Vietnam, Taiwan Extend Olive Branch While India, Hong Kong Dial Diplomatic Channels As Trump's Tariff War Roils Markets

Asian nations Vietnam and Taiwan have reached out to U.S. President Donald Trump, offering as low as zero import tariffs on American goods, among other offers, to cut deals after the U.S. announced sweeping levies last week.

On the other hand, China and Europe are on the offensive.

China said it will impose a 34% tariff on all imports from the U.S. from April 10, while the European Union has called on its members to discuss and jointly impose levies.

Vietnam, a key contract manufacturer of clothes and shoes for American brands, has offered to remove all tariffs and asked for a 45-day rebate. The U.S. imposed a 46% levy on Vietnamese goods, set to go into effect on April 9.

Trump said on Friday that he had a "very productive call" with the country's leader, To Lam, raising hopes for a deal.

Similarly, Taiwanese President Lai Ching-te has said talks can start from "zero tariffs," and industries such as electronics, petrochemicals, and natural gas will seek to boost investments in the U.S.

Taiwan, home to TSMC, is the largest supplier of semiconductors, although chips are exempt from U.S. tariffs for now.

India, Hong Kong, Indonesia, and Singapore, among others, are reportedly taking a more diplomatic approach.

All of them have indicated that they will not impose counter-tariffs on U.S. imports to their countries and are focusing efforts on negotiating bilateral trade deals.

The fallout from U.S. tariffs, announced last week, has roiled global markets, with the impact continuing as markets open on Monday.

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