffs#

According to the U.S. Customs and Border Protection (CBP), the new countervailing duties are applied as follows:

• Basic Tariff Rate: 10% on all goods imported into the U.S., effective from April 5, 2025.
• Higher Tariff Rate: Effective from April 9, 2025, ranging from 11% to 84% for trade partners with large trade deficits with the U.S.

Among these, China and Vietnam face the highest rates, with tariffs of 104% and 46%, respectively.

Vietnam’s Response#

Request for Tariff Delay#

Prior to the new tariffs taking effect, Prime Minister Pham Minh Chinh requested the U.S. to delay the imposition of tariffs on Vietnam by at least 45 days. The purpose of this request is to allow both sides time to negotiate, prepare, and transition toward a more balanced and mutually beneficial trade relationship.

Planned Vietnam-U.S. Leadership Meetings#

According to Reuters, Deputy Prime Minister Ho Duc Phoc is expected to meet U.S. Treasury Secretary Scott Bessent on April 9 (local time). Additionally, Mr. Phoc plans to meet with senior executives from major American corporations such as Boeing, SpaceX, and Apple later this week.

Impact on Asian Stock Markets#

Immediately after the U.S. tariffs took effect, Asian stock markets reacted sharply:

• Japan: Nikkei 225 dropped over 5%, while the yen appreciated by 1%.
• South Korea: Kospi index fell nearly 2%.
• Hong Kong: Hang Seng index declined by over 1.5%.
• Taiwan: Taiex index plunged by 5.8%.

Reactions from Other Countries#

China#

China announced it would "fight to the end," raising retaliatory tariffs to 84% on U.S. goods, effective April 10. Beijing emphasized that it has both the resources and the determination to respond to Washington’s measures.

European Union (EU)#

The EU is considering retaliatory measures against U.S. goods. A list of potential targeted items includes almonds, diamonds, dental floss, and soybeans. A decision-making meeting is scheduled for April 9.

South Korea#

The South Korean government unveiled a $2 billion support package for its automotive industry in response to the U.S. tariff impact. Additionally, South Korea is planning to initiate negotiations with the U.S. regarding the matter.

Global Economic Impact#

Economists have warned that such high tariffs could trigger a global economic recession. JPMorgan has raised its global recession forecast to 60% by the end of 2025 if the U.S. fully implements its current tariff policy.

The U.S.'s move to impose the highest countervailing duties in over 100 years has caused major turbulence in global financial markets and presents significant challenges—especially for countries like Vietnam.

In this context, active negotiations and cooperative solutions among involved parties are crucial to minimize negative impacts and work toward a fair and sustainable trade environment.