Vietnam Completes Second Round of Trade Talks With U.S.
In a statement on Thursday, the trade body said that both sides engaged in substantive discussions on all agenda items outlined ahead of the session. Vietnam faces one of the highest tariff impositions announced by president Trump's administration in April, at 46 percent.
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Nguyễn Hồng Diên, minister of industry and trade in Vietnam met with Ambassador and US Trade Representative Jamieson Greer to review the outcomes of the second round and identify key issues. According to a statement from the ministry on Thursday, discussions will continue at the end of June.
The 90-day pause on the proposed 46-percent tariffs ends on July 8.
Hồng Diên spoke about the intent to foster a balanced and sustainable economic and trade relationship with the U.S., for the benefit of both countries' peoples and businesses', while Ambassador Greer praised Vietnam's goodwill and efforts to address US concerns and expressed a desire to continue technical-level and ministerial-level exchanges to reach an agreement as soon as possible.
According to the office of the U.S. Trade representative, the trade deficit of Vietnam with the U.S. was $123.5 billion in 2024, with the U.S. importing goods worth $136.6 billion in 2024, as against exporting goods worth $13.1 billion to Vietnam.
Meanwhile, the industry in Vietnam has been gathering at several forums over the past few weeks to get a handle on what the 46 percent tariff levied against Vietnam could mean for the industry. Vietnam exported apparel worth $44 billion in 2024, with an approximate 38 percent of this to the U.S, an increase of 12.33 percent over the previous year according to the Vietnam Textile and Apparel Association (VITAS).
At a forum organized by Cascale in Ho Chi Minh City on May 14-15, Vu Duc Giang, Chairman of the Vietnam Textile & Apparel Association (VITAS) mirrored the feeling that appeared to be reverberating through the 600 industry professionals present. 'None of us can go alone—collaboration is the only way. When brands, manufacturers, organizations and governments come together and share responsibility, any goal can be achieved,' he said in his keynote address.
The point was amplified through the event.
'The Cascale Forum in Ho Chi Minh City reminds us that while policy can shift and stall, manufacturers have a great opportunity to lead. Our ongoing mandate is to ensure that this progress isn't slowed by uncertainty—but accelerated through collaboration,' Andrew Martin, executive vice president, Cascale, said in a session.
Cascale, a global nonprofit alliance formerly known as the Sustainable Apparel Coalition, empowers collaboration to drive equitable and restorative business practices in the consumer goods industry, and owns and develops the Higg Index, which is available on Worldly, a comprehensive sustainability data and insights platform.
Sharing their thoughts, and in urgent discussions that often skirted around the looming tariffs were manufacturers, leading brands, service providers, and supply chain partners. Other important issues including decarbonization, regulatory changes, facility improvements, responsible contracting and worker rights were also discussed.
Vietnamese manufacturers attending the event told Sourcing Journal about their fears that global brands would pressure them to shoulder the costs of tariff impacts, while underlining the need to protect workers as the apparel industry in Vietnam employs more than three million people. Discussions about how this situation should be handled were also ongoing. As Lindsay Wright, director of communications and strategic partnerships, Better Buying, Cascale observed: 'Manufacturers are clear: Global brands should not use tariffs as an excuse to roll back on their responsible business commitments. If they do, the consumer goods industry will have to pick up the pieces later.'
Massimiliano Tropeano, garment, trade and sustainability expert at GIZ-EuroCham Cambodia, noted that while tariffs focused on reshaping physical trade flows, the real story is much more complex.
'The complexity of a topic like tariff trade cannot be simplified, however, the base number on which the trade imbalance have been calculated are intrinsically wrong. Take the iPhone. Designed in California, yes—but manufactured in China. This shows up as China's export numbers, not America's. And it's not just hardware. Software giants like Microsoft, Meta, and Alphabet sell digital products and services globally—but often book the revenue through offshore entities in low-tax jurisdictions like Ireland or the Netherlands.The kicker to all of this is that ironically the above is adding to the very trade imbalance that U.S. tariffs aimed to correct.'
'As we move forward in a world of digital globalization, maybe it's time to rethink how we measure economic power, national competitiveness, and fair trade,' he said.
Important points to note for manufacturers included the focus on managing regulations as well as sustainability and environmental concerns.
'In the Asia-Pacific region, regulation is fast becoming strategy,' Cascale's Martin emphasized. 'We are increasingly seeing many countries stepping up with more progressive policies. To support this, Cascale advocates for clear, consistent guidance that manufacturers can actually use. We're actively engaging across all three regions to push for global and regional frameworks that are practical, aligned, and grounded in manufacturers' realities.
'Our shared mission is driving positive impact across the largest engaged supply chain network in the industry,' said Adele Stafford, chief growth officer at Worldly at the event. She spoke about the growing momentum on the platform: 'Over 20,000 Higg Facility Environmental Modules (FEMs) have already been completed in 2025, with each supplier sharing data with an average of four brands, improving efficiency.'
While economists are calling for 'increased self reliance,' manufacturers are also looking at ways to speed past the possible deadline on July 8. The HCM City Association of Garments, Textiles, Embroidery and Knitting has called for ramping up production to increase shipments before the tariff increases kick in.
'There's only so much we can do to sidestep this huge tariff,' a manufacturer said, asking not to be named. 'Meanwhile, we're just counting on negotiations turning this new avalanche around.'
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- Business Insider
BYD Stock (BYDDY) Roars as Soaring British EV Demand Puts the Squeeze on Musk
Shares in Chinese EV maker BYD (BYDDY) revved higher today on reports that it was hunting down rival Tesla (TSLA) in the U.K. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. A report on Reuters found that the U.K. has become a pivotal market for Chinese EV makers such as BYD. The land of Rolls-Royce and Aston Martin reportedly accounts for 30% of all Chinese electric models sold across Europe. Electric Chinese Despite concerns over charging infrastructure and cost, the number of electric cars on UK roads has almost doubled in the last two years, with nearly one in five new cars sold in 2024 being electric. BYD is leading that push and challenging Tesla's top spot in the U.K. In May, it sold just 40 fewer cars than Tesla, having raced past it for the first time in April. For the second quarter as a whole, it has posted a record 10,116 new vehicle registrations in the U.K. taking its year-to-date total to 19,390 units. That more than doubles its full-year total from 2024, maintaining its position as the country's fastest-growing car brand with a 567% year-on-year increase. It continues the positive momentum at the company whose earnings and revenues have powered forward in recent years. Its SEAL U DM-i SUV has led the charge in the U.K. with 8,700 units sold in the quarter. BYD also has high hopes for the launch of the DOLPHIN SURF, a smaller EV designed to appeal to city drivers. It is described as being more budget-friendly, but still comes in at a hefty £18,650 price tag. Tesla Troubles It has an official range of up to 137 miles and boasts some jazzy features such as a rotating touchscreen and intelligent cruise control. Though how that will work on London's warren of streets is another question. What is definitely cruising higher is the BYD share price, which has climbed 35% in the year-to-date. Tesla, however, has had a rocky period given concerns over more intense competition, tired design and the fall-out from chief executive Elon Musk's on-off political relationship with President Trump. The Tesla share price has dropped 21% in the year-to-date but BYD is also beating it when it comes to revenue. What are the Best EV ETFs to Buy Now? A number of ETFs provide investors with exposure to the growth of electric vehicles. We have rounded up some of the best to buy using our TipRanks comparison tool.
