Trade Tensions Intensify: Trump's Tariffs Target Vietnam

President Donald Trump has proposed tariffs on nearly all Vietnamese exports to the U.S., challenging the bilateral trade relationship. Vietnamese officials, wary of potential economic impacts, are considering various strategies to mitigate the tariffs, including adjustments in agriculture imports, defense deals, and energy collaborations.

President Donald Trump has escalated trade tensions by announcing potential tariffs on virtually all Vietnamese exports to the United States. Last year, these exports were valued at over $142 billion, a substantial share of Vietnam's GDP. This move has spurred Vietnam to explore strategies to counteract possible economic repercussions.

Vietnamese officials are proactively considering various measures to ease the situation, such as purchasing U.S. liquefied natural gas and importing more American agricultural products, though the latter is unlikely to significantly impact trade imbalances. Additionally, Vietnam has imposed temporary anti-dumping duties on Chinese steel to protect its local industries.

On the defense front, Vietnam is in advanced talks with U.S. firms for military equipment, including planes from Lockheed Martin, while also engaging with Elon Musk's Starlink for satellite services. In the aviation sector, Vietnam's VietJet is set on expanding its Boeing deal, reflecting a focus on maintaining robust trade ties despite looming tariff threats.

(With inputs from agencies.)