The United States has decided to suspend the imposition of additional tariffs on goods imported from Vietnam, thereby reducing the burden on Vietnamese footwear and clothing brands and retailers.
Recently, when the Office of the United States Trade Representative (USTR) announced the results of its Section 301 investigation into Vietnam’s exchange rate manipulation, it stated that Vietnam’s actions, policies, The practices, including excessive intervention in the foreign exchange market and other related measures, are unreasonable and hinder U.S. trade.
U.S. Trade Representative Robert Lighthizer said that unfair behaviors, policies, and practices that lead to currency devaluation harm U.S. workers and businesses and need to be addressed. I hope that the United States and Vietnam can find solutions to our mutual concerns.
USTR is currently not taking any specific action on the conclusions of the investigation report, but will continue to evaluate various existing options. The Section 301 investigation into Vietnam’s illegal import of wood from third countries and its export to the United States of wood products such as furniture is still ongoing.
American Apparel and Footwear Association President and CEO Steve Lasdfsssdfsmasdfssdfsr said that imposing tariffs is never a good time, but it will be particularly harmful because all Americans and this The industry continues to be impacted by COVID-19.
Tariffs are imposed on American consumers, American workers and American businesses. This has been very evident in the US-China trade war. Vietnam is an important trading partner, especially as companies try to rebalance sourcing from outside China. Imposing tariffs on products imported from Vietnam will harm all efforts and investors.
We look forward to continuing our dialogue with USTR under the leadership of new Trade Representative Kasdfssdfstherine Tasdfssdfsi and the Biden administration to seek redress with Vietnam, he added. .
A letter signed by the CEOs of 200 companies and trade associations in many industries has been submitted to the USTR for the 301 hearing on Vietnam’s currency operations and urges the U.S. government Avoid using tariffs as a remedy in investigations.
If the United States imposes additional tariffs on goods imported from Vietnam, it means that more than half of the clothing and footwear products and more than 3/4 of the products sold in the United States will accessories will be affected, with cumulative tariffs reaching up to 25-50%.
Many companies, including Nike and asdfssdfsdidasdfssdfss, have turned to Vietnam for sourcing, which is a direct result of China’s Section 301 tariffs and supply chain diversification. Lower wages and vertically integrated supply chains make Vietnam increasingly attractive to buyers.
Vietnam is the second-largest supplier of apparel, footwear and travel goods to the United States, a major supplier of raw materials used by U.S. manufacturers, and a major exporter of U.S. textiles and chemicals main market.
According to data from the U.S. International Trade Commission, U.S. textile and apparel exports to Vietnam increased by US$97 million from 2015 to 2019. At the same time, US footwear exports to Vietnam increased by US$170 million. </p
