Analysts expect President Donald Trump to likely introduce tariffs on a group of goods from Vietnam before he leaves office in January. This is because, the U.S. Treasury has labeled Vietnam as a currency manipulator.
U.S. companies importing goods from Vietnam will be subject to tariffs under act 301 related to currency manipulation practices, experts said. The results of the investigation are still underway and will be announced as early as January 7.
US companies imported goods worth about $ 65 billion from Vietnam in the first 10 months of 2020, compared with $ 66.6 billion for the whole of 2019. Tariffs may apply on clothing and footwear and some items such as furniture, electronics and household goods amounting to $ 400 billion.
Washington has always viewed Hanoi as a strategic security and economic partner in Southeast Asia to help overcome China's growing influence, and it remains so even during Trump's rule. But it is feared that the tariff will cause the relationship to become more tense.
Imposing tariffs on Vietnamese imported goods would pose another trade complication to President Joe Biden when he took over, and could provoke retaliation for retaliation from Vietnam.
Finally, so far there has been no response from Joe Biden.
