Vietnam looks to placate Trump by vowing no limits on US goods

In response to U.S. President Donald Trump’s recent announcement of potential global reciprocal tariffs, Vietnam has expressed its commitment to maintaining open trade relations with the United States. The Vietnamese government stated it has no intention of implementing measures that would “create burdens or restrict trade” with the U.S. Furthermore, Vietnam is prepared to increase imports of U.S. agricultural products, including cotton, soybeans, and tree nuts, to help balance the trade relationship between the two nations.

This development comes as Vietnam faces the possibility of new tariffs from the U.S., its largest export market. In the previous year, Vietnam recorded a trade surplus of $123.5 billion with the U.S., ranking it among the top countries with significant trade imbalances. The U.S. administration has indicated that it will scrutinize countries with substantial trade surpluses and higher tariffs on U.S. goods, potentially leading to the imposition of reciprocal tariffs.

To mitigate the risk of increased tariffs, Vietnamese Trade Minister Nguyen Hong Dien met with U.S. Ambassador Marc Knapper to discuss expanding Vietnam’s importation of U.S. agricultural products. This initiative aims to address the trade imbalance and demonstrate Vietnam’s commitment to fair trade practices. Additionally, Vietnam has been exploring other avenues to reduce the trade surplus, such as negotiating purchases of U.S. liquefied natural gas and Boeing aircraft, as well as considering military equipment acquisitions from American defense contractors like Lockheed Martin.

The Vietnamese government has also established a working group to proactively address potential challenges arising from global trade tensions. This group is tasked with formulating strategies to navigate the evolving trade landscape and ensure that Vietnam remains a reliable and cooperative trading partner. By taking these steps, Vietnam aims to strengthen its economic ties with the U.S. and avoid the detrimental effects of potential tariffs on its export-driven economy.

In summary, Vietnam is actively seeking to placate U.S. concerns over trade imbalances by pledging to remove barriers on U.S. goods and increase imports of American agricultural products. These efforts are designed to foster a more balanced trade relationship and avert the imposition of new tariffs that could adversely impact Vietnam’s economy.

Cre: Vietnam looks to placate Trump by vowing no limits on US goods | The Straits Times