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The Advertiser
2 hours ago
- The Advertiser
Trump says US has struck a trade deal with Vietnam
The United States and Vietnam have struck a trade agreement that sets 20 per cent tariffs on many of the Asian country's exports following last-minute negotiations, US President Donald Trump and Vietnamese state media say. The rate is lower than an initial 46 per cent levy Trump announced in April on goods from Vietnam which was due to take effect next week. Trump said that goods from Vietnam would face a 20 per cent tariff and that any trans-shipments from third countries would face a 40 per cent levy. Details were scarce and it was not immediately clear how the trans-shipment provision would be implemented. Vietnam would also provide the United States with more market access, with US exports to the country facing no tariffs, Trump said. That agreement appears to include US exporters of large-engine cars, according to Trump and Vietnamese state media. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam," Trump said on Truth Social. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump said. Vietnamese President To Lam asked in a phone call with Trump earlier on Wednesday that the United States recognise Vietnam as a market economy and remove restrictions on the exports of high-tech products to the country, Vietnam News Agency reported. Those changes have long been sought by Vietnam and dismissed by the US. Since Trump imposed tariffs on hundreds of billions of dollars in Chinese goods in his first term, US trade with Vietnam has exploded although almost all of it in the form of goods to the United States from Vietnam as importers sought workarounds for the China levies. Since 2018, Vietnam's exports are up nearly three-fold from less than $US50 billion ($A76 billion) that year to about $US137 billion in 2024, Census Bureau data shows. US exports to Vietnam are up only about 30 per cent in that time - to just over $US13 billion last year from less than $US10 billion in 2018. The White House and the Vietnamese trade ministry did not immediately respond to a request for comment. Trump announced a wave of tariffs for countries around the world on April 2, before pausing the implementation of most duties until July 9. More than a dozen countries are actively negotiating with the Trump administration to avoid a steep spike in tariffs on their exports. Trump's administration has teased that a deal with India is also coming soon but it has said that others may not be ready by July 9. The United Kingdom negotiated a limited trade deal with the Trump administration, accepting a 10 per cent US tariff on many goods, including cars in exchange for special access for aircraft engines and UK beef. Like the agreement struck with the UK in May, the one with Vietnam resembles more a framework than a finalised trade pact. China and the United States also came to a truce in a tit-for-tat tariff battle that resulted in China restoring US access to some rare-earth minerals but the two sides left most of their disagreements to later negotiations. The high potential tariff rate for Vietnam on shipments to its largest export market reflects its large trade surplus with the United States, which US government data shows topped $US123 billion last year. A hefty tariff could significantly limit access for Vietnam-made goods to its main market and upend the Communist-run country's export-oriented growth model. The government said last month that it would stick to its target for economic growth of at least eight per cent this year despite the looming risk from the tariffs. Vietnam has already taken several measures to reduce its trade gap with the United States, including cutting tariffs on a wide range of US goods, pledging to buy more goods from the United States and stepping up its crackdown on some trade with China over possible fraud on rules of origin of exports. Sources told Reuters last month that the United States wanted Vietnam to reduce the use of Chinese tech in devices that are assembled in the country before being exported to the United States. Vietnam has said it wanted to maintain harmonious trade ties with both the United States and China, its largest trading partner on which it heavily relies on for materials and equipment for its manufacturing industries. The United States and Vietnam have struck a trade agreement that sets 20 per cent tariffs on many of the Asian country's exports following last-minute negotiations, US President Donald Trump and Vietnamese state media say. The rate is lower than an initial 46 per cent levy Trump announced in April on goods from Vietnam which was due to take effect next week. Trump said that goods from Vietnam would face a 20 per cent tariff and that any trans-shipments from third countries would face a 40 per cent levy. Details were scarce and it was not immediately clear how the trans-shipment provision would be implemented. Vietnam would also provide the United States with more market access, with US exports to the country facing no tariffs, Trump said. That agreement appears to include US exporters of large-engine cars, according to Trump and Vietnamese state media. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam," Trump said on Truth Social. