Washington: On April 2, the announcement by U.S. President Donald Trump of retaliatory tariffs against several countries caused widespread unease across global markets, especially Asia-focused ones like Vietnam and China, sparking fears across financial markets worldwide. China and Australia, as well as Indian stock markets, were particularly hard hit – losing over three thousand points as soon as trading opened today alone!
Vietnam, a Southeast Asian country, has taken steps to resolve their trade dispute with the U.S. By writing To Lam’s letter on April 5, 2025, requesting a 45-day tariff exemption starting after April 9, Vietnam offered U.S. products entry without incurring tariffs in return.
Trump’s decision to implement such high tariffs has had an enormous impact on Asian nations, most significantly Vietnam and China. According to reports, Vietnam had become an important business partner of China; his action will undoubtedly cause considerable losses for them both and have significant ramifications for Chinese relations economically.
Reaction to the tariff announcement has been swift and widespread, with markets worldwide experiencing drastic drops. At press time, India’s Sensex had fallen by more than four per cent to close at 72315.17 points—down 3,049.52 from where it originally opened trading at.