- White Home senior counselor for trade and manufacturing Peter Navarro stated in an interview that Vietnam’s offer for 0% tariffs on U.S. imports “means nothing.” He added that eliminating tariffs on the U.S. is only a begin and shifted the emphasis to non-tariff trade limitations and different points which might require main inside shifts in goal nations.
Vietnam scrambled to offer no tax on U.S. imports after President Donald Trump hit the nation with 46% tariffs, however that transfer wasn’t sufficient for Trump trade counselor Peter Navarro, who accused it of “cheating” and elevated the expectations for nations focused by new tariffs.
Navarro, Trump’s senior counselor for trade and manufacturing, stated in an interview with CNBC Monday that the nation’s offer “means nothing.”
“Let’s take Vietnam. Once they come to us and say ‘we’ll go to zero tariffs,’ that means nothing to us because it’s the non-tariff cheating that issues,” he stated.
Navarro stated that the alleged “non-tariff cheating” he referred to included letting China route its exports by way of a rustic to keep away from tariffs, stealing mental property, and levying a value-added tax (VAT) on merchandise.
Later, Navarro added that amongst the many issues the administration sees with its buying and selling companions are export subsidies, foreign money manipulation, and “phony” technical and security limitations for U.S. agricultural merchandise.
“All of them cheat us otherwise,” he stated.
Fifty nations have already reached out to barter tariff agreements with the White Home, Kevin Hassett, director of the Nationwide Financial Council, informed Fox Information Monday. And whereas Navarro stated Trump would take heed to any affords, the president has stood agency on final week’s “liberation day” tariffs to this point.
On Monday, Trump threatened China with 50% extra tariffs if it didn’t drop its retaliatory tariffs on U.S. imports.
Whereas Navarro argued that the Trump administration needs to revive “equity” to world trade, he additionally seemingly moved the goalposts for negotiating nations by emphasizing “non-tariff limitations” over international tariff insurance policies. Eliminating many of those insurance policies, corresponding to VATs, would require main home adjustments in the goal nations.
He referred to as Vietnam and different nations’ offer of 0% tariffs on U.S. imports “a small first begin.”
“This zero tariff factor, it is a misdirection,” he added.
Trump’s tariffs paired with a tax reduce the administration is reportedly planning will assist American employees, Navarro claimed.
In the meantime, the inventory market has plummeted on the tariff information, shedding $6.6. trillion in worth final week. On Monday afternoon shares noticed some reduction however have been nonetheless shaken. The tech-heavy Nasdaq was up lower than 1% whereas the benchmark S&P 500 index was down 0.2%. The Dow Jones was down 1%.
This story was initially featured on Fortune.com
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