Latest news with #Vietnamese-made
Fibre2Fashion
14-07-2025
- Business
- Fibre2Fashion
US footwear industry urges tariff relief ahead of school season
As reciprocal trade deals near finalisation, footwear industry leaders led by the Footwear Distributors and Retailers of America (FDRA), are calling on Ambassador Greer to ensure new tariffs are not added on top of already steep footwear duties. As trade deals near finalisation, the FDRA urges Ambassador Greer not to stack new tariffs on already high footwear duties, which hit working-class families hardest. With children's shoes already taxed up to 48 per cent, the industry said that added tariffsâ€'like the 20 per cent on Vietnamese goodsâ€'could worsen inflation and threaten footwear jobs. The industry stressed that current tariff rates—averaging 12 per cent and reaching as high as 48 per cent for children ' s shoes — already burden working-class US families disproportionately. With President Trump recently confirming a new 20 per cent tariff on Vietnamese-made goods, industry representatives argue that this effectively doubles the cost for many footwear imports already taxed at that level. Children ' s shoes, they emphasise, are rarely produced in the US and are essential for education, sports, and child health — especially ahead of the back-to-school shopping rush. The letter, which follows an earlier appeal to President Trump in May, supports his stance that tariffs should not aim to revive domestic sneaker or T-shirt production. Signatories also highlighted the sector's limited strategic relevance to national security and pointed out that footwear companies are already set to pay over $5 billion in duties this year alone. Industry groups are urging the administration to exempt footwear from additional reciprocal tariffs or provide credits against current Most Favoured Nation (MFN) rates. Without action, they said, consumers could face rising prices and job losses across the footwear supply chain. Fibre2Fashion News Desk (HU)
Economic Times
09-07-2025
- Business
- Economic Times
Trump's silent economic war on China: How he's cornering Xi Jinping one nation at a time
Donald Trump is reportedly broadening his trade war with China by imposing tariffs on Asian nations like Japan and South Korea. Simultaneously, deals are being pursued with countries including Indonesia and Thailand. This strategy aims to isolate China by restricting access to crucial Asian markets that bolster its export-driven economy. Tired of too many ads? Remove Ads Donald Trump Targeting Asia to Corner Beijing Setting the Tone with Vietnam and the UK Tired of too many ads? Remove Ads Donald Trump Cracking Down on Transshipments More Asian Countries on Trump's Notice China's Growth Model Hinges on Exports Tired of too many ads? Remove Ads FAQs US president Donald Trump is quietly expanding his trade war with China by targeting the entire Asian region through a series of new tariff deals, as per a though the US reached a recent pact with Beijing, Trump is imposing fresh tariffs on countries like Japan and South Korea while pushing for agreements with Indonesia, Thailand, Cambodia, and others, according to The Telegraph successful, this strategy would trap Xi Jinping's China by cutting off key Asian markets that support Beijing's export-driven economy , as per the report. Economist at Capital Economics, Neil Shearing, pointed out that 'What we are witnessing is no passing trade war,' and added that, 'Rather, it is the manifestation of a deeper, more durable superpower rivalry between the world's two largest economies,' as quoted in The Telegraph READ: Billionaires ditch Nvidia for this AI stock that's soared 2,000% since 2023 Trump's earlier deals with the UK and Vietnam set the tone for his plan to weaken Beijing's trading power, according to the report. The UK agreement allows the White House to 'veto' Chinese investment in Britain, while the Vietnam deal cracks down on China's tactic of sending goods through Vietnam to avoid US tariffs, as per The Telegraph instance, Trump imposed a 40% tariff on 'transshipments', goods imported into Vietnam mostly from China, then exported to the US, which is double the 20% tariff on Vietnamese-made products. This sends a clear message to Hanoi that Vietnam is welcome to export to the US if it can cope with a 20% levy, Trump will come down on the country like a tonne of bricks if it replaces 'Made in Vietnam' stickers with 'Made in China,' as reported by The READ: Craving McDonald's snack wraps? They are back — with bold new flavors you need to try Trump is now threatening steep tariffs