U.S. President Donald Trump¡¯s new reciprocal tariffs are set to hit some of the world¡¯s poorest nations the hardest, putting their labor-intensive export industries at risk and diminishing one of the U.S.¡¯s biggest economic advantages over rival China.
Cambodia was slapped with Asia¡¯s highest tariff rate of 49% in Trump¡¯s levies announced Wednesday. Garment manufacturing giant Bangladesh was hit with a 37% rate, while in Myanmar, where a devastating earthquake last week left more than 3,000 dead, the U.S. imposed a 45% duty. The southern African nation of Lesotho received a 50% tariff, the highest of any country.
¡°Oh, look at Cambodia, 97%,¡± Trump said at the White House, drawing laughter as he pointed to the levy the U.S. is subjected to from the Southeast Asian nation. ¡°They made a fortune with the United States of America.¡± The average Cambodian earns about $6.65 a day, according to World Bank data, less than a fifth of the global average.
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