INSUBCONTINENT EXCLUSIVE:
The United States will place a lower-than-promised 20% tariff on many Vietnamese exports, Donald Trump said on Wednesday, cooling tensions
with its tenth-biggest trading partner days before the U.S
president could raise levies on most imports.Vietnamese goods would face a 20% tariff and trans-shipments from third countries through
Vietnam will face a 40% levy, he said
importers of Vietnamese goods would have had to pay a 46% tariff.Details were scant
would be implemented and enforced.The Vietnamese government did not confirm the specific tariff levels in a statement celebrating what it
has teased a forthcoming deal with India, truces reached earlier with Britain and China were limited in scope
biggest strategic rival, China
Vietnam has worked to retain close relations with both superpowers.Shares of major U.S
apparel and sportswear makers including Nike (NKE.N), opens new tab, Under Armour (UAA.N), opens new tab and North Face maker VF Corp
(VFC.N), opens new tab closed higher on Wednesday on the news.Lam also asked Trump for the U.S
to recognize Vietnam as a market economy and remove restrictions on the exports of high-tech products to the country, Vietnam said
Those changes have long been sought by Hanoi.The White House and the Vietnamese trade ministry did not respond to requests for additional
comment.GROWING TRADE TIESSince Trump imposed tariffs on hundreds of billions of dollars in Chinese goods in his 2017-2021 term, U.S
trade with Vietnam has exploded, though almost all of it in the form of goods to the United States from Vietnam as importers sought
billion in 2024, Census Bureau data shows
exports to Vietnam are up only about 30% in that time - to just over $13 billion last year from less than $10 billion in
for countries around the world on April 2, before pausing the implementation of most duties until July 9
More than a dozen countries are actively negotiating with the Trump administration to avoid a steep spike in tariffs on their
exports.Britain accepted a 10% U.S
tariff on many goods, including autos, in exchange for special access for aircraft engines and British beef.Like the agreement struck with
Britain in May, the one with Vietnam resembles a framework rather than a finalized trade pact.China and the United States also came to a
truce in a tit-for-tat tariff battle in which Beijing restored American access to some rare-earth minerals, but the two sides left most of
