PHNOM PENH: Cambodian Prime Minister Hun Manet on Friday welcomed a 19 percent trade tariff imposed by US President Donald Trump, avoiding a threatened levy of 36 percent.
“This is the best news for the people and economy of Cambodia to continue to develop the country,“ Hun Manet wrote on Facebook.
Trump had originally threatened a swingeing 49 percent tariff on Cambodia as part of his “Liberation Day” measures aimed at rebalancing world trade in America’s favour, but cut it to 36 percent last month.
Dozens of countries face steep levies under the tariff regime approved by Trump in Washington on Thursday, set to come into force in a week.
Cambodia is a major manufacturer of low-cost clothing for Western brands, with garment products accounting for most of its $10 billion in exports to the United States last year.
Many factories in Cambodia are Chinese-owned and the White House has accused the kingdom of allowing Chinese goods to stop over on the way to US markets, thereby skirting steeper rates imposed on Beijing.
The tariff announcement came days after Trump intervened to help broker a ceasefire between Thailand and Cambodia to end border clashes that left more than 40 people dead -AFP
