Vietnam Slashes Tariffs on U.S. Imports

Vietnam is reducing tariffs on U.S. products, including LNG, automobiles, and ethanol. The tax policy update includes a significant cut on American LNG from 5% to 2% and automotive tariffs from 45%-64% to 32%. The new decree will be effective within the month.

In a strategic move to bolster trade relations, Vietnam is set to significantly reduce tariffs on a variety of U.S. imports, according to a statement from the Vietnamese Finance Ministry's tax policy department head.

The upcoming tariff cuts include a drop on American LNG from 5% to 2%, a substantial reduction in automotive tariffs from a range of 45%-64% to just 32%, and a cut on ethanol tariffs from 10% to 5%.

Additionally, tariffs on American ethane will be completely removed. The ministry confirmed that the new regulations will be finalised and implemented within the month.

(With inputs from agencies.)