As Hanoi scrambles to avoid a crippling 46 percent tariff announced by US President Donald Trump, Vietnam and the US have reportedly started trade talks.
Nguyen Hong Dien, the trade minister of Vietnam, and Jamieson L. Greer, the US representative for trade, called on Thursday to officially begin their discussions on “bilateral economic and trade issues.”
Nguyen told the ministry that Vietnam wants to form a “comprehensive strategic partnership” with the US and foster “economic and trade relations that are balanced, stable, sustainable, and effective.”
According to Greer, “He noted that Vietnamese ministries and agencies are willing to work together with the US to find reasonable solutions that benefit both sides, based on the spirit of harmonized interests and shared risks,” and that the two parties “will soon find suitable solutions to foster stable and mutually beneficial economic and trade relations.
The World Bank estimates that Vietnam’s exports will account for more than 87 percent of the country’s GDP in 2023, making it one of the most trade-dependent nations.
One of the highest tax rates imposed on a trading partner by Trump’s so-called “reciprocal” tariffs is the 46 percent one imposed on Vietnamese exports.
Vietnamese exports, like those from dozens of other nations, have been subject to a 10% duty since Trump announced a 90-day pause on the majority of his strictest tariffs on April 9.
Source: Aljazeera
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