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 right down to ZERO” pending a free commerce settlement.
Trump’s assertion on his name with To Lam, Communist Get together of Vietnam normal secretary, helped increase shares in attire manufacturers Nike, Lululemon, and American Eagle — all of which have giant manufacturing operations within the nation.
“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 right down to ZERO if they can make an settlement with the U.S.,” Trump posted on Reality Social.
“I thanked him on behalf of our Nation, and mentioned I stay 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 probably 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 keeping 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, resembling On and Skechers.
Vietnam is the most important provider of Nike and Adidas sneakers globally — and almost a 3rd of US footwear imports got here from the nation in 2023, in keeping with the commerce group Footwear Distributors and Retailers of America.
Clothiers like Abercrombie & Fitch, Hole and Victoria’s Secret additionally noticed shares soar as a lot as 8% or extra following Trump’s announcement.
Vietnam turned a well-liked manufacturing location for some US companies after the forty fifth president’s commerce struggle 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 keeping 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.
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