Market Highlight 24.07.2026

The U.S will impose tariffs ranging from 10% to 12,5% on its key trading partners as part of a new tariff policy designed by President D. Trump’s administration on the grounds of combating forced labor. The new tariffs, announced on Thursday by U.S Trade Representative Jamieson Greer, are intended to replace the temporary 10% global tariff, which is set to expire early Friday morning. President D. Trump imposed that temporary tariff in February after the Supreme Court rejected most of his global tariffs. The new tariff targets 60 countries that account for around 99% of U.S trade turnover. Goods subject to separate national security tariffs, such as steel, aluminum, automobiles, and auto parts, will not be subject to the new tariff, while some imported food and agricultural products, fertilizers, and energy products will also be exempted. The immediate economic impact of the new tariffs is expected to be limited, as the rate is broadly equivalent to the 10% global tariff that will expire on Friday morning. However, trade experts noted that several other tariff plans are scheduled for the coming months, which could further increase costs for businesses and consumers, as well as risks to global trade activity.

The USD strengthened sharply on Thursday, rising by 0,3% to a 40-year high against the JPY at 163,8 and gaining against the EUR by 0,33%, as oil prices continued to rise amid escalating tensions in the Middle East, while the European Central Bank kept its policy rate unchanged. Oil prices rose for a fifth consecutive day, with Brent crude touching 100 USD/barrel for the first time since 26/5.

Domestically, interbank USD/VND eased back by around VND 10 to 26.310 by the end of yesterday. The effective daily ceiling rose by a further VND 13 to 26.535.

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