US tells Vietnam trade deficit ‘unsustainable' in tariff talks
HANOI : The US has told Vietnam its trade deficit with the Southeast Asian country is 'unsustainable' and a major concern, Vietnamese state media reported today, as the two countries hold negotiations on tariffs.
Vietnam has been holding talks with the US, its largest export market, to persuade the US President Donald Trump's administration to take a benign view of its huge trade surplus with America, after Trump in April announced a 'reciprocal' tariff rate of 46% on Vietnamese goods, to take effect in July.
Robert Kaproth, a senior US treasury official, said in a meeting with Vietnam's deputy finance minister Cao Anh Tuan yesterday that the country must take measures to combat illegal transhipment and other kinds of trade fraud, Vietnam News Agency reported today.
Tuan asked Kaproth to help facilitate Vietnam's imports of American high-tech products, as part of their efforts to narrow the trade deficit, which exceeded US$123 billion last year.
'Vietnam has demand for products that are strengths of the US in the fields of energy, high technology, aviation, machinery and equipment, and agricultural products,' Tuan said, according to the report.
The US treasury did not immediately respond to a request for comment on the report.
In a bid to reduce its trade surplus with Washington, Hanoi has recently taken several measures, including cutting tariffs on a wide range of goods destined for the US and stepped up its crackdown on Chinese goods being shipped to the US via its territory.
Vietnam Prime Minister Pham Minh Chinh said the first round of tariff negotiations with the US took place earlier this month, noting that the country is among the first the US has agreed to hold tariff negotiations with.
Vietnam foreign ministry spokesman Pham Thu Hang said at a regular press conference yesterday that 'Vietnam is actively promoting a balanced and sustainable trade relation with the US'.
'Negotiations between Vietnam and the US on its reciprocal tariffs on Vietnam's exports are being implemented and specific information will be provided later,' she said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
an hour ago
- The Sun
Three US states to send National Guard Troops to Washington
WASHINGTON: The Republican governors of West Virginia, South Carolina and Ohio announced on Saturday that they will send hundreds of National Guard troops to Washington to reinforce the deployment ordered by President Donald Trump, reported German Press Agency (dpa). The United States (US) state of West Virginia plans to send 300 to 400 National Guard troops to the capital, Governor Patrick Morrisey said, to help restore 'cleanliness and safety' at the request of the government. Henry McMaster, governor of South Carolina, said on the social media platform X that he had approved the deployment of 200 National Guardsmen 'to support President Trump in his mission to restore law and order' to the nation's capital. Ohio Governor Mike DeWine said he authorised sending 150 Ohio National Guard members to 'carry out patrols and serve as added security,' according to US media reports. Trump has justified the deployment by citing rising crime and public disorder in Washington, claims not reflected in official crime statistics. Critics say the move appears aimed more at demonstrating strength amid domestic political pressures. The additional troops are intended to supplement a previously announced contingent of 800 National Guard members, US media reported, citing government sources. According to the Wall Street Journal, the new units could carry weapons, unlike the current unarmed patrols. The military has stated that National Guard troops in Washington are equipped with personal protective gear, including body armour, while weapons remain stored unless needed. The deployment follows a controversial decree issued by Trump on Monday, which invoked the Home Rule Act to place Washington's police under federal command during a state of emergency. However, Washington Attorney General Brian Schwalb has argued that the law only allows the US president to instruct Washington's mayor, Muriel Bowser, on how law enforcement agencies should be deployed -BERNAMA-dpa
The Star
2 hours ago
- The Star
US-India trade talks scheduled for August called off, source says
Trade talks between New Delhi and Washington collapsed after five rounds of negotiations. - Photo: AFP NEW DELHI: A planned visit by US trade negotiators to New Delhi from August 25-29 has been called off, a source said, delaying talks on a proposed trade agreement and dashing hopes of relief from additional US tariffs on Indian goods from Aug 27. The current round of negotiations for the proposed bilateral trade agreement is now likely to be deferred to another date that has yet to be decided, the source with direct knowledge of the matter said. The US embassy in New Delhi said it has no additional information on the trade and tariff talks, which are being handled by the United States Trade Representative (USTR). India's trade ministry did not immediately reply to a Reuters email seeking comments. Earlier this month, US President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations. The new import tax, which will come into effect from Aug 27, will raise duties on some Indian exports to as high as 50% - among the highest levied on any US trading partner. Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. India's Foreign Ministry has said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia. - Reuters
The Sun
3 hours ago
- The Sun
EU-US trade statement delayed over digital rules dispute, FT reports
BRUSSELS: The European Union is resisting US attempts to target its digital regulations as both sides finalise a delayed trade statement, according to the Financial Times. Disagreements over 'non-tariff barriers,' including EU digital rules, are stalling the joint declaration, EU officials told the newspaper. Reuters could not independently confirm the report, and the EU, White House, and State Department have yet to comment. The statement was initially expected shortly after the July deal announcement by EU President Ursula von der Leyen and US President Donald Trump. The July agreement imposed a 15% tariff on most EU goods, halving the initially proposed rate and preventing a wider trade war. Washington seeks concessions on the EU's Digital Services Act (DSA), which it claims restricts free speech and burdens US tech firms, the FT reported. The EU insists that relaxing the DSA, designed to combat illegal online content, is non-negotiable. The bloc had expected Trump to reduce EU car export tariffs from 27.5% to 15% by August 15, but this may now wait until the statement is finalised. - Reuters
