Trade-dependent Southeast Asian countries face 46% collection under Trump’s so-called “mutual” tariffs.
The Vietnamese government said the Vietnamese government shouts to avoid the 46% tariffs announced by US President Donald Trump, the Vietnamese government said.
Vietnam’s Minister of Industry and Trade Nguyen Hong Dien and US Trade Representative Jamieson L Greer have called to officially launch negotiations on “bilateral economic and trade issues,” the Vietnamese Ministry of Trade said Thursday.
Nguyen told Greer that Vietnam would develop a “comprehensive strategic partnership” with the US and “hope to promote economic and trade relations in a balanced, stable, sustainable and effective way.”
“He said Vietnamese ministries and agencies are ready to negotiate solutions to the US problems and work with the US on the basis of harmonious interests and shared risks,” the ministry said, expressing confidence that both sides will soon arrive at a solution suitable for a poverty-bearing trade-trade relationship.
According to the World Bank, Vietnam is one of the world’s most trade-dependent economies, with exports in 2023 accounting for more than 87% of GDP.
The 46% tariff on Trump’s Vietnamese exports is one of the highest rates imposed on trading partners under so-called “mutual” tariffs.
As Trump announced a 90-day suspension on April 9th at most of his steepest tariffs, Vietnam’s exports are subject to a 10% baseline obligation, as well as from dozens of other countries.
Vietnam last year had a trade surplus of $123.5 billion with the US, the fourth largest disparity behind China, the European Union and Mexico.