South Korea and Vietnam Forge Partnership in Tariff Struggle

South Korea and Vietnam's foreign ministers have pledged to collaborate closely to address the U.S. reciprocal tariffs. With South Korean businesses as the largest investors in Vietnam, the nations aim to mitigate the impact of U.S. President Donald Trump's tariff plan, which currently defers implementation for 90 days.

In a significant diplomatic move, the foreign ministers of South Korea and Vietnam have agreed on a joint strategy to counteract the U.S. reciprocal tariffs recently imposed on their countries. This collaboration was confirmed during a meeting held in Hanoi, according to an official statement by South Korea's foreign ministry.

Given that South Korean enterprises represent the largest contingent of foreign investors in Vietnam, they are particularly anxious about the repercussions of a hefty 46% reciprocal tariff introduced by U.S. President Donald Trump. This tariff is part of a broader trade policy targeting numerous countries, with South Korea currently facing a 25% duty. However, the tariff enforcement has been temporarily suspended for 90 days.

South Korea's Foreign Minister Cho Tae-yul met with his Vietnamese counterpart Bui Thanh Son to discuss strategies. Earlier, South Korea's industry and trade minister also visited Vietnam, reinforcing the commitment of both countries to address the potential economic impacts of these looming tariffs effectively.

(With inputs from agencies.)