The United States is cautiously reassessing its trade structure.

The Trump administration is taking cautious steps to assess the structure of US international trade and to develop directions for reform...

The United States is cautiously reviewing its comprehensive trade structure.

According to information from the Vietnam Trade Office in the United States, on February 13, 2024, President Trump signed a document requesting the Office of the United States Trade Representative (USTR) and the United States Department of Commerce to propose new tax rates for each country (country by country) to rebalance trade relations.

New import tariffs will be set for each of America's trading partners to address not only the tariffs countries impose on U.S. exports but also the non-tariff barriers countries impose.

The US President asked the country's agencies to propose new tariffs on a country-by-country basis to rebalance trade relations. Photo: Duong Giang

With the review not only limited to tariffs but also expanded to other barriers, the Trump administration is taking careful, sure, and comprehensive steps to assess the US international trade structure, thereby finding directions for reform and renegotiation to ensure US interests. This is also consistent with the content of the response at the recent hearing of the US Trade Representative candidate - Mr. Greer at the US Senate.

With this approach, countries will face more difficulties when tariffs are content that can be actively reviewed and adjusted, but non-tariff barriers will be a major obstacle for each country when negotiating with the United States and will also be passive when the United States can choose barriers to request negotiations.

By taking more time to study, countries also have more opportunities to discuss and negotiate with the United States about future plans.

Vietnam and the United States are two complementary economies.

Previously, President Trump announced the application of an additional 25% tax on steel and aluminum products from importing countries. Regarding the new US trade policies, during a working session with Minister of Industry and Trade Nguyen Hong Dien at the Ministry of Industry and Trade headquarters on February 12, US Ambassador to Vietnam - Marc E. Knapper said that the new US trade policy is established with the aim of further promoting fair trade, protecting economic security, national security, workers, and US businesses...

“The recent imposition of tariffs is not aimed at Vietnam. The United States wants to maintain bilateral relations and continue to develop economic and trade cooperation with Vietnam in a positive direction,” Ambassador Marc E. Knapper emphasized.

On the afternoon of February 12, 2025, at the headquarters of the Ministry of Industry and Trade, Minister Nguyen Hong Dien received and worked with Mr. Marc E. Knapper - US Ambassador to Vietnam.

Sharing and supporting the US's viewpoint on fair trade, Minister Nguyen Hong Dien affirmed that Vietnam has no intention of applying any measures that cause discrimination, create burdens or restrict trade, or harm US production and workers.

Because Vietnam always considers the United States as a leading important partner; at the same time, it wishes to promote economic, trade and investment relations with the United States in a comprehensive and sustainable manner, contributing to enhancing understanding and strategic trust between the two countries.

Over the years, the economic and trade relations between the two economies of Vietnam and the United States have been complementary in nature. The export and foreign trade structures of the two countries do not compete directly but complement each other, in accordance with the internal needs of each country.

Vietnamese goods exported to the United States mainly compete with third countries, not directly with US businesses in the US market. On the contrary, it also creates conditions for US consumers to use cheap Vietnamese goods.

Vietnam always considers the United States a leading important partner and wishes to promote comprehensive and sustainable economic, trade and investment relations with the United States. Illustrative photo

The Vietnam Trade Office in the United States believes that in this context, Vietnam still has many opportunities to continue exporting aluminum and steel because in reality, the production capacity of US steel and aluminum manufacturers cannot immediately meet domestic demand. However, the profit margin of exporting enterprises may decrease.

Meanwhile, according to assessments, Vietnamese goods exported to the US market have competitive prices and good quality, which can supplement the US economy, help reduce inflation, and greatly support bilateral trade activities.

According to the Ministry of Industry and Trade, to continue developing in the context of a volatile and difficult world economy, in addition to efforts from the Government, ministries, departments and sectors must also rely on the sensitivity, proactiveness in following the market and the ability to adapt, explore and develop the competitiveness of the enterprises themselves.

Enterprises need to continue to proactively develop roadmaps and solutions to diversify export markets, improve product quality, ensure technical, labor and environmental standards...

In addition, it is necessary to focus on controlling the origin of raw materials for production, as well as carefully evaluating investment cooperation with businesses from countries that are having trade tensions with the United States.

At the regular press conference of the Ministry of Foreign Affairs held on the afternoon of February 13, answering reporters' questions about US President Donald Trump signing decrees to increase tariffs on steel and aluminum imported into the United States by 25% and eliminate all exemptions for all countries, which will take effect from March 4, 2025, Ms. Pham Thu Hang - Spokesperson of the Ministry of Foreign Affairs said that Vietnam has been coordinating with the United States to develop bilateral relations based on the foundation of the Comprehensive Strategic Partnership.

According to the Spokesperson of the Ministry of Foreign Affairs, in recent times, trade and investment between the two countries have developed well, meeting the aspirations of the Governments and people of the two countries. "Vietnam is ready to work from a cooperative and constructive perspective to share information, resolve issues of mutual concern and further strengthen the economic relationship between the two countries," Ms. Pham Thu Hang informed.

Source: https://congthuong.vn/hoa-ky-dang-than-trong-danh-gia-lai-cau-truc-thuong-mai-373770.html