In a recent update, President Trump described a "productive call" with To Lam, a top Vietnamese official, revealing Vietnam's desire to eliminate tariffs down to zero upon reaching a trade agreement with the U.S. This announcement positively affected shares of major apparel companies operating in Vietnam, such as Nike and Lululemon, anticipating lower costs. Additionally, Vietnam's call for a delay in global tariffs reflects its efforts to negotiate favorable trade terms, highlighting the significance of U.S.-Vietnam trade relations, which amounted to approximately $149.6 billion last year.
Trump posted on Truth Social: "Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S."
Vietnam's deputy prime minister, Ho Duc Phoc, had asked Friday, before the phone call, for the Trump administration to delay the imposition of global tariffs for up to three months.
Prime Minister Pham Minh Chinh has previously offered to "golf all day long" with the US president to settle any trade disputes.
US trade with Vietnam was valued at roughly $149.6 billion last year, according to the Office of the US Trade Representative.
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