Vietnam is Going To Cut Its Tariffs Against The U.S. To 0%
Washington: After confronting high tariffs as a result of his trade policies, US President Donald Trump said on Friday that Vietnam’s top leader was eager to negotiate a deal to reduce tariffs, according to AFP.
Trump claimed to have had a “very productive call” with To Lam, the general secretary of the Communist Party of Vietnam, in a post on Truth Social. Lam stated that Vietnam would be willing to lower tariffs to zero if a deal with the US could be struck.
“I thanked him on behalf of our Country, and said I look forward to a meeting soon,” the president wrote.
A 46% tariff
Vietnam is Going To Cut Its Tariffs :Vietnam, a key manufacturing hub and the US’s largest trading partner in Southeast Asia last year, was hit with a 46 percent tariff as part of Trump’s broader trade measures. Despite initial claims from officials that the tariffs were non-negotiable, Trump’s remarks suggest a potential shift.
Vietnam’s trade surplus with the US doubled between 2017 and 2023 as a result of businesses shifting their manufacturing there as a result of Trump’s trade conflict with China during his first term. Major brands that operate in the nation now face higher costs as a result of the additional tariffs.
Nike now has to deal with far greater costs. In the 2024 fiscal year, the company made more than 25% of its clothing and half of its shoes in Vietnam. Similarly, as it evaluates the effects of the tariffs, Japanese gaming behemoth Nintendo, which has increased production in Vietnam and Cambodia, said on Friday that it would postpone preorders for its next Switch 2 system, which is scheduled to arrive on June 5.
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