Vietnam: 40% Tariffs on Transshipped Goods Spark Speculation
Vietnam has implemented a 40% tariff on products that transit through the country via transshipment methods, a move that has generated speculation due to a lack of specific definitions for such goods. The agreement also establishes zero taxation for american products exported to Vietnam.
Indonesia: 19% customs Duties Agreed Upon
A recently signed framework agreement between the United States and Indonesia sets customs duties at 19% for Indonesian products, a reduction from a previously discussed potential rate of 32%. In exchange for this concession, Indonesia has reportedly agreed to eliminate nearly all of its customs duties on American products and to recognize U.S. standards in sectors such as automobiles and pharmaceuticals.
Furthermore, Indonesia is expected to revise its digital economy taxation plans and has committed to lifting existing restrictions on critical mineral exports.This development follows an earlier commitment by Indonesia on July 8 to increase imports of american agricultural and oil products.
