The United States is the largest market for Vietnam’s exports in the first five months of this year, generating an export revenue of US$22.6 billion, up 28% year-on-year. Some exports with the highest growth are smart phones and parts, with 109.2%; electronics, computers and parts 58.4%; and textiles and garments 9.8%. (Photo: Saigon Times) Under the impact of the U.S.-China trade war, Chinese goods are subject to high U.S. tariffs, leaving room for enterprises from other countries, including Vietnam, to penetrate the U.S. market. At present, Chinese leather products, shoes and handbags are not yet put in the group of commodities subject to a 25% U.S. tariff. However, Diep Thanh Kiet, vice chairman of the Vietnam Leather, Shoe and Handbag Association (Lefaso), said many big international footwear companies have contacted Lefaso members for a shift of U.S.-bound orders from China. Vietnam currently exports US$4 billion worth of footwear to the U.S. after China, with … [Read more...] about Potential risks for exports to U.S.
U s athletic footwear market
U.S. Federal Reserve Chairman Jerome Powell said Wednesday that crosscurrents such as trade tensions and concerns about global growth have been weighing on the U.S. economic activity and outlook. U.S. Federal Reserve Chairman Jerome Powell prepares to testify before the House Financial Services Committee on the state of the U.S. economy on July 10 - Source: Xinhua In his prepared remarks to lawmakers at the House Committee on Financial Services, where he testified on the Semiannual Monetary Policy Report, Powell said many participants of the Fed's Federal Open Market Committee (FOMC) "saw that the case for a somewhat more accommodative monetary policy had strengthened." Powell said Fed officials were mindful of ongoing crosscurrents from global growth and trade at the May FOMC meeting, adding that since then "these crosscurrents have re-emerged, creating greater uncertainty." "Apparent progress on trade turned to greater uncertainty, and our contacts in business and … [Read more...] about Fed”s Powell says trade tensions weigh on U.S. economy
U.S. is largest market for Vietnamese shark catfish The Viet Nam Association of Seafood Exporters and Producers (VASEP) has projected that catfish export revenues in 2019 could continue to remain high at around US$2.2 billion. VASEP Deputy General Secretary Nguyen Hoai Nam stated that such a performance came as a result of years of efforts to build brands and improve quality. According to many experts, the U.S.-China trade conflict is producing a positive effect on certain Vietnamese exports, including shark catfish. In addition, when the Viet Nam-EU free trade agreement is signed, Viet Nam’s shark catfish exports to the EU could also be boosted as a result of tariff elimination for both raw and processed fish. Viet Nam’s General Directorate of Fisheries is working with enterprises to further enhance the quality of catfish fillets so as to bolster exports. However, challenges remain while Vietnamese catfish continue to face import restrictions … [Read more...] about U.S. is largest market for Vietnamese shark catfish
U.S. plans more China tariffs if Trump-Xi meeting fails - BloombergThe Saigon Times Daily Shipping containers are being loaded onto Xin Da Yang Zhou ship from Shanghai, China at Pier J at the Port of Long Beach in Long Beach, California, U.S., April 4, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - The United States is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war, Bloomberg reported on Monday, citing unnamed sources. According to the report, no decisions had been made but preparations for a new list of U.S. tariffs were being made in case the Trump-Xi meeting does not yield progress in resolving the U.S.-China disputes. A person familiar with the administration’s tariff deliberations told Reuters that there could soon be movement towards a new round of tariffs, adding “the wheels are turning” in that direction, with no further … [Read more...] about U.S. plans more China tariffs if Trump-Xi meeting fails
At a U.N. Security Council meeting on Wednesday, U.S. President Donald Trump escalated tensions with Beijing by accusing it of seeking to meddle in the Nov. 6 U.S. congressional elections to stop him and his Republican Party from doing well because of his China trade policies. At the same meeting, Wang rejected the charge. “Protectionism will only hurt oneself, and unilateral moves will bring damage to all,” Wang said in a speech at the United Nations General Assembly on Friday. “Regarding trade frictions, China stands for a proper settlement based on rules and consensus through dialogue and consultation on an equal