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump said. Vietnamese President To Lam asked in a phone call with Trump earlier on Wednesday that the United States recognise Vietnam as a market economy and remove restrictions on the exports of high-tech products to the country, Vietnam News Agency reported. Those changes have long been sought by Vietnam and dismissed by the US. Since Trump imposed tariffs on hundreds of billions of dollars in Chinese goods in his first term, US trade with Vietnam has exploded although almost all of it in the form of goods to the United States from Vietnam as importers sought workarounds for the China levies. Since 2018, Vietnam's exports are up nearly three-fold from less than $US50 billion ($A76 billion) that year to about $US137 billion in 2024, Census Bureau data shows. US exports to Vietnam are up only about 30 per cent in that time - to just over $US13 billion last year from less than $US10 billion in 2018. The White House and the Vietnamese trade ministry did not immediately respond to a request for comment. Trump announced a wave of tariffs for countries around the world on April 2, before pausing the implementation of most duties until July 9. More than a dozen countries are actively negotiating with the Trump administration to avoid a steep spike in tariffs on their exports. Trump's administration has teased that a deal with India is also coming soon but it has said that others may not be ready by July 9. The United Kingdom negotiated a limited trade deal with the Trump administration, accepting a 10 per cent US tariff on many goods, including cars in exchange for special access for aircraft engines and UK beef. Like the agreement struck with the UK in May, the one with Vietnam resembles more a framework than a finalised trade pact. China and the United States also came to a truce in a tit-for-tat tariff battle that resulted in China restoring US access to some rare-earth minerals but the two sides left most of their disagreements to later negotiations. The high potential tariff rate for Vietnam on shipments to its largest export market reflects its large trade surplus with the United States, which US government data shows topped $US123 billion last year. A hefty tariff could significantly limit access for Vietnam-made goods to its main market and upend the Communist-run country's export-oriented growth model. The government said last month that it would stick to its target for economic growth of at least eight per cent this year despite the looming risk from the tariffs. Vietnam has already taken several measures to reduce its trade gap with the United States, including cutting tariffs on a wide range of US goods, pledging to buy more goods from the United States and stepping up its crackdown on some trade with China over possible fraud on rules of origin of exports. Sources told Reuters last month that the United States wanted Vietnam to reduce the use of Chinese tech in devices that are assembled in the country before being exported to the United States. Vietnam has said it wanted to maintain harmonious trade ties with both the United States and China, its largest trading partner on which it heavily relies on for materials and equipment for its manufacturing industries. The United States and Vietnam have struck a trade agreement that sets 20 per cent tariffs on many of the Asian country's exports following last-minute negotiations, US President Donald Trump and Vietnamese state media say. The rate is lower than an initial 46 per cent levy Trump announced in April on goods from Vietnam which was due to take effect next week. Trump said that goods from Vietnam would face a 20 per cent tariff and that any trans-shipments from third countries would face a 40 per cent levy. Details were scarce and it was not immediately clear how the trans-shipment provision would be implemented. Vietnam would also provide the United States with more market access, with US exports to the country facing no tariffs, Trump said. That agreement appears to include US exporters of large-engine cars, according to Trump and Vietnamese state media. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam," Trump said on Truth Social. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump said. Vietnamese President To Lam asked in a phone call with Trump earlier on Wednesday that the United States recognise Vietnam as a market economy and remove restrictions on the exports of high-tech products to the country, Vietnam News Agency reported. Those changes have long been sought by Vietnam and dismissed by the US. Since Trump imposed tariffs on hundreds of billions of dollars in Chinese goods in his first term, US trade with Vietnam has exploded although almost all of it in the form of goods to the United States from Vietnam as importers sought workarounds for the China levies. Since 2018, Vietnam's exports are up nearly three-fold from less than $US50 billion ($A76 billion) that year to about $US137 billion in 2024, Census Bureau data shows. US exports to Vietnam are up only about 30 per cent in that time - to just over $US13 billion last year from less than $US10 billion in 2018. The White House and the Vietnamese trade ministry did not immediately respond to a request for comment. Trump announced a wave of tariffs for countries around the world on April 2, before pausing the implementation of most duties until July 9. More than a dozen countries are actively negotiating with the Trump administration to avoid a steep spike in tariffs on their exports. Trump's administration has teased that a deal with India is also coming soon but it has said that others may not be ready by July 9. The United Kingdom negotiated a limited trade deal with the Trump administration, accepting a 10 per cent US tariff on many goods, including cars in exchange for special access for aircraft engines and UK beef. Like the agreement struck with the UK in May, the one with Vietnam resembles more a framework than a finalised trade pact. China and the United States also came to a truce in a tit-for-tat tariff battle that resulted in