WASHINGTON — President Trump mentioned Friday he had a “productive name” with a high Vietnamese official, including that the Communist Southeast Asian nation “desires to chop their Tariffs all the way down to ZERO” pending a free commerce settlement.
Trump’s assertion on his name with To Lam, Communist Get together of Vietnam basic secretary, helped increase shares in attire manufacturers Nike, Lululemon, and American Eagle — all of which have massive manufacturing operations within the nation — as all main indexes plunged for a second consecutive day.
“Simply had a really productive name with To Lam, Common Secretary of the Communist Get together of Vietnam, who advised me that Vietnam desires to chop their Tariffs all the way down to ZERO if they can make an settlement with the U.S.,” Trump posted on Fact Social.
“I thanked him on behalf of our Nation, and mentioned I sit up for a gathering within the close to future.”
Vietnam’s deputy prime minister, Ho Duc Phoc, had requested Friday, earlier than the telephone name, for the Trump administration to delay the imposition of worldwide tariffs for as much as three months, the English-language day by day Vietnam Information reported.
Prime Minister Pham Minh Chinh has beforehand supplied to “golf all day lengthy” with the US president to settle any commerce disputes.
Hanoi will likely be slapped with 46% duties on April 9 barring a last-minute intervention — the sixth-highest tariff Trump has imposed.
US commerce with Vietnam was valued at roughly $149.6 billion final 12 months, in line with the Workplace of the US Commerce Consultant — with exports totaling $13.1 billion and imports accounting for $136.6 billion.
That features the manufacturing of toys, furnishings and attire, reminiscent of On and Skechers.
Vietnam is the biggest provider of Nike and Adidas footwear globally — and practically a 3rd of US footwear imports got here from the nation in 2023, in line with the commerce group Footwear Distributors and Retailers of America.
Clothiers like Abercrombie & Fitch, Hole and Victoria’s Secret additionally noticed shares leap as a lot as 8% or extra following Trump’s announcement.
Vietnam grew to become a popular manufacturing location for some US companies after the forty fifth president’s commerce conflict with China throughout his first time period.
Two days earlier than Trump’s proposed “Liberation Day” for US commerce, Hanoi had eradicated at the least 23 tariffs on US imports to attempt to forestall any battle, in line with Vietnam Information.
Different pathways for American investments and cooperation in tech initiatives have been additionally cleared by the nation’s deputy prime minister, the outlet famous.
