Latest news with #Vietnam-made
Yahoo
09-07-2025
- Business
- Yahoo
Duties On 2 Styles Of North Face Men's Winter Boots Would Drop Under CBP Proposal
Duties on two styles of closed-toe/closed-heel men's winter boots are slated to get lowered under a U.S. Customs & Border Protection (CBP) reclassification. A proposal for reclassification was listed in a June 25 Customs Bulletin and Decisions notice. CBP is seeking commentary for the proposed change, which has to be received on or before July 25, 2025. The change would revoke a New York letter ruling from November 2023, and become effective 60 days after the June 25 publication date. Once the change is effective, the duty would be lowered to 9 percent from its current rate of 37.5 percent. More from WWD Trump Closes Door on Tariff Trade Talk Extensions: Here's Where Footwear Could Be Hit the Most The North Face to Bring Climb Festival to San Francisco Did Trump's Latest Tariff Move Give Shoe Shoppers A Holiday Reprieve? The original New York letter ruling from November 2023, in response to an October 2023 letter from VF Corp.'s The North Face division, had classified the Vietnam-made men's boots as protective footwear. The November letter stated that the F.O.B. provided by the VF brand was $55 a pair. The two men's boots cover the ankle, but not the knee. While similar in style and construction, the two differ in the types of closure. One boot uses a cinch cord at the topline and the other boot has two fasteners that closes on the side. The NY ruling letter noted that the external uppers are of 88.6 percent rubber or plastics and 11.4 percent textile material, with outer soles that have grips for traction and provide for the attachment of spikes, cleats or crampons for use in climbing or walking on an icy surface. While the boots are well-insulated and water-resistant, they do not incorporate metal toe caps. The CBP has determined that the original NY ruling letter — using the classification for footwear that includes protection against water, oil, grease, chemicals or cold or inclement weather — made an erroneous conclusion. Reclassification will have the boots fall under a provision in the Harmonized Tariff Schedule of the United States that provides for '[o]ther footwear with outer soles and uppers of rubber or plastics: Sports footwear' that's valued at 'over $12/pair.' The CBP reviewed the classification in response to a North Face brand request from February 2024 seeking reconsideration of the the NY ruling letter determination. In the CBP response letter, it noted that North Face indicated that the boots 'are intended to be worn while mountaineering and/or ice climbing [and that they are] not practical for everyday wear, nor are they designed to be worn as typical hiking boots.' In addition, North Face will market the boots as 'high performance footwear designed for adventurous outdoor pursuits including glacier, arctic, and snowshoe expeditions.' The CBP concluded that both North Face boots, the M Pro Winter Reboot and the M Summit Winter Reboot, 'meet the requirements of 'sports footwear' [as both are] designed for a sporting activity.' Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos]
Axios
02-07-2025
- Business
- Axios
Stock investors waver on U.S.-Vietnam trade deal
Is the trade deal with Vietnam announced Wednesday good news or bad news for U.S. companies? Stock investors may need more time to think. The big picture: U.S. importers — from apparel to furniture to toys — took a hit in April when Trump threatened major new tariffs on the popular manufacturing hub. Today's deal eased tensions but left steep tariffs in place. Follow the money: When Trump announced on social media Wednesday that he'd made a trade deal with Vietnam, shares in companies like Nike, Lululemon and Deckers Brands all jumped on the tease. But 19 minutes later, when Trump announced some details of the agreement, shares in those Vietnam-exposed companies immediately reversed course, with many turning negative. Most crept back up, to varying degrees, as investors began to parse implications for individual names. The big picture: The initial reaction highlights the reality of the new calculus. Trump's deal will place a 20% tariff rate on all Vietnam-made goods imported into the U.S., and a 40% rate on any goods coming from Vietnam that were originally shipped from someplace else. That's bad news, considering importers from Vietnam have been paying a 10% placeholder tariff since Trump paused larger reciprocal rates in April. From that baseline, the new tariff rate is doubled. On the other hand, Vietnamese products faced a larger 46% rate when the pause expired, which could have gone into effect as soon as next week. By the numbers: Nike shares jumped Wednesday morning, turned negative, then recovered to close up 4.1%. The deal news, combined with good vibes from the company's earnings report last week, has Nike shares trading above where they were on April 2, when the tariff news sent it plunging almost 15%. Lululemon, another apparel manufacturer with significant Vietnam exposure, jumped, went negative, then closed up 0.5%. It remains down nearly 13% from April 2. Deckers Brands' chart from Wednesday looks identical. It closed up 0.8% after initially jumping 3.5% on Trump's initial deal headline.
