In a major development on the global trade front, Vietnam has expressed its willingness to reduce tariffs to zero in a potential agreement with the United States, according to former US President Donald Trump.
Trump’s “Productive Call” with To Lam
Trump took to Truth Social to share details of a phone call with To Lam, the General Secretary of the Communist Party of Vietnam, calling the conversation “very productive.”
“Just had a very productive call with To Lam… Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the US,” Trump wrote.
He also noted that he thanked Lam on behalf of the United States and looked forward to meeting him soon.
Vietnam’s Tariff Position
The announcement comes just days before the US is set to impose a 46% tariff on Vietnamese imports starting April 9, under Trump’s new tariff regime. Vietnam is currently America’s sixth-largest source of imports, supplying key goods like electronics, apparel, and footwear.
US-Vietnam Trade Numbers
Vietnam’s exports to the US have grown significantly—from $42 billion in 2016 to $137 billion in 2023, according to data from the US Commerce Department. Much of this shift was fueled by Trump’s earlier tariff hikes on China, which led US companies to source more products from Vietnam.
Trump’s Global Tariff Strategy
Earlier this month, Trump announced sweeping new reciprocal tariffs on imports from countries around the world. These include:
- China – 34%
- European Union – 20%
- Vietnam – 46%
- Taiwan – 32%
- Japan – 24%
- India – 26%
- UK – 10%
- Bangladesh – 37%
- Pakistan – 29%
- Sri Lanka – 44%
- Israel – 17%
Trump said the tariffs aim to ensure fair and reciprocal trade, addressing unfair trade practices, subsidies, and non-monetary barriers faced by US exporters.
