President Donald Trump’s plans to announce reciprocal tariffs on April 2 could impact Vietnam’s exports to the U.S. this year, with potential losses estimated at around US$4 billion, or 0.7-1.3% of the country’s GDP. While some analysts suggest that Vietnam may not be a primary target, several businesses have expressed their readiness to adapt to the new reality. Vietnam currently ranks third among the countries and territories with the largest trade surpluses with the U.S., after China and Mexico. According to data from the U.S. Department of Commerce, the U.S. goods trade deficit with Vietnam amounted to US$123.5 billion last year, an 18.1% increase against 2023. How to respond? Some analysts have suggested that the reciprocal tariffs are primarily aimed at the countries with high tariffs or stringent non-tariff barriers on U.S. imports, potentially including the 15 nations he has referred to as the ‘Dirty 15.’ However, according to Bloomberg, America is not expected to impose tariffs on sectors such as automotive, semiconductors, pharmaceuticals, and timber this time. A VietJet delegation’s visit to Trump’s Mar-a-Lago resort in January 2025, a trip to Washington, D.C. in mid-March by Vietnamese Minister of Industry and Trade Nguyen Hong Dien as Prime Minister Pham […]
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