"I just had a very fruitful conversation with To Lam, Secretary General of the Communist organization of Vietnam, who told me that Vietnam wants to lower its duties to zero if it manages to scope an agreement with the United States. I thanked him on behalf of our country and said that I look forward to gathering him in the close future," described Donald Trump on his community portal Truth.
Donald Trump is talking about an agreement with Vietnam. Wall Street Movement
The U.S. president did not clearly find whether he was willing to lower the tariffs for Vietnam, which Trump's plan is to receive 1 of the highest tariffs of 46 percent. Following the entry, leaders gained heavy on Wall Street the listed Nike group, having many factories in Vietnam. The company's shares increased by more than 5% on Friday after a 15% drop on Thursday.
The imposition of advanced duties on Vietnam was 1 of Trump's biggest surprises with the Wednesday customs announcements. This country is 1 of China's alternate industrial production centres, including textiles, but besides electronics and semiconductors. For example, a large part of Samsung's phones are produced in the country. At the same time, however, Vietnam is besides a gateway for China through which the Chinese circumvent customs and sanctions.
Even before the duties were announced, the Vietnamese authorities were keen to scope a deal with the fresh administration; on Monday they lowered their duties on a number of American goods, from LNG to cars and agricultural products. However, these efforts proved futile, for the amount of customs declared by Trump — contrary to the rule of reciprocity against the trade practices of its partners — was not dependent on the barriers of another countries, but on their balance in trade with the US.
Donald Trump responds to China. “They played it wrong”
Besides Vietnam, Trump besides referred to China's reaction on Friday, which announced the 34-percent retaliatory duties on goods from the USA. This is the same rate as that applied by Trump to Beijing.
"China played it wrong, panicked. This is the only thing countries cannot afford,” said the president of the United States.
