American companies are urging Washington to lower tariffs on Vietnam, arguing that the south-east Asian country has become a vital part of their “China plus one” diversification strategy.
Vietnam was one of the biggest winners from US President Donald Trump’s trade war in his first term as manufacturers shifted from China. Apple, Intel and Nike are among American companies that rely heavily on Vietnam.
As a result of that production shift, the south-east Asian country’s trade surplus with the US ballooned, crossing $125bn last year and ranking third after China and Mexico. The Trump administration imposed a 46 per cent tariff on Vietnam in April — one of the highest after China — before pausing the levy pending trade negotiations.
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