on Malaysia, Indonesia, Thailand, and Cambodia if they don't make trade deals soon, with levies as high as 36% on some countries, as these measures are expected to further squeeze China's export reach, according to the was Trump's early candidate for this strategy because, since Trump first came to power in 2017, China's machinery and electrical goods shipments to Vietnam have increased from just 17% of its total exports to nearly half, as reported by The Telegraph. After Trump returned to the White House this year, Vietnam's imports of these goods from China rose by nearly a quarter, as per the READ: Linda Yaccarino resigns: What drove the X CEO to step down and what's her net worth? Xi's strategy is to keep China's economy increasing by at least 5% a year due to the exports to Asia, reported The Telegraph. Beijing increases its GDP by pumping subsidies and investments into manufacturing, as Chinese households simply don't spend enough to allow consumption to power the economy, as reported by The Telegraph.A senior research fellow at the think tank Chatham House, David Lubin explained that, 'Whenever Chinese domestic spending growth sags, export growth accelerates,' adding, 'And that's simply because Chinese companies can't sell stuff domestically, so they sell it abroad,' as quoted in the economic model has led to overcapacity and oversupply, which has forced businesses into damaging price wars, and if these companies are not able to export their surplus to Asia, supply gluts appear inevitable, as reported by The READ: New Mexico flooding: Emergency declared - track maps, road closures and all the details He's trying to block China from using Asian markets to fuel its export-heavy penalizing Vietnam with 40% tariffs if it helps China dodge US tariffs by re-exporting Chinese goods.
Time of India
09-07-2025
- Business
- Time of India
Trump's silent economic war on China: How he's cornering Xi Jinping one nation at a time
Donald Trump is reportedly broadening his trade war with China by imposing tariffs on Asian nations like Japan and South Korea. Simultaneously, deals are being pursued with countries including Indonesia and Thailand. This strategy aims to isolate China by restricting access to crucial Asian markets that bolster its export-driven economy. Tired of too many ads? Remove Ads Donald Trump Targeting Asia to Corner Beijing Setting the Tone with Vietnam and the UK Tired of too many ads? Remove Ads Donald Trump Cracking Down on Transshipments More Asian Countries on Trump's Notice China's Growth Model Hinges on Exports Tired of too many ads? Remove Ads FAQs US president Donald Trump is quietly expanding his trade war with China by targeting the entire Asian region through a series of new tariff deals, as per a though the US reached a recent pact with Beijing, Trump is imposing fresh tariffs on countries like Japan and South Korea while pushing for agreements with Indonesia, Thailand, Cambodia, and others, according to The Telegraph successful, this strategy would trap Xi Jinping's China by cutting off key Asian markets that support Beijing's export-driven economy , as per the report. Economist at Capital Economics, Neil Shearing, pointed out that 'What we are witnessing is no passing trade war,' and added that, 'Rather, it is the manifestation of a deeper, more durable superpower rivalry between the world's two largest economies,' as quoted in The Telegraph READ: Billionaires ditch Nvidia for this AI stock that's soared 2,000% since 2023 Trump's earlier deals with the UK and Vietnam set the tone for his plan to weaken Beijing's trading power, according to the report. The UK agreement allows the White House to 'veto' Chinese investment in Britain, while the Vietnam deal cracks down on China's tactic of sending goods through Vietnam to avoid US tariffs, as per The Telegraph instance, Trump imposed a 40% tariff on 'transshipments', goods imported into Vietnam mostly from China, then exported to the US, which is double the 20% tariff on Vietnamese-made products. This sends a clear message to Hanoi that Vietnam is welcome to export to the US if it can cope with a 20% levy, Trump will come down on the country like a tonne of bricks if it replaces 'Made in Vietnam' stickers with 'Made in China,' as reported by The READ: Craving McDonald's snack wraps? They are back — with bold new flavors you need to try Trump is now threatening steep tariffs on Malaysia, Indonesia, Thailand, and Cambodia if they don't make trade deals soon, with levies as high as 36% on some countries, as these measures are expected to further squeeze China's export