Vietnam Reduces Tariffs on U.S. Goods to Strengthen Trade Relations

Vietnam has announced tariff reductions on U.S. products like LNG and cars to mitigate potential American tariffs due to its trade surplus. The tariffs on LNG and automobiles will see significant cuts, with measures aimed at rectifying its trade balance with the United States.

Vietnam is taking strategic steps to alleviate its substantial trade surplus with the United States by cutting tariffs on a variety of U.S. products, a senior finance official confirmed.

The Finance Ministry announced reductions in import duties on items including liquefied natural gas (LNG), automobiles, and ethanol. LNG tariffs will be trimmed from 5% to 2%, while car tariffs will drop to 32%, down from a bracket between 45% to 64%, according to a statement from Nguyen Quoc Hung.

These tariff adjustments, spearheaded by Vietnam's attempts to improve trading relationships, reflect the nation's ongoing efforts in constructing a balanced trade equation under its Comprehensive Strategic Partnership with the U.S. The decree enacting these cuts is expected within the month.

(With inputs from agencies.)