The United States has announced a 24 per cent reciprocal tariff on exports from Brunei Darussalam as part of a sweeping tariff policy unveiled by President Donald Trump. The move follows the president’s executive order imposing new tariff rates on multiple countries, including a baseline 10 per cent tariff on all imports.

According to the list of new tariffs released by the White House and held up by President Trump during a press conference, Brunei charges 47 per cent—including currency manipulation and trade barriers—on US exports to the Sultanate. The US has now responded with a 24 per cent tariff on Brunei’s exports.

Speaking at the White House on Wednesday, President Trump said, “I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal means they do it to us, and we do it to them—very simple, can’t get any simpler than that.”

He added that the new tariffs would help revive domestic industries, open foreign markets, and lower prices through increased local production.

The United States’ key trading partners facing higher tariffs include the European Union (20 per cent), China (54 per cent), Vietnam (46 per cent), Thailand (36 per cent), Japan (24 per cent), and Cambodia (49 per cent).

Reports from the US indicate that the 10 per cent minimum tariff will take effect on April 5, while the higher reciprocal tariffs will begin on April 9. Additionally, a 25 per cent tariff on all foreign-made automobiles will be enforced from midnight on the same day.

The Ministry of Finance and Economy (MOFE) in response said it will be engaging with US counterparts to seek clarifications and better understand on US’s new tariff regime.

Concurrently, MOFE is conducting assessment on the potential impacts of the tariff regime on Brunei exports to the US and will continuously engage with the affected exporters.

Brunei’s total trade with the US stood at BND537.1 million in 2024 whereby Brunei’s export’s value was BND238.7 million while Brunei’s import from the US was BND298.4 million. Brunei’s major exports to the US are Chemicals, Mineral Fuels, and Machinery and Transport Equipment, while our main import commodities are Machinery and Transport Equipment, Miscellaneous Manufactured Articles, and Chemicals. – James Kon

-- Courtesy of Borneo Bulletin