United States-Vietnam tariff talks to gain momentum

46% Tariffs Shove Vietnam-US Talks to High Gear

United States-Vietnam tariff talks to gain momentum

Switch gears with Vietnam as they ramp up talks with Uncle Sam over those pesky 46% tariffs. Yep, you heard that right! Vietnam's Trade Minister, Nguyen Hong Dien, confirmed the news during a meeting with US Trade Representative Jamie Greer in Paris. Just in time for summer conferencing. These talks are set to kick off in June.

Vietnam's in a bit of a pickle, thanks to Trump's tariff onslaught. In dollars and cents, Vietnam's got the third-biggest trade surplus with the US, only China and Mexico managing larger balances. And guess what ol' T-Rex is threatening? You're right again! Trump's slapped a hefty 46% tariff on Vietnam.

To balance out the books, Vietnam's got some chess moves in play:

1. Importing U.S. Agri-prowess: Over the next three years, Vietnam's planning to import a cool $2 billion worth of US ag products, such as soybean meal, corn, and wheat.
2. Nuclear Advancement: Westinghouse Electric, a US company, is on board to help Vietnam advance its nuclear energy development.
3. Internet overhaul: SpaceX, helmed by Elon Musk, wants to invest $1.5 billion to make its satellite-based internet system available in remote areas.
4. Defense Growth: Lockheed Martin is ready to invest in Vietnam's defense sector.

Meanwhile, on the Trump property front, they're working on a luxury resort with a golf course in Vietnam—to the tune of $1.5 billion. Eric Trump, President’s son and company vice president, broke ground on the project near Hanoi’s capital with his spouse a couple weeks back.

Sources: ntv.de, afp

[1] Statista[2] US-China Trade War: A Disaster for Vietnam, Vietnam Insider, 4 April 2019.[3] Vietnam's Trade Diversions: Where Does the country purchase essential goods from? Vietnam Insider, 24 April 2019.[4] Vietnam seeks 'major concessions' from US in trade talks, VnExpress International, 23 May 2019.

1. As Vietnam navigates trade negotiations with the US, their employment policy may see a shift towards prioritizing US companies in sectors like agriculture, nuclear energy, and defense, as part of a broader strategy to reduce dependence on Chinese goods and balance trade. This could potentially impact the employment sector, particularly in these industries.
2. The ongoing trade discussions between the US and Vietnam, influenced by the 46% tariffs, are not just about industry and business, but also politics and general-news, given the wider implications these tariffs have on global trade and economic relationships.
3. The financial aspect of this conflict is substantial, with Vietnam's efforts to counter Trump's tariff onslaught possibly involving significant investments from US companies, such as those in the business sectors of agriculture, nuclear energy, and defense, as well as in the industry of telecommunications through investments in satellite-based internet systems.

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