[Source/Observer Network, Liu Chenghui] Trump's series of counter-tariff moves have caused huge fluctuations in the global market. Many parties have made intensive statements, but the reactions show temperature differences.
The EU warned that the tariffs will bring "terrible consequences" to the world and threatened to take retaliatory measures; Italy described these tariffs as "wrong approaches," while several European countries expressed opposition to the tariffs but also stated their intention to continue cooperating with the US; Australia criticized the tariffs as "senseless" but said it would not retaliate; Japan expressed "extreme regret," Vietnam and South Korea held emergency meetings to discuss countermeasures; the UK "relieved" itself as the tariff rate (10%) imposed on it was half of the EU's.
A spokesperson for China's Ministry of Commerce gave a statement on April 3 regarding the US announcement of counter-tariffs. The spokesperson noted that the US announced "counter-tariffs" on all trading partners on April 2 (EDT). China firmly opposes this move and will resolutely take countermeasures to safeguard its own interests.
Local time on April 2, 2025, US President Trump announced the so-called "counter-tariff" measures against trading partners at the White House. Visual China
EU (20%): Preparing further countermeasures
Soon after the announcement, EU Commission President Ursula von der Leyen said on April 3 that Trump's tariffs were a "major blow to the world economy."
"The global economy will suffer significant losses, uncertainty will continue to rise, and protectionism will further escalate," she said. "This will bring terrible consequences to millions of people worldwide – especially for the most vulnerable countries that are currently facing the highest US tariffs."
Von der Leyen warned that if negotiations with the US fail, the EU is prepared to take further countermeasures "to protect our interests and businesses."
April 3, EU Commission President Ursula von der Leyen holds a press conference before the EU-Central Asia Summit. Visual China
The French presidency said on April 3 that French President Emmanuel Macron would convene representatives from companies affected by US tariffs later that evening.
French government spokesman Primaire previously stated that Trump's tariffs would lead to "serious economic chaos," not only in Europe but also in the US. French Industry Minister Marc Feraly said the same day that Europe would respond to the US in a proportional manner.
UK Prime Minister Starmer then "relieved" himself. He said that any tariffs are not good, but the tax rate (10%) imposed on the UK is only half of the EU's, "proving that our approach is correct." Sky News reported that overall, people considered this a "good outcome."
Other European countries also made subsequent statements.
Italian Prime Minister Meloni said, "We will do everything possible to reach an agreement with the US to avoid a trade war, as a trade war will inevitably weaken the West and benefit other global participants."
Spanish Prime Minister Sanchez said that Spain will protect companies and workers and will continue to be committed to an open world.
Swedish Prime Minister Kristersson said that Sweden does not want a trade war and hopes to return to the path of trade and cooperation with the US.
Swiss President Keller-Suter said that compliance with international law and free trade remains core values, and Switzerland will quickly determine its next steps to safeguard the country's long-term economic interests.
Ireland's Prime Minister Michael Martin said that Trump's new tariff measures are regrettable, and Ireland will "consider" how to respond.
Japan (24%): Extremely regretful
South Korea (25%): The reality of a global tariff war has arrived
Hankyook Ilbo pointed out that the US tariff rate (25%) on South Korean imports is higher than Japan's (24%) and the EU's (20%), which will put South Korea at a disadvantage in competing with the US. Adding insult to injury, this measure makes the US-Korea Free Trade Agreement fail to achieve its expected effect, effectively becoming invalid. South Korea may need to renegotiate a new trade agreement with the US.
South Korean Acting Prime Minister Han De-soo convened an emergency meeting of the National Economic Security Strategy Task Force on April 3 to discuss countermeasures against the US' counter-tariff measures.
Han De-soo said that the reality of a global tariff war has arrived, and the current economic situation is extremely severe. The government must spare no effort to overcome the current trade crisis. Han De-soo instructed Industry, Trade, and Resources Minister Andregen to work with Korean companies to analyze the specific content of the US counter-tariff measures, actively communicate and negotiate with the US, and formulate support policies for industries and enterprises heavily affected, such as automobiles.
According to reports by Kyodo News, before the US announced the counter-tariff measures, Japanese Economy, Trade, and Industry Minister Takeo Wuji revealed at a press conference that he had held online talks with US Commerce Secretary Rutenick again, requesting Japan's exclusion from the list of countries subject to additional tariffs.
Clearly, the results did not meet Japan's expectations. In response to Trump's announcement of the counter-tariff measures, Japanese Prime Minister Shinzo Abe expressed "extreme regret."
Japanese Chief Cabinet Secretary Hirokazu Matsuno also expressed "extreme regret" at a regular press conference, expressing concern about whether this decision complies with WTO agreements and the US-Japan Trade Agreement.
Bank of Japan Governor Kazuo Ueda also said that these tariffs may have a major impact on international trade activities. "This is regrettable, but there is high uncertainty, so we will closely monitor policy developments to more accurately grasp their economic impact."
