Vietnam and the United States have formally begun talks over the Trump administration's threat to impose a 46% tariff on goods from the Southeast Asian country, Worldfootwear.com reports.
Vietnam's Trade Minister Nguyen Hong Dien spoke by phone with US Trade Representative Jamison Greer, state media reported, kicking off trade talks amid a looming 46% US tariff. The country has the fourth-largest trade surplus among US trading partners, at 123,5 billion euros last year (reuters.com).
"Vietnam is ready to resolve existing issues based on mutual interests," Vietnam Television reported, citing Trade Minister Nguyen Hong Dien. An order was issued by Vietnamese Prime Minister Pham Minh Chinh to combat trade fraud, the prevalence of counterfeit goods, and other issues that are of concern to the United States.
In addition, Vietnam's prime minister issued a directive calling on the Ministry of Commerce to conclude or negotiate free trade agreements with India, Brazil, Pakistan, Egypt and other markets in the Middle East, Africa, Latin America, Central Asia and Eastern Europe.
This news is especially relevant for the footwear industry as Vietnam is the second largest footwear exporter in the world and the US is its main destination market.
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