U.S. Implements New Tariffs, Vietnam Faces 46% Rate

The United States has enacted new tariffs affecting major trading partners, with Vietnam subjected to a significant 46% rate. This development comes as the U.S. trade deficit with Vietnam reached a staggering US$123.5 billion last year.

High-Level Meetings Scheduled

Deputy PM Ho Duc Phoc is set to meet with U.S. Treasury Secretary Bessent on April 10, Vietnam time. Additionally, Phoc will engage with executives from leading U.S. companies, including Boeing, SpaceX, and Apple, and attend a signing ceremony for a $200-million aircraft financing deal between Vietjet and KKR.

Potential for Early Tax Agreements

Analyst Aniket Shah predicts that Vietnam, along with the U.K., Japan, India, and Cambodia, may be among the first to secure tax agreements with the U.S., citing factors like trade volume and economic relations.

Vietnam's Proactive Measures

In response to the tariffs, Vietnam has requested a 45-day delay for negotiations and has already reduced import duties on 16 U.S. product groups. During a recent discussion with President Trump, Vietnam expressed willingness to eliminate tariffs on U.S. goods, urging reciprocal treatment for its exports.

U.S. Acknowledges Vietnam's Efforts

U.S. Trade Representative Jamieson Greer highlighted Vietnam's tariff reductions on American cherries, apples, and almonds, benefiting key exports from the country's western states.