HANOI: U.S. and Vietnamese businesses have asked the Trump administration to delay its planned 46% tariff on Vietnamese goods, saying the levy will hurt them and bilateral commercial relations.
The Vietnam Chamber of Commerce and Industry and the American Chamber of Commerce in Hanoi expressed concern to Commerce Secretary Howard Lutnick in a letter dated Saturday, saying the tariff, to take effect on Wednesday, was “shockingly high”.
“Lower tariffs for products coming into Vietnam, and for products reaching the American consumer is what will help U.S. companies, the economy, and consumers,“ AmCham and VCCI said in a statement. “Higher tariffs will not.”
The Southeast Asian country, a major regional manufacturing base for many Western companies, posted a trade surplus of over $123 billion with the U.S., its largest export destination, last year.
President Donald Trump and Vietnamese leader To Lam agreed on Friday to discuss a deal to remove tariffs, both said after a phone call that Trump called “very productive”.
Even before Trump’s Wednesday announcement of sweeping global tariffs, Vietnam cut several duties as part of a series of concessions to the U.S., which also included pledges to buy more American goods, such as planes and agriculture products.
AmCham and VCCI said: “A fast and fair agreement would add certainty for businesses and would help to rectify the trade imbalance between the two countries in a manner that benefits both countries.”
