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Business Times
5 days ago
- Business
- Business Times
No reprieve on tariffs for Vietnam: US commerce chief Lutnick
[WASHINGTON] Washington will not reciprocate even if Hanoi removes all tariffs on American goods, according to US Secretary of Commerce Howard Lutnick, as he said Vietnam re-exports a significant volume of Chinese products to the US. 'Absolutely not, absolutely not. That would be the silliest thing we could do,' Lutnick said when Republican Senator John Kennedy asked him whether the US will respond in kind if Vietnam decides to eliminate all tariffs and trade barriers against American imports, and calling a potential agreement like that 'a terrible deal'. Lutnick added that Vietnam exported US$125 billion in goods to the US while only importing US$12.5 million in worth of American products, without specifying a period. 'They buy US$90 billion from China, then they mark it up and send it to us. So it's just a pathway of China to us,' Lutnick said, though he suggested there might be some room for negotiations if Vietnam decides to stop re-exporting Chinese goods to the US. A number of US brands, including Apple and Nike, have manufacturing partners in Vietnam. Often these suppliers import materials and parts from China and conduct the final assembly in Vietnam. These American companies could be impacted if President Donald Trump eventually decides to slap stiff tariffs on the Asian nation. Vietnam exported US$136.6 billion to the US in 2024 compared to US$13.1 billion in American imports, according to the Office of the US Trade Representative. That surplus of US$123.5 billion set up the South-east Asian nation for levies of 46 per cent under US President Donald Trump's reciprocal tariffs, among the highest imposed on US trading partners. Those import taxes have been temporarily reduced to 10 per cent, with a Jul 9 deadline to strike an agreement with the US. Washington has sent Hanoi tough requests for tariff talks, including demanding the Asian nation cut its reliance on materials and components from China, Reuters reported earlier this week. BLOOMBERG
Business Times
5 days ago
- Business
- Business Times
US will not give Vietnam reprieve on tariffs, Lutnick says
[WASHINGTON] Washington will not reciprocate even if Hanoi removes all tariffs on American goods, according to US Secretary of Commerce Howard Lutnick, as he said Vietnam re-exports a significant volume of Chinese products to the US. 'Absolutely not, absolutely not. That would be the silliest thing we could do,' Lutnick said when Republican Senator John Kennedy asked him whether the US will respond in kind if Vietnam decides to eliminate all tariffs and trade barriers against American imports, and calling a potential agreement like that 'a terrible deal'. Lutnick added that Vietnam exported US$125 billion in goods to the US while only importing US$12.5 million in worth of American products, without specifying a period. 'They buy US$90 billion from China, then they mark it up and send it to us. So it's just a pathway of China to us,' Lutnick said, though he suggested there might be some room for negotiations if Vietnam decides to stop re-exporting Chinese goods to the US. A number of US brands, including Apple and Nike, have manufacturing partners in Vietnam. Often these suppliers import materials and parts from China and conduct the final assembly in Vietnam. These American companies could be impacted if President Donald Trump eventually decides to slap stiff tariffs on the Asian nation. Vietnam exported US$136.6 billion to the US in 2024 compared to US$13.1 billion in American imports, according to the Office of the US Trade Representative. That surplus of US$123.5 billion set up the South-east Asian nation for levies of 46 per cent under US President Donald Trump's reciprocal tariffs, among the highest imposed on US trading partners. Those import taxes have been temporarily reduced to 10 per cent, with a Jul 9 deadline to strike an agreement with the US. Washington has sent Hanoi tough requests for tariff talks, including demanding the Asian nation cut its reliance on materials and components from China, Reuters reported earlier this week. BLOOMBERG
Time of India
6 days ago
- Business
- Time of India
90 deals in 90 days: Donald Trump mocked for begging countries for a trade deal
With only a little more than a month left for the July 8 deadline for US president Donald Trump's " 90 deals in 90 days " trade program, he is in the hot seat after his government wrote letters asking nations to make their "best offers" to America, as per a report. Letters Sent Worldwide as Deadline Nears The letters, which were sent out by the Office of the US Trade Representative (USTR), were characterized as a "friendly reminder" by White House Press Secretary Karoline Leavitt at a Tuesday briefing, according to Latin Times. The trade negotiations were started in April when Trump paused the sweeping new tariffs after a market turmoil, as per the report. Leavitt said, "The president expects good deals, and we are on track for that," and also pointed out that United States officials are in active talks with many key trading partners across the world, reported Latin Times. ALSO READ: What is the Chinese fungus, and how dangerous is it? U.S. says it stopped plan to bring pathogen to Michigan Social Media Reacts to Donald Trump's Trade Reminder Meanwhile, the Trump administration's move for a "friendly reminder" has led to scepticism about the administration's claims that the aggressive tariffs have motivated