Nikkei News noticed that the objects subject to additional tariffs are countries and regions identified by the US government as "the most serious violators" - approximately 60 countries and regions. Japan is believed to be included. Trump specifically mentioned Japan's automobile industry regulations when announcing the counter-tariffs, criticizing that "Japan imposes a 700% tariff on rice."
The Trump administration believes that after taking into account non-tariff barriers and other factors, Japan effectively imposes a 46% tariff on US goods. Therefore, the US decided to apply a 46% tariff rate to Japan, which is halved, i.e., a 24% tariff rate.
Australia (10%): Senseless, to be taken to the WTO
According to reports by the Australian Broadcasting Corporation (ABC), after the US announced a 10% benchmark tariff on Australian goods, Australian Prime Minister Albanese threatened to use the "dispute resolution" power in the Australia-US Free Trade Agreement to take the US to the World Trade Organization (WTO). However, he clearly stated that they would not take retaliatory measures.
"Today's unilateral actions taken by the Trump administration towards countries around the world are not surprising... But let me make one thing clear, they are senseless. President Trump mentioned counter-tariffs, but this should be zero tariffs, not 10%," Albanese said. "The US government's tariffs are illogical and violate the foundation of our partnership. This is not the behavior of friends."
He also said that Trump's tariffs will cause the greatest harm to Americans, amounting to "economic self-harm." "That is why our government will not seek counter-tariffs. We will not join a race to the bottom that leads to rising prices and slower growth."
New Zealand also questioned the logic of Trump's tariffs. New Zealand Prime Minister Lacson said that tariffs and trade wars are detrimental to the global economy. New Zealand Trade Minister Todd McClay said that New Zealand's tariff level is "very low," "lower than the 10% benchmark tariff imposed by the US on all countries." However, he said that New Zealand will not seek retaliation because it would raise prices for New Zealand consumers and trigger inflation.
In addition, the US also imposed a 29% tariff on Norfolk Island, a small island in the South Pacific. With a population of only about 2,000 and an economy mainly based on tourism, the island's administrator George Plant said, "As far as I know, we have not exported anything to the US, nor do we impose any taxes on anything, and there are no non-tariff barriers. We are completely baffled."
Southeast Asian Countries Suffer General Impact
Thailand (36%): Ready with strong plans to cope
Some South Asian and Southeast Asian countries have also become targets of Trump's high tariffs: the US imposed a 36% tariff on Thailand, a 46% counter-tariff on Vietnam, Bangladesh, and Sri Lanka, and a 49% tariff on Cambodia.
The Vietnamese newspaper Tien Phong reported that within hours after Trump announced the tariff decision, Vietnamese Prime Minister Pham Minh Chinh convened an emergency cabinet meeting. The media quoted a Vietnamese trade official as saying that the trade minister would submit a report on the impact of the tariffs on Vietnam's exports and economic growth prospects.
According to The Straits Times on April 2, Vietnam's government will continue to send delegations to the US over the weekend to seize the last opportunity to negotiate tariffs.
March 27, Bangkok, Thailand, Thai Prime Minister Prayut Chan-o-cha holds a press conference at the Government House. Visual China
According to a March 3 report by The Bangkok Post, Thai Prime Minister Prayut Chan-o-cha said that Thailand would negotiate tariffs with the US. Agence France-Presse cited Prayut as saying that Thailand is ready with a "strong plan" to deal with the US's increasing new trade tariffs and hopes to reduce tariffs through negotiations.
Prayut also said that the Thai government will take measures to mitigate the impact of the 36% tariff imposed by the US on Thailand. She added that Thailand is committed to working with the US to achieve sustainable economic growth, but Thai exporters should also explore other markets to reduce reliance on a single major market.
The extent of Trump's tariff increase has left many economic analysts caught off guard. Al Jazeera reported on March 3 that a preliminary assessment report by Oxford Economics initially evaluated that the tariff rates will rise to the highest levels since the 1930s, "exceeding our previous forecasts for Trump's comprehensive tariff increases."
Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore, said that the severity of the tariffs is "more serious than expected," which aligns with the reactions of stock markets and other analysts.
Elms said, "Every region in Asia obviously suffered a blow, and this export-dependent region will truly face the dilemma of sudden and significant tariff hikes. The damage is particularly severe for poorer countries – for example, Myanmar's tariff increase is 44%, and Cambodia's increase is even higher."
"This will further worsen the already poor and fragile market conditions," she said.
The Economist reported on March 30 that Trump's plan "will raise US tariff levels to the highest since World War II, slowing US economic growth, increasing inflation, exacerbating inequality, and likely causing fiscal problems."
Alex Durant, a senior economist at the US think tank Tax Foundation, said that the US is "slowly heading toward" tariffs seen since the 1930s. He said, "Each tariff measure brings us closer to a potentially economically damaging general tariff. I think, behind the scenes, even some of Trump's staff are worried that they are rapidly approaching an irreversible point."
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