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Trump signs trade deal with Vietnam – China is losing ground!
US President Trump announces trade deal with Vietnam to isolate China. Tariffs rise, reactions are mixed.
Trump signs trade deal with Vietnam – China is losing ground!
US President Donald Trump has announced a preliminary trade agreement with Vietnam aimed at significantly reducing trade with China. Through this agreement, Vietnam will pay a 20 percent tariff on all goods exported to the United States, while a 40 percent tariff will be imposed on goods transshipped from third countries, particularly China. This development was by fr.de described as a strategic move as China has historically exported products through Vietnam to avoid US tariffs.
The agreement represents a significant step in the protracted tariff dispute between the USA and Vietnam. Trump had originally threatened tariffs of up to 46 percent. Vietnam responded to these threats by pledging to eliminate all tariffs on U.S. imports. Michael Faulkender, US deputy treasury secretary, called the agreement a great success for the US and especially for American farmers.
Reactions from Vietnam
Despite this agreement being considered positive, the reaction in Vietnam is rather cautious. There is no great euphoria about the trade deal, and it has not been covered as a front-page story in the media. Peter Kompalla from the German Foreign Chamber of Commerce in Vietnam reports a matter-of-fact reaction from the Vietnamese government. Vietnam is heavily dependent on exports to the USA, which account for around 30 percent of gross domestic product.
Key export goods affected by the new regulation include textiles, footwear and furniture, industries that employ millions. However, during Trump's first term in office, many international companies moved their production to Vietnam to escape US tariffs on China. Uncertainty remains regarding the exact treatment of transshipping goods originating from third countries.
Future prospects
The impact of these trade changes remains uncertain. Experts warn that Trump's new policies could potentially have negative consequences for the Chinese economy. Shawn Donnan, an economist at Bloomberg News, also expects resistance from China and possible agreements with other countries that could contain similar provisions. In addition, Faulkender announced that further tariff agreements with other nations could be expected in the coming week.
Overall, the trade agreement concluded shows a clear realignment of trade relations, in which Vietnam plays a central role as a partner of the USA, while the pressure on China continues to increase.