Washington: US President Donald Trump stated on Friday that Vietnam’s top leader expressed willingness to negotiate a tariff reduction deal after facing steep levies under his trade policies, reported AFP.
In a post on Truth Social, Trump said he had a “very productive call” with To Lam, General Secretary of the Communist Party of Vietnam, who indicated Vietnam’s readiness to cut tariffs to zero if an agreement with the US could be reached.
"I thanked him on behalf of our Country, and said I look forward to a meeting in the near future," Trump wrote.
A 46% tariff
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.
During his first term, Trump’s trade war with China prompted companies to move manufacturing to Vietnam, doubling its trade surplus with the US between 2017 and 2023. However, the new tariffs have raised costs for major brands operating in the country.
Nike, which produced half of its footwear and over a quarter of its apparel in Vietnam in the 2024 financial year, now faces significantly higher expenses. Similarly, Japanese gaming giant Nintendo, which has expanded production in Vietnam and Cambodia, announced on Friday that it would delay preorders for its upcoming Switch 2 console, set to launch on June 5, as it assesses the impact of the tariffs.
(With inputs from AFP)
In a post on Truth Social, Trump said he had a “very productive call” with To Lam, General Secretary of the Communist Party of Vietnam, who indicated Vietnam’s readiness to cut tariffs to zero if an agreement with the US could be reached.
"I thanked him on behalf of our Country, and said I look forward to a meeting in the near future," Trump wrote.
A 46% tariff
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.
During his first term, Trump’s trade war with China prompted companies to move manufacturing to Vietnam, doubling its trade surplus with the US between 2017 and 2023. However, the new tariffs have raised costs for major brands operating in the country.
Nike, which produced half of its footwear and over a quarter of its apparel in Vietnam in the 2024 financial year, now faces significantly higher expenses. Similarly, Japanese gaming giant Nintendo, which has expanded production in Vietnam and Cambodia, announced on Friday that it would delay preorders for its upcoming Switch 2 console, set to launch on June 5, as it assesses the impact of the tariffs.
(With inputs from AFP)
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