reach, according to the was Trump's early candidate for this strategy because, since Trump first came to power in 2017, China's machinery and electrical goods shipments to Vietnam have increased from just 17% of its total exports to nearly half, as reported by The Telegraph. After Trump returned to the White House this year, Vietnam's imports of these goods from China rose by nearly a quarter, as per the READ: Linda Yaccarino resigns: What drove the X CEO to step down and what's her net worth? Xi's strategy is to keep China's economy increasing by at least 5% a year due to the exports to Asia, reported The Telegraph. Beijing increases its GDP by pumping subsidies and investments into manufacturing, as Chinese households simply don't spend enough to allow consumption to power the economy, as reported by The Telegraph.A senior research fellow at the think tank Chatham House, David Lubin explained that, 'Whenever Chinese domestic spending growth sags, export growth accelerates,' adding, 'And that's simply because Chinese companies can't sell stuff domestically, so they sell it abroad,' as quoted in the economic model has led to overcapacity and oversupply, which has forced businesses into damaging price wars, and if these companies are not able to export their surplus to Asia, supply gluts appear inevitable, as reported by The READ: New Mexico flooding: Emergency declared - track maps, road closures and all the details He's trying to block China from using Asian markets to fuel its export-heavy penalizing Vietnam with 40% tariffs if it helps China dodge US tariffs by re-exporting Chinese goods.
Arabian Post
02-07-2025
- Business
- Arabian Post
US–Vietnam Trade Accord Sets Stage for New Era
President Trump has confirmed that the United States and Vietnam have reached a trade agreement, with a detailed framework now in place while formal terms await finalisation. The accord suspends the 46 per cent reciprocal tariff on Vietnamese imports, originally imposed in April, and paves the way for expanded market access and tighter controls on rerouted Chinese goods. Negotiations were fast-tracked to meet the looming July 9 deadline, when the temporary pause on tariffs would otherwise lapse. As part of the layout, Vietnam has committed to reducing non-tariff trade barriers and allowing greater access for US livestock, aerospace equipment and energy exports—though precise sectors and volumes remain unspecified. At the centre of the deal stands a tiered tariff system based on foreign value‑content of exports. Products most heavily reliant on Chinese components may face duties of 20 per cent or more, while Vietnamese-made goods enjoy a lower baseline of 10 per cent. US officials have asserted that this structure addresses circumvention of Chinese duties while protecting legitimate Vietnamese manufacturing. ADVERTISEMENT Vietnamese Prime Minister Pham Minh Chinh, speaking at the World Economic Forum in Tianjin prior to the deal's announcement, stated that Hanoi expected to finalise negotiations before the July deadline and hoped for outcomes 'earlier than two weeks.' The country's trade surplus with the US, which reached US $13.8 billion in May—up 42 per cent year‑on‑year—remains a key negotiating point. Negotiators also addressed concerns about illegal trans‑shipment: goods routed through Vietnam after being manufactured in China to bypass Chinese tariffs. US trade adviser Peter Navarro has described this practice as a serious evasion tactic; Vietnamese officials have promised to strengthen border controls and customs scrutiny. Efforts are now moving beyond tariffs, with signs that Vietnamese companies will sign memorandums of understanding to purchase US agricultural products. One such agreement involves $800 million worth of corn, wheat, soybean meal and dried distillers grains from Iowa over three years—part of a wider $2 billion agricultural import initiative. The Office of the US Trade Representative has been steering bilateral talks under the authority granted in April, rolling back country‑specific tariffs to a baseline 10 per cent while seeking comprehensive trade frameworks. Vietnam is among eighteen nations engaged in similar negotiations, alongside the UK and China. However, as negotiations progress, only those with finalized agreements can expect to retain suspended tariffs beyond July 9. Vietnamese Trade Minister Do Duc Duy led a delegation to Washington in early June, focusing on high‑tech, aviation and energy sectors. This build‑up culminated in Vietnamese officials approving a broad framework, though detailed tariff schedules and purchase commitments