Vietnam Surprised by Trump Tariff Decision, Seeks Lower Rate
Updated on
Save
Vietnam's leadership was caught off guard by US President Donald Trump's announcement last week that it agreed to a 20% tariff, and the Southeast Asian nation is still seeking to lower the rate, according to people familiar with the matter.
Straight after last Wednesday's call with Trump, Vietnam's party chief To Lam told his negotiating team to keep working to bring the tariff rate down, the people said, asking not to be identified as the talks are confidential. The 20% figure came as a surprise as Vietnam believed it had secured a more favorable tariff range, the people said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
The U.S. debt outlook is so dire it now resembles the student loan crisis, former White House economic adviser says
Jared Bernstein, who previously served as the chair of President Joe Biden's Council of Economic Advisers, has had a change of heart when it comes to U.S. debt. After being a longtime dove, he has become a hawk 'because our nation's budget math just got a lot more dangerous.' He cited President Donald Trump's tariffs and tax cuts. The U.S. is inviting a debt shock if it continues on its current trajectory, which is starting to look like unsustainable student loans, according to Jared Bernstein, who previously served as the chair of President Joe Biden's Council of Economic Advisers. In a New York Times op-ed on Wednesday, he acknowledged that he was once a longtime dove when it came to budget deficits and previously argued that fiscal austerity often does more harm than good. 'No longer. I, like many other longtime doves, am joining the hawks, because our nation's budget math just got a lot more dangerous,' Bernstein wrote. In particular, he pointed to the math around economic growth versus debt interest. Governments can sustain budget deficits if GDP expands faster than the interest rate on their debt, Bernstein explained, citing research from economist Olivier Blanchard. That's where the student debt analogy comes in. College graduates can keep up with monthly payments as long as they haven't borrowed too much and their income is rising faster than their loan bills. 'Conversely, though, if they borrowed to the hilt—and if their student loan debt starts growing faster than their income—they can quickly get in trouble,' Bernstein said. 'And that's where our country is right now.' It's an ominous warning given that delinquency rates have soared among student loan borrowers, resulting in seized wages and credit scores plummeting. That's after the number of Americans with debt from federal student loans more than doubled from 21 million to 45 million between 2000 and 2020, according to the Brookings Institution. Meanwhile, the total amount owed more than quadrupled from $387 billion to $1.8 trillion during that time, growing faster than any other form of household debt. When it comes to the federal government's finances, America's debt costs relative to income used to be more benign. Since the early 2000s, the inflation-adjusted yield on 10-year Treasuries was below the running 10-year forecast for economic growth. But that changed recently, with the two now converging at just above 2%, due in part to government spending during the pandemic and higher inflation—which forced the Federal Reserve to hike interest rates aggressively, dragging yields higher. 'That's a potential game changer for debt sustainability,' Bernstein said. He didn't mention that the Biden administration added trillions to the debt with expansive spending that also stoked inflation. Instead, he pointed to President Donald Trump's economic policies, namely his trade war and the tax-and-spending bill that he signed into law last week. High tariff rates will lower economic growth while boosting inflation and interest rates. At the same time, tax cuts will increase debt and likely to raise the interest costs for servicing it, he added. To help avoid a debt shock that forces the government to precipitously slash spending or raise taxes, Bernstein suggested Congress pre-determine 'break-glass moments' and binding fiscal responses. The U.S. already pays more in interest on its debt than it spends on Medicare and defense. Those interest payments will hit $1 trillion next year, trailing only Social Security as the government's biggest outlay, according to the Committee for a Responsible Federal Budget, a think tank. Meanwhile, Trump's tax cuts and spending are expected to add trillions to the deficit in the coming years, with the total debt-to-GDP ratio surpassing the post-Word War II record soon. 'But that path remains unsustainable: The primary deficit is much larger than usual in a strong economy, the debt-to-GDP ratio is approaching the postwar high, and much higher real interest rates have put the debt and interest expense as a share of GDP on much steeper trajectories than appeared likely last cycle,' Goldman Sachs said in a note last month. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 minutes ago
