Vietnam’s general secretary of the Communist Party, To Lam, engaged in a phone call with President Donald Trump on Friday, expressing Hanoi’s desire to eliminate tariffs in a prospective trade agreement with the United States. President Trump characterized the conversation as “very productive,” noting that To Lam indicated Vietnam’s willingness to reduce tariffs to zero, contingent upon reaching a mutual agreement.
The Wall Street Journal reports:
News of the call, which Trump posted about on social media, sent stocks of companies that make some of their goods in Vietnam higher. Shares in Nike, for example, jumped more than 4%.
The Trump administration had levied tariffs of 46% on Vietnam earlier this week. Trump said Friday he looked forward to meeting with To Lam in the near future.
This latest outreach from Vietnam aligns with its ongoing efforts to mitigate potential U.S. tariffs, especially given its significant trade surplus with the United States, which exceeded $123 billion in 2024. In anticipation of U.S. tariff actions, Vietnam has proactively reduced import duties on several American products, including liquefied natural gas and automobiles, aiming to balance trade relations and demonstrate commitment to equitable trade practices. (RELATED: Trump’s Extraordinary Move Undoubtedly Puts America First)
The dialogue between the two leaders underscores Vietnam’s strategic approach to trade negotiations, seeking to foster favorable economic ties with the U.S. while addressing trade imbalances.
Elsewhere, Wall Street extended its losses on Thursday, marking the second consecutive day of steep declines following Trump’s sweeping “Liberation Day” tariff announcement. The selloff reflects investor anxiety over the global trade implications of Trump’s aggressive new trade agenda.
Commerce Secretary Howard Lutnick launched a full-scale media blitz defending the administration’s tariff plan, declaring it was time for other nations to play fair or face consequences. (RELATED: Trump Admin Responds To Market Nosedive)
The administration continues to frame the sweeping trade policy as a necessary course correction to end years of one-sided deals that sold out American workers and industries.
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The Viet Cong need to eliminate tyranny and child labor, as well as tariffs.