remain pending. ADVERTISEMENT US Treasury officials, including Deputy Finance Minister Cao Anh Tuan, have registered concern over Vietnam's ballooning trade surplus and advocated for mechanisms to facilitate greater US exports of high‑technology products. The trade deal aims to address structural imbalances and discourage asymmetry. By halting the 46 per cent tariff, both governments aim to provide breathing room for companies navigating supply‑chain adjustments. Vietnamese exporters, particularly in textiles, electronics, and furniture, had faced rising costs and uncertainty. US importers, in turn, gained steadier input pricing while Vietnam's manufacturing sector gains clearer visibility on duty obligations. The bilateral agreement falls within the Trump‑era pivot towards isolating China as a growing trade adversary. After earlier deals with the UK and China, it signals an effort to construct a network of selective, strategic partnerships centred on reciprocal trade and industrial transparency. Despite uncertainty over the finer details, the accord demonstrates mutual interest in cooperative economic alignment. Vietnam has positioned itself as a major manufacturing hub in Southeast Asia, and its compliance against illicit trans‑shipment could bolster legitimacy in global supply chains. US firms—particularly in agriculture and high-tech—stand to benefit if Vietnamese commitments materialise. Further negotiations will refine tariff bands, enforcement mechanisms, and market access mandates. Both sides aim to formalise agreements ahead of the July 9 expiration. Meanwhile, US companies tied to Vietnamese supply chains—covering electronics, textiles and agri‑inputs—are anticipating disclosures that could guide sourcing decisions. Observers on both continents consider the deal as a modest but strategic realignment. For Washington, it reduces reliance on adversarial supply routes; for Hanoi, it secures tariff relief and access to high‑value US markets. As the technical teams proceed to swap drafts and conduct consultations, stakeholders await clarity on what the detailed deal will deliver in terms of quotas, standards and timelines.
The Star
12-06-2025
- Business
- The Star
Vietnam advances plans for international financial centre as trade risks grow
FILE PHOTO: A container ship sails past a luxury apartment complex in Ho Chi Minh City on December 3, 2021. The financial centre will operate in both financial hub Ho Chi Minh City and tourism-focused Danang.- AFP HANOI: Vietnam is moving forward with plans to establish an international financial centre to enhance its role in the global financial market and attract international capital flows, Finance Minister Nguyen Van Thang told parliament on Tuesday (June 10). The initiative could position Vietnam as a regional hub for financial activity, boosting its economic influence, according to Thang and a draft plan, now in its 30th version, seen by Reuters. The draft includes policies covering foreign exchange liberalisation, banking activities, capital market development, tax incentives and labour provisions targeting experts and investors. Foreign investment inflows into Vietnam in January-May rose 7.9 per cent to US$8.9 billion, the government said, while foreign investment pledges were up 51.1 per cent to US$18.4 billion. But the United States has threatened heavy tariffs on Vietnamese-made goods if it does not make major concessions, which could dampen its investment momentum. The country is an important manufacturing base for companies ranging from Samsung Electronics, Foxconn and Intel to Nike and Adidas. The National Assembly, Vietnamese parliament, will vote on the resolution on June 27. A key feature allows members of the financial centre to use foreign currency for transactions and secure international financing, according to the draft. "Members are permitted to establish trading floors and platforms for commodities, carbon credits, cultural products and innovative startups," the draft said. Two sources familiar with the matter confirmed the draft as the latest version. Administrative procedures will be simplified, the draft added, creating more favourable conditions for participants. The financial centre will apply accounting and financial standards, including minimum capital adequacy and liquidity ratios, specific to both 100 per cent foreign-owned banks and domestic banks, aligning with international practices. It will operate across two cities: financial hub Ho Chi Minh City and tourism-focused Danang. The government had earlier set a goal to have the centres operational this year. - Reuters