China restoring US access to some rare-earth minerals but the two sides left most of their disagreements to later negotiations. The high potential tariff rate for Vietnam on shipments to its largest export market reflects its large trade surplus with the United States, which US government data shows topped $US123 billion last year. A hefty tariff could significantly limit access for Vietnam-made goods to its main market and upend the Communist-run country's export-oriented growth model. The government said last month that it would stick to its target for economic growth of at least eight per cent this year despite the looming risk from the tariffs. Vietnam has already taken several measures to reduce its trade gap with the United States, including cutting tariffs on a wide range of US goods, pledging to buy more goods from the United States and stepping up its crackdown on some trade with China over possible fraud on rules of origin of exports. Sources told Reuters last month that the United States wanted Vietnam to reduce the use of Chinese tech in devices that are assembled in the country before being exported to the United States. Vietnam has said it wanted to maintain harmonious trade ties with both the United States and China, its largest trading partner on which it heavily relies on for materials and equipment for its manufacturing industries. The United States and Vietnam have struck a trade agreement that sets 20 per cent tariffs on many of the Asian country's exports following last-minute negotiations, US President Donald Trump and Vietnamese state media say. The rate is lower than an initial 46 per cent levy Trump announced in April on goods from Vietnam which was due to take effect next week. Trump said that goods from Vietnam would face a 20 per cent tariff and that any trans-shipments from third countries would face a 40 per cent levy. Details were scarce and it was not immediately clear how the trans-shipment provision would be implemented. Vietnam would also provide the United States with more market access, with US exports to the country facing no tariffs, Trump said. That agreement appears to include US exporters of large-engine cars, according to Trump and Vietnamese state media. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam," Trump said on Truth Social. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump said. Vietnamese President To Lam asked in a phone call with Trump earlier on Wednesday that the United States recognise Vietnam as a market economy and remove restrictions on the exports of high-tech products to the country, Vietnam News Agency reported. Those changes have long been sought by Vietnam and dismissed by the US. Since Trump imposed tariffs on hundreds of billions of dollars in Chinese goods in his first term, US trade with Vietnam has exploded although almost all of it in the form of goods to the United States from Vietnam as importers sought workarounds for the China levies. Since 2018, Vietnam's exports are up nearly three-fold from less than $US50 billion ($A76 billion) that year to about $US137 billion in 2024, Census Bureau data shows. US exports to Vietnam are up only about 30 per cent in that time - to just over $US13 billion last year from less than $US10 billion in 2018. The White House and the Vietnamese trade ministry did not immediately respond to a request for comment. Trump announced a wave of tariffs for countries around the world on April 2, before pausing the implementation of most duties until July 9. More than a dozen countries are actively negotiating with the Trump administration to avoid a steep spike in tariffs on their exports. Trump's administration has teased that a deal with India is also coming soon but it has said that others may not be ready by July 9. The United Kingdom negotiated a limited trade deal with the Trump administration, accepting a 10 per cent US tariff on many goods, including cars in exchange for special access for aircraft engines and UK beef. Like the agreement struck with the UK in May, the one with Vietnam resembles more a framework than a finalised trade pact. China and the United States also came to a truce in a tit-for-tat tariff battle that resulted in China restoring US access to some rare-earth minerals but the two sides left most of their disagreements to later negotiations. The high potential tariff rate for Vietnam on shipments to its largest export market reflects its large trade surplus with the United States, which US government data shows topped $US123 billion last year. A hefty tariff could significantly limit access for Vietnam-made goods to its main market and upend the Communist-run country's export-oriented growth model. The government said last month that it would stick to its target for economic growth of at least eight per cent this year despite the looming risk from the tariffs. Vietnam has already taken several measures to reduce its trade gap with the United States, including cutting tariffs on a wide range of US goods, pledging to buy more goods from the United States and stepping up its crackdown on some trade with China over possible fraud on rules of origin of exports. Sources told Reuters last month that the United States wanted Vietnam to reduce the use of Chinese tech in devices that are assembled in the country before being exported to the United States. Vietnam has said it wanted to maintain harmonious trade ties with both the United States and China, its largest trading partner on which it heavily relies on for materials and equipment for its manufacturing industries.
West Australian
2 hours ago
- West Australian
Raymond Da Silva Rosa: They're easy to hate but do billionaires deserve their bad rap?
