Vietnam is set to eliminate all tariffs on U.S. imports following a significant 46% levy imposed by U.S. President Donald Trump, as reported by Bloomberg. A letter from Vietnam’s Communist Party, dated April 5, revealed that party chief Lam extended this proposal to Trump, a document Bloomberg claims to have reviewed.
In his correspondence, Lam urged the U.S. government to refrain from implementing additional tariffs on Vietnamese products and requested a delay in the enforcement of these tariffs for at least 45 days after April 9.
Bloomberg’s report indicated that this letter corroborated Trump’s statements on his Truth Social account following an engaging phone call with Lam, which the President characterized as “very productive.” This correspondence is a key development in the ongoing Vietnam Tariff Negotiations Impact.
The letter also included a request from Lam for Trump to appoint a U.S. representative to lead discussions with Ho Duc Phoc, the Vietnamese Deputy Prime Minister, aiming for a swift agreement, according to a report by The New York Times.
Additionally, the report highlighted that Lam was among the first foreign leaders to contact Trump after the tariffs were announced. During their phone conversation, Lam proposed reducing tariffs on U.S. imports to zero and urged Trump to reciprocate. Vietnam’s current average tariff on U.S. goods stands at 9.4 percent.
Lam expressed his eagerness for an in-person meeting with Trump in Washington, stating that he hoped they could collaboratively reach an agreement benefiting both nations. The letter emphasized a shared goal to “contribute to peace, stability, and development in the region and the world,” as reported by the NYT.
In a broader context, Trump noted an interest from 50 other countries wishing to negotiate an end to the tariffs. He mentioned having discussions with numerous leaders globally, including those from Europe and Asia, as reported by the Associated Press.
Trump declared, “They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that, because to me a deficit is a loss. We’re going to have surpluses or at worst, going to be breaking even.”
U.S. Treasury Secretary Scott Bessent remarked that rectifying unfair trade practices is not an issue that can be resolved swiftly. He highlighted the need for the United States to evaluate the offers made by other countries and ensure they are trustworthy.
Vietnam Textile Industry Insights
Vietnam’s textile industry, a significant component of the country’s economy, has been experiencing robust growth, making it one of the largest textile exporters globally. In 2023, the textile and garment sector contributed approximately $39 billion to Vietnam’s export revenue, demonstrating its importance to economic stability. This sector employs over 2.5 million workers and is projected to grow, bolstered by favorable trade agreements and increasing global demand for apparel. As Vietnam navigates its diplomatic relationship with the U.S., the textile industry’s response to tariff changes will be crucial in maintaining its competitive edge in the global market, further emphasizing the Vietnam Tariff Negotiations Impact.