TimesLIVE
19-06-2025
- Business
- TimesLIVE
US pushes Vietnam to decouple from Chinese tech, say sources
The US is pushing Vietnam in tariff talks to reduce the use of Chinese tech in devices that are assembled in the country before being exported to America, three people briefed on the matter said. Vietnam is home to large manufacturing operations of tech firms such as Apple and Samsung, which often rely on components made in China. Meta and Google also have contractors in Vietnam that produce goods such as virtual reality headsets and smartphones. The Southeast Asian nation has been organising meetings with local businesses to boost the supply of Vietnamese parts, with firms showing willingness to cooperate but also warning they would need time and technology to do so, according to one person with knowledge of the discussions. The Trump administration has threatened Vietnam with crippling tariffs of 46% which could significantly limit access for Vietnam-made goods to their main market and upend the Communist-run country's export-oriented growth model. Vietnam has been asked "to reduce its dependency on Chinese high-tech," said one person familiar with the discussions. "That is part of the restructuring of supply chains and would in turn reduce US dependency on Chinese components," the person added. The ultimate objective is to speed up US decoupling from Chinese high-tech while increasing Vietnam's industrial capacity, a second person said, citing virtual reality devices as an example of Vietnam-assembled products that are too dependent on Chinese technology.
Gulf Today
17-06-2025
- Business
- Gulf Today
US pushes Vietnam to decouple from Chinese tech
The United States is pushing Vietnam in tariff talks to reduce the use of Chinese tech in devices that are assembled in the country before being exported to America, three people briefed on the matter said. Vietnam is home to large manufacturing operations of tech firms such as Apple and Samsung, which often rely on components made in China. Meta and Google also have contractors in Vietnam that produce goods such as virtual reality headsets and smartphones. The Southeast Asian nation has been organising meetings with local businesses to boost the supply of Vietnamese parts, with firms showing willingness to cooperate but also warning they would need time and technology to do so, according to one person with knowledge of the discussions. The Trump administration has threatened Vietnam with crippling tariffs of 46% which could significantly limit access for Vietnam-made goods to their main market and upend the Communist-run country's export-oriented growth model. Vietnam has been asked "to reduce its dependency on Chinese high-tech," said one person familiar with the discussions. "That is part of the restructuring of supply chains and would in turn reduce US dependency on Chinese components," the person added. The ultimate objective is to speed up US decoupling from Chinese high-tech while increasing Vietnam's industrial capacity, a second person said, citing virtual reality devices as an example of Vietnam-assembled products that are too dependent on Chinese technology, observed Reuters. All sources declined to be identified as the discussions were confidential. Reuters was not able to learn if the US has proposed numerical targets such as caps on Chinese content for "Made in Vietnam" goods or different tariff rates based on the amount of Chinese content. Apple, Samsung, Meta and Google did not reply to Reuters requests for comment. As the US-imposed deadline of July 8 nears before the tariffs take effect, the timing and scope of a possible deal remain unclear. All sources stressed that while the US has made broader requests for Vietnam to reduce its reliance on China, tackling the issue of Chinese high-tech content in exports was a key priority. Last year, China exported around $44 billion of tech such as electronics components, computers and phones to Vietnam, about 30% of its total exports to the country. Vietnam shipped $33 billion of tech goods to the United States or 28% of the U.S.-bound exports. Both flows are on the rise this year, according to Vietnam's customs data. Vietnam's trade ministry did not reply to Reuters requests for comment. Separate sources have previously said that US demands were seen as "tough" and "difficult" by Vietnamese negotiators. The U.S. also wants Vietnam to crack down on the practice of shipping Chinese goods to America with misleading "Made in Vietnam" labels that draw lower duties - which Vietnam is also trying to heed. The ministry said on Sunday that a third round of talks last week in Washington ended with progress, but critical issues remain unresolved. Vietnam's ruling Communist Party chief To Lam intends to meet US President Donald Trump in the United States, possibly in late June, officials with knowledge of the matter said. No date has been announced for the trip. The White House and Vietnam's foreign ministry did not respond to requests for comment on the possible visit, reported Reuters. Local firms attending meetings organised by the trade ministry in recent weeks expressed a general willingness to adapt, but many warned that instant changes "would destroy business", according to one of the sources. Vietnam has been slowly developing an industrial ecosystem with local suppliers but it has a long way to go before it can match China's advanced supply chains and cheaper pricing, industry executives say. "Vietnam is about 15-20 years behind China in somewhat fully replicating its supply chain scale and sophistication, but it's catching up fast, especially in key sectors like textiles and electronics," said Carlo Chiandone, a Vietnam-based supply chain expert. Abrupt changes to existing practices may hurt Vietnam's delicate relationship with China, which is both a major investor in its Southeast Asian neighbour and a source of security concerns, reported Reuters.
