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In an effort to prevent the U.S. from imposing a hefty 46% tariff on Vietnamese goods, Vietnam has offered to eliminate all tariffs on U.S. imports.
This proposal comes as trade tensions between the two nations have escalated, with President Trump planning to enforce the new tariffs on April 9, 2025.
Vietnam’s Deputy Prime Minister and Foreign Minister, Bui Thanh Son, recently met with U.S. Ambassador Marc Knapper to convey the country’s desire for better trade relations. Son highlighted Vietnam’s willingness to negotiate and ensure that the trade environment remains mutually beneficial. He also mentioned that Vietnam had sent a special envoy to the U.S. to request a 45-day delay in the imposition of the tariffs.
President Trump responded positively to the proposal, calling his call with Vietnamese Communist Party leader To Lam “very productive.” This exchange of views has raised hopes that a diplomatic solution might be reached before the tariffs are implemented. As a result of these developments, stocks of companies like Nike, which have significant operations in Vietnam, saw an uptick in value, reflecting optimism about the potential resolution.
Vietnam’s economy is heavily reliant on exports, particularly to the U.S. The proposed 46% tariff poses a significant threat to this vital trade relationship. Many manufacturers who had previously relocated their operations to Vietnam to avoid the U.S.-China trade war could be hit hard by these new tariffs.
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Treasury Secretary Scott Bessent addressed concerns that the tariffs could lead to a recession, arguing that the new measures are meant to strengthen the U.S. economy in the long run. He also mentioned that over 50 countries, including Vietnam, have been in discussions with the U.S. to ease tariffs and remove trade barriers.
Despite this, Commerce Secretary Howard Lutnick emphasized that the tariffs would likely proceed as planned. The U.S. is committed to rebalancing its global trade relationships, and the administration has made it clear that it will not back down from its stance.
Vietnam’s proposal to remove its tariffs on U.S. goods is a strategic move aimed at safeguarding its economic interests and maintaining strong trade relations with the U.S. As the negotiations continue, the world is watching to see if both sides can find common ground before the tariffs go into effect.