- Yahoo
Rosie O'Donnell Responded To Trump's Citizenship Threat — And She Didn't Hold Back
President Donald Trump is once again reviving his long-running feud with Rosie O'Donnell — this time with a baseless threat to revoke her citizenship. In a Saturday post on Truth Social, Trump referred to the actor and comedian as a 'threat to humanity,' citing her as someone who is not in 'the best interest' of the country. 'Because of the fact that Rosie O'Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship,' he wrote. 'She is a Threat to Humanity, and should remain in the wonderful Country of Ireland, if they want her. GOD BLESS AMERICA!' Trump's remarks appeared to be in response to a TikTok video O'Donnell posted on Friday, in which she criticized the GOP and the current political climate of the U.S. 'He is definitely in a decline, and if you can't see that, I don't know what to tell you,' she said. The Emmy-winning actor later fired back with two Instagram posts addressing Trump's threat. In the first, she took direct aim at the president. 'The president of the usa has always hated the fact that i see him for who he is - a criminal con man sexual abusing liar out to harm our nation to serve himself - this is why i moved to ireland,' she wrote. 'he is a dangerous old soulless man with dementia who lacks empathy, compassion and basic humanity - i stand in direct opposition all he represents - so do millions of others - u gonna deport all who stand against ur evil tendencies - ur a bad joke who cant form a coherent sentence #nevertrump' In a second post, O'Donnell referenced their decades-long public battle and added that she resides 'rent-free in that collapsing brain' of Trump's. 'you call me a threat to humanity –but I'm everything you fear:a loud womana queer womana mother who tells the truthan American who got out of the country b4 u set it ablaze you build walls –I build a life for my autistic kid in a country where decency still exists.' O'Donnell first shared in March that she had relocated to Ireland on Jan. 15, calling the decision 'pretty wonderful.' 'I miss many things about life there at home and I'm trying to find a home here in this beautiful country, and when it is safe for all citizens to have equal rights there in America, that's when we will consider coming back,' she said. Rosie O'Donnell Shades Ellen DeGeneres For Suddenly Getting Political Rosie O'Donnell Reveals The Moment That Sparked Trump's 20-Year Grudge Rosie O'Donnell Names Her 1 Condition For Returning To America After Ireland Move
Fox News
33 minutes ago
- Fox News
How Trump sued CBS and won: The '60 Minutes' settlement that rocked the media world, explained
President Donald Trump sued CBS News and its parent company, Paramount Global, in October 2024 over an interview on "60 Minutes" with then-Vice President Kamala Harris. Trump accused the outlet of deceptive editing and election interference. The lawsuit and its subsequent settlement have far-reaching implications and set off a fierce debate about media ethics and accountability, as well as corporate interference. Fox News Digital breaks down exactly what happened — from the final payout to speculation as to why Paramount settled and what blowback the lawsuit has received since. What happened: October 8, 2024: CBS '60 Minutes' airs two different answers from former Vice President Kamala Harris to the same question | Watch October 18, 2024: Former FCC commissioner explains if CBS News could be in hot water over editing | Watch October 20, 2024: CBS breaks its silence over editing allegations October 31, 2024: Trump sues CBS News for $10 billion alleging 'deceptive doctoring' of Harris' '60 Minutes' interview February 5, 2025: FCC releases CBS News' raw '60 Minutes' transcript April 14, 2025: Trump lashes out at CBS News and "60 Minutes" April 23, 2025: "60 Minutes" executive producer Bill Owens abruptly quits May 9, 2025: Paramount, CBS News' parent company, faces mounting pressure May 29, 2025: Trump rejects Paramount's $15 million offer to settle CBS News lawsuit July 1, 2025: Paramount, CBS pay eight figures, change editorial policy in settlement | Watch July 7, 2025: CBS parent company sparks massive outrage with Trump lawsuit settlement Reactions:
