Bangkok – The United States and Vietnam have agreed to start talks on a trade agreement, the Vietnamese government said on Thursday, a possible breathing sign for certain developing Asian countries while President Donald Trump degenerates a trade war with China.
Vice-Prime Minister of Vietnam Ho Duc Phoc and the US trade representative Jamieson Greer met in Washington on Wednesday evening, the day when 46% of American rates on Vietnamese exports entered into force with higher rates on many other countries.
A few hours later, President Donald Trump announced that he was reducing tasks for countries arranged to negotiate to 10% for three months, but continuous measures against China, which is now faced with a 125% price on his exports.
“Although the United States has decided to delay tariff taxation for 90 days, the two countries should start negotiations on a bilateral trade agreement,” said Phoc, according to the website of the Vietnamese government.
An agreement “would create a long -term framework to promote stable and mutually beneficial economic and commercial relations in accordance with the complete strategic partnership between the two countries,” said Phoc.
Discussions on a technical level would start immediately, according to the press release. There was no immediate comment from the United States
The two countries have raised their relations with the highest level, a complete strategic partnership, during a visit in 2023 in Hanoi by the president of the time, Joe Biden.
On April 4, the secretary general of the Communist Party in LAM proposed reducing prices on American products from zero to a telephone conversation with President Trump and urged the United States to follow suit.
Trump’s sales advisor Peter Navarro rejected the proposal as meaningful because it would not limit a massive trade surplus. Navarro also accused Vietnam of “non -pricing cheating”, in an interview on CNBC, citing shipments of Chinese goods transported by Vietnam as an example.
Trump’s announcement that he reduced prices for more than 75 countries to 10% for 90 days helped relieve the concern that a world trade war triggers a recession. Asian actions jumped on the back of strong gains at Wall Street. The Nikkei 225 of Japan jumped almost 9% in the morning and the Kospi index of South Korea directed more than 5%.
Partial reversal on prices is a signal that the United States will reward the countries that do not retaliate.
Japan and South Korea are among countries that “want to come to the table rather than degenerate,” said Treasury Secretary Scott Bessent, reported the Associated Press.
He said the United States provides “tailor-made” negotiations with governments ready to make concessions in exchange for a reduction in prices.
Edited by Stephen Wright.