- High Adviser at White House for Trade and Production Peter Navarro In the interview, he said that Vietnam’s offer of 0% tariffs for imports “means nothing”. He added that to get rid of US tariffs is just the beginning and shifted the emphasis on non-tariff trade barriers and other issues that will require major internal changes in the target countries.
Vietnam tried to offer No US import tax After President Donald Trump hit the country with 46% tariffs, but the move was not enough for Trump’s Trump adviser Peter Navarro, who accused him of “cheating” and raised expectations for countries targeted by new tariffs.
Navarro, Senior Trump’s Adviser on Trade and Production, said in Interview with CNBC Monday that the country’s offer “means nothing”.
“Let’s take Vietnam. When they come to us and say” go to zero tariffs “, that means nothing to us because it’s a non-tariff cheating that matters,” he said.
Navarro said that the alleged “non-tariff cheating” that referred to, included and allowed China to direct its export through a country to avoid tariffs, steal intellectual property and impose value added tax (VAT) on products.
Later, Navarro added that among many problems the administration sees their trading partners are export subsidies, currency manipulation and “false” technical and security barriers for US agricultural products.
“Everyone is cheating on us in a different way,” he said.
Fifty countries have already been reached to negotiate tariff agreements with the White House, Kevin Hasset, director of the National Economic Council, said Fox News Monday. And while Navarro said Trump would hear any offers, the president was standing firmly on last week Tariffs “Liberation Day” So far.
On Monday, Trump threatened China With 50% additional tariffs If he does not miss his retaliation tariffs for US imports.
While Navarro claims that the Trump administration wants to restore “fairness” to global trade, it also has shown targets for countries in negotiating by highlighting “non-tariff barriers” for external tariff policies. Eliminating many of these policies, such as VAT, will require major domestic changes in target countries.
He called the offer of Vietnam and other countries of 0% tariffs for US imports “small first”.
“This zero tariff work, it’s wrong,” he added.
Trump’s tariffs paired with tax cuts, the administration reportedly plans to help US workers, Navarro claims.
Meanwhile, the stock market dropped to the tariff news, losing $ 6.6. Trillion worth last week. On Monday afternoon, the actions noticed relief, but they were still distressed. Technology heavy Nasdak It was up to less than 1%, while the S&P 500 index decreased by 0.2%. Dow Onesons was reduced by 1%.
This story was originally shown on Fortune.com
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