Trump announces lower tariffs on Vietnamese goods in last-minute trade deal

#Trump #announces #tariffs #Vietnamese #goods #lastminute #trade #deal

President Donald Trump has reached a trade agreement with Vietnam, which will impose a 20 % tariff on many of his exports – which is less than 46 % initially proposed. The announcement came just before the last date of July 9, in which Trump prepared to collect revenue on a wide range of imports.

In his statement, Trump noted that goods transferred from third countries to Vietnam would be imposed by 40 %, while the Vietnamese markets would open for US goods at zero rates.

The agreement aims to reduce trade veins and avoid the wider effects of tariff increase on Vietnam, one of the major trade partners in the United States. Trump made the announcement after talking to the Vietnam president, and called it a “great honor” to finalize the arrangement.

The agreement is seen as a compromise to reduce pressure on importers while maintaining the administration’s strict trade currency.

Details were lacking, and it was not immediately clear how the purpose of any transmission supply would be implemented in China and how to end in Vietnam and then to Vietnam.

The Vietnamese government said in a statement that the two countries agree on a joint statement about the trade framework. It did not confirm the specific level of tariffs mentioned by Trump.

The government in Hanoi said that Vietnam would “vow to provide access to the priority market for US goods, including large engineers.”

An agreement between the two countries will be a political promotion for Trump, whose team has struggled to immediately shut down the agreements with Washington’s largest trade partners before the deadline.

Although the administration has sought the next agreement with India, before the UK and China reached the people. Talking with Japan, the sixth largest trade partner in the United States and the nearest ally in Asia appeared to be deadlock.

The United States is Vietnam’s largest export market, and the growing economic, diplomatic and military relations between the two countries are a hedge against Washington’s largest strategic rival, China. Vietnam has worked to maintain a close relationship with the two superpowers.

Shares of large US costumes and sportsware makers, including Naik, under -armor and North Facial Company VF Corporation, raised the news every day.

Vietnam said Lam also asked Trump to recognize Vietnam as a market economy and lose sanctions on the export of high -tech products to the country. These changes have long been called by Hanoi and Washington has dismissed it.

The White House and the Vietnamese Trade Ministry did not respond to additional comment requests.

Trade relations are growing

Since Trump has imposed hundreds of billions of dollars in Chinese goods in his 2017-2021 period, US trade with Vietnam has exploded, although almost all of it tries to work for China Levis in the form of goods to the United States in Vietnam.

The Census Bureau’s data shows that since 2018, Vietnam exports have increased to $ 137 billion in less than $ 50 billion this year in 2024 this year. At present, US exports to Vietnam have only increased by only 30 % – which is more than just $ 13 billion last year, less than $ 10 billion in 2018.

On LinkedIn, Din Shera & Associates business adviser Dan Martin said, “Transaching” is an ambiguous and often political term in the implementation of trade. How is it explained and how it is practically applied, it will form a future for US trade relations. “

Trump announced a wave of taxes for countries around the world on April 2, before the implementation of most duties until July 9. More than a dozen countries are actively talking to the Trump administration to avoid the increase in taxes on their exports.

In exchange for special access to aircraft engines and British beef, the UK accepted 10 % US tariff on many goods.

Like the contract with the UK in May, Vietnam resembles a more framework than a final trade agreement.

China and the United States also suffered a reconciliation in a tight -for -tariff war, in which Beijing restored US access to some rare land minerals, but the two sides left most of their differences in later negotiations.

“If Trump had been trapped in China with more than 46 percent of the current prices, he feared that he would be backward in his rivals, especially in Southeast Asia, said a thin tank,” said Murray Hebert, a senior colleague of the Southeast Asia program in CSIS, said a think tank, a senior colleague of the Southeast Asia program in CSIS, said Murray Hebert, a senior colleague of the Southeast Asia program.

“It potentially creates Vietnam’s confidence in the United States and has eliminated some of its security cooperation with Washington, especially at a time when China has turned its attention from Vietnam to the Philippines in the South China Sea.”