The Star
16-06-2025
- Business
- The Star
US pushes Vietnam to decouple from Chinese tech: Sources
Vietnam shipped US$33 billion of tech goods to the United States or 28% of the US-bound exports. - Vietnam News/ANN HANOI: The United States is pushing Vietnam in tariff talks to reduce the use of Chinese tech in devices that are assembled in the country before being exported to America, three people briefed on the matter said. Vietnam is home to large manufacturing operations of tech firms such as Apple and Samsung, which often rely on components made in China. Meta and Google also have contractors in Vietnam that produce goods such as virtual reality headsets and smartphones. The South-East Asian nation has been organising meetings with local businesses to boost the supply of Vietnamese parts, with firms showing willingness to cooperate but also warning they would need time and technology to do so, according to one person with knowledge of the discussions. The Trump administration has threatened Vietnam with crippling tariffs of 46% which could significantly limit access for Vietnam-made goods to their main market and upend the Communist-run country's export-oriented growth model. Vietnam has been asked "to reduce its dependency on Chinese high-tech," said one person familiar with the discussions. "That is part of the restructuring of supply chains and would in turn reduce US dependency on Chinese components," the person added. The ultimate objective is to speed up US decoupling from Chinese high-tech while increasing Vietnam's industrial capacity, a second person said, citing virtual reality devices as an example of Vietnam-assembled products that are too dependent on Chinese technology. All sources declined to be identified as the discussions were confidential. Reuters was not able to learn if the US has proposed numerical targets such as caps on Chinese content for "Made in Vietnam" goods or different tariff rates based on the amount of Chinese content. Apple, Samsung, Meta and Google did not reply to Reuters requests for comment. As the US-imposed deadline of July 8 nears before the tariffs take effect, the timing and scope of a possible deal remain unclear. All sources stressed that while the US has made broader requests for Vietnam to reduce its reliance on China, tackling the issue of Chinese high-tech content in exports was a key priority. Last year, China exported around US$44 billion of tech such as electronics components, computers and phones to Vietnam, about 30% of its total exports to the country. Vietnam shipped US$33 billion of tech goods to the United States or 28% of the US-bound exports. Both flows are on the rise this year, according to Vietnam's customs data. Vietnam's trade ministry did not reply to Reuters requests for comment. Separate sources have previously said that US demands were seen as "tough" and "difficult" by Vietnamese negotiators. The US also wants Vietnam to crack down on the practice of shipping Chinese goods to America with misleading "Made in Vietnam" labels that draw lower duties - which Vietnam is also trying to heed. The ministry said on Sunday that a third round of talks last week in Washington ended with progress, but critical issues remain unresolved. Vietnam's ruling Communist Party chief To Lam intends to meet US President Donald Trump in the United States, possibly in late June, officials with knowledge of the matter said. No date has been announced for the trip. The White House and Vietnam's foreign ministry did not respond to requests for comment on the possible visit. Local firms attending meetings organised by the trade ministry in recent weeks expressed a general willingness to adapt, but many warned that instant changes "would destroy business", according to one of the sources. Vietnam has been slowly developing an industrial ecosystem with local suppliers but it has a long way to go before it can match China's advanced supply chains and cheaper pricing, industry executives say. "Vietnam is about 15-20 years behind China in somewhat fully replicating its supply chain scale and sophistication, but it's catching up fast, especially in key sectors like textiles and electronics," said Carlo Chiandone, a Vietnam-based supply chain expert. Abrupt changes to existing practices may hurt Vietnam's delicate relationship with China, which is both a major investor in its South-East Asian neighbour and a source of security concerns. - Reuters