trading partners to negotiate deals with the United States, as per the report. Many social media users also accused the administration for acting too desperate as the deadline approaches, according to Latin Times. Live Events One person wrote on social media platform X (previously Twitter), "We have resorted to begging now?", as quoted in the report. Another user wrote, "Now 'pleading' with countries to negotiate. Hmmm," quoted Latin Times. Political commentator Aaron Rupar said, "We've gone from '90 deals in 90 days' to sending letters to other countries pleading with them to negotiate," quoted Latin Times. While, another user asked, "Weren't 200 countries waiting in line to cut deals?" adding, "I don't get it," as quoted in the report. FAQs What are these recent letters about? The administration sent formal letters to countries, reminding them to make their 'best offers' before the July 8 deadline. Are countries actually close to finalising deals? It's unclear. Officials say talks are active, but there's been no release of how many agreements are near completion. Economic Times WhatsApp channel )
Time of India
29-05-2025
- Business
- Time of India
US team to visit India on June 5-6 for bilateral trade agreement talks
NEW DELHI: A high-level US delegation will visit India on June 5-6 to advance discussions on the proposed Bilateral Trade Agreement (BTA), government sources said. The visit follows a series of productive meetings between India's Department of Commerce and the Office of the US Trade Representative in Washington, DC, from April 23-25. Tired of too many ads? go ad free now Talks between the two countries are progressing well, with India expressing satisfaction over the pace and outcome of the negotiations. The commerce ministry had earlier described the April 29 discussions as 'positive' and 'fruitful.' On May 23, ANI reported, citing official sources, that India and the United States are poised to sign the first tranche of the long-anticipated trade deal before July. As part of the BTA framework, the two sides have launched 'Mission 500,' aiming to more than double bilateral trade to $500 billion by 2030. For the fourth consecutive year in 2024-25, the US was India's largest trading partner, with total trade valued at $131.84 billion. India registered a trade surplus of $41.18 billion in goods with the US during this period. Commenting on the broader trade agenda, Commerce Minister Piyush Goyal told PTI, 'We are on track in our bilateral trade agreement with the US and making fast progress with the EU.' Meanwhile, the Indian government is also reviewing the implications of a recent US court ruling that struck down reciprocal tariffs imposed during the Trump administration. Indian think tank Global Trade Research Initiative (GTRI) has advised caution in proceeding with the BTA in light of the ruling. 'India should resist any agreement shaped by threats or based on unlawful measures,' said Ajay Srivastava, founder of GTRI.
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Business Standard
28-05-2025
- Business
- Business Standard
Taiwan's President pledges to buy more American goods as 32% tariff looms
Taiwan's president on Tuesday pledged to buy more American goods, including natural gas and oil, as the self-governing island seeks closer ties with the US while threatened with a 32 per cent tariff from the Trump administration. By purchasing more US products that also include weapons and agricultural goods, Taiwan would not only create "more balanced bilateral trade" with the US but also boost its energy autonomy and resilience, said Lai Ching-te, the island's leader, while hosting a US congressional delegation. Lai also said the island would be willing to participate in US efforts to reindustrialise and lead the world in artificial intelligence. Rep. Bruce Westerman, chair of the House Natural Resources Committee, told Lai that the US produces a lot of food and fibre and is "always looking for more friends to share that with." Trade and economic ties between Taiwan and the US have grown closer in recent years. The island faces rising pressure from China, which sees the island as part of Chinese territory and vows to annex it by force if necessary. Washington is bound by its own laws to provide Taipei with the means to defend itself, and politicians both Republicans and Democrats have come to believe it is in the US interest to deter Beijing from attacking Taiwan. Many policymakers and analysts have argued that arming Taiwan includes not only weapons sales but closer economic and trade ties so the island is less vulnerable to economic coercion from the mainland. The US is now the top destination for Taiwan's foreign investments, including $165 billion by Taiwan's semiconductor giant TSMC to build factories in Arizona to make advanced chips. The island also is the 7th largest market for US agricultural exports, Lai said. However, the US buys far more from Taiwan and had a trade deficit of $116.3 billion in 2024, according to the Office of the US Trade Representative. The 32 per cent tariff, as proposed by President Donald Trump as part of his sweeping tariff plan, is on hold except for a 10 per cent baseline duty. Earlier this month, Lai downplayed the trade tensions between the US and Taiwan as "frictions between friends." The congressional delegation stopped in Taipei as part of the group's larger visit to the Indo-Pacific region through Thursday, according to American Institute in Taiwan, the de facto US diplomatic mission on the island. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
