Several government officials – and private sector representatives – have shared their belief that Cambodians should not be overly concerned about US President Donald Trump’s announcement that the Kingdom will be subject to 49% “Reciprocal Tariffs”.
It has also been suggested that the Cambodian government will engage in negotiations with the US government to lessen the
impact of the new duties.
On April 3, (Cambodian time), Trump announced new customs tariffs on imported goods from most of its trading partners, including Cambodia. He displayed a graph which suggested that the Kingdom currently imposes tariffs of 97% on US imports, and then said he will half the figure in return.
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Pan Sovicheat, spokesperson for the Ministry of Commerce, told The Post that the 97% tariff figure announced by the US lacks any clear foundation. In reality, the tariffs Cambodia imposes on US goods average just 29.4%.
“The government and the commerce ministry are not alarmed by this issue. We will make every effort to protect the interests of the export industry, as well as the interests of workers in Cambodia,” he said.
He added that the ministry is working with all relevant institutions to conduct a study and assess the impact on Cambodia’s export industry. This study will provide concrete data for bilateral discussions and negotiations, as Cambodia is an ASEAN member, and the US engages in trade with ASEAN countries.
“We can conduct negotiations under the regional framework as partners with the US, as well as bilateral discussions, or within the framework of the World Trade Organization. It is clear that many member nations of the World Trade Organization are also affected by the US tariff increase,” he acknowledged.
Ly Kunthai, president of the Confederation of Cambodia Investors Association (CCIA) and president of the Cambodia Footwear Association, told The Post that despite growing concerns and widespread discussions about the tariff increases, he is not particularly worried.
“I think we don’t have much to worry about because I believe the Cambodian government will have negotiations with the US side. I am confident it will not have a significant impact,” he said.
Kunthai also noted that the Kingdom is currently promoting its garment products to European countries, Canada, the UK and the ASEAN region.
Meas Sok Sensan, spokesperson for the Ministry of Economy and Finance, spoke with local media outlet Fresh News.
“A ministry task force has reviewed the implications of the tariff increase, and we will take concrete and thorough measures to ensure that our economy remains competitive and continues to grow, benefiting citizens’ employment opportunities,” he said.
Source: The Nation