In light of the extravagant Venice wedding of Amazon co-founder Jeff Bezos and Lauren Sanchez it's ironic that in 2013, business commentator Matthew Yglesias famously remarked that Amazon 'as best I can tell, is a charitable organisation being run by elements of the investment community for the benefit of consumers.' Amazon back then was running at a loss. Consumers continue to benefit from Amazon's competitive pricing but now the company ekes out enough profit to make Bezos the third or fourth-wealthiest person in the world, according to Forbes. As consumers we may welcome lower prices but should we be concerned about Bezos' wealth? Is it a threat to democracy to have so much money in the hands of so few people? An Oxfam report claims that the 'world's top 1 per cent own more wealth than 95 per cent of humanity' and 'billionaires are exerting new levels of control over economies, with a billionaire either running or the principal shareholder of more than a third of the world's top 50 corporations.' In its 2023 report, Rising inequality: A major issue of our time, the Brookings Institute states that the US and China are among the countries with rising inequality. For example, in 1980, the richest 10 per cent in China earned about 28 per cent of total income but in 2020, they took home about42 per cent of total income. It's interesting to note that in 1980, the average per capita income in China was US$189; in 2020, it was US$10,408. Do you reckon the average Chinese person was better off in 1980 when income inequality was lower? Sure, income inequality in China measured in dollars increased over the four decades from 1980 to 2020 but the economic growth that powered rising inequality created massive wealth that benefited everyone. The same thing happened on a world scale. In February 2024, the Lowy Institute reported that 'three decades ago, about 2 billion people, or almost 40 per cent of the world, was living on the equivalent of less than $2.15 a day. In 2019, the figures were about 700 million people or 9 per cent of the world's population.' We have a massive good news story about the reduction in global poverty that is widely underappreciated because the economic growth that enabled the reduction has happened incrementally. The associated increase in wealth inequality is a trade-off that we may consider worth accepting. What about political influence? Many believe that money can swing elections. In 1958, US Senator John F Kennedy was gearing up his presidential campaign and claimed to receive this telegram from his wealthy father: 'Dear Jack — Don't buy a single vote more than necessary — I'll be damned if I am going to pay for a landslide.' The Kennedys had a fine sense of humour but are votes easily bought? Nineteenth century philosopher and economist John Stuart Mill famously claimed that people are the best judge of their own interests, which implies voters are not easily swayed by media campaigns. Many find Mill's claim hard to believe — it's not provable — but it's clear that money alone is not sufficient to win an election. For example, Kamala Harris raised more than US$1 billion more than Donald Trump and lost. Elon Musk spent US$25 million trying to influence the outcome of the election of his preferred candidate to the Wisconsin Supreme Court and lost. Andrew Cuomo had tens of millions more financial support from billionaires than his 33-year-old opponent Zohran Mamdani in his campaign to secure the Democratic Party's nomination for New York mayor and he lost. In Australia, the ABC reports that Clive Palmer's Trumpet of Patriots party spent $60m on campaign advertising but did not win a single House of Representatives seat at the recent Federal election. Money may talk but voters don't necessarily listen. Democracy can withstand considerable levels of wealth inequality. If money can't buy votes, how about taste? That's a question to ponder as Mr and Mrs Bezos-Sanchez feed us images of their glitzy wedding. Winthrop Professor Raymond Da Silva Rosa is an expert in finance from The University of Western Australia's Business School
Sydney Morning Herald
6 hours ago
- Sydney Morning Herald
Chinese electric car giant races ahead of Tesla in Australia
Chinese electric car giant BYD sold a record number of vehicles in Australia last month, reflecting its aggressive local expansion campaign, the growing appeal of cheaper electric cars and the sinking popularity of Elon Musk's Tesla. Yet-to-be-filed sales figures show Australians bought more than 8000 new BYD vehicles in June, a 350 per cent increase compared with the same time last year, eclipsing the company's previous monthly record of 4811 local sales in March. The result widens BYD's lead over its biggest rival, Tesla, which on Wednesday reported the sales of 4589 vehicles in Australia for June, which is a drop of 2 per cent versus the same month last year, and a 39 per cent year-to-date decline. So far this year, BYD has sold about 23,000 vehicles in Australia, while Tesla has sold 14,146. BYD's blockbuster monthly result highlights the Shenzhen-based vehicle giant's rising popularity in Australia since launching two years ago. Aggressive pricing and an emphasis on design have fuelled BYD's ambitious plan to take on Tesla for the top spot on the Australian electric vehicle sales charts. Loading While Tesla has been the best-selling electric car brand for years, its sales have been sliding globally as motorists embrace cheaper Chinese models. Meanwhile, the Tesla brand has suffered intense backlash because of chief executive Elon Musk's involvement with right-wing politics and Donald Trump's administration in the United States. BYD's goal is to become one of Australia's top-five automotive brands as it expands its product range and aims to double its local dealership network in the coming year. In January, it launched its first plug-in hybrid electric ute, the Shark 6, which retails for $57,900 before on-road costs and is aimed at snatching market share from Australia's top-selling utes, the Toyota Hilux and Ford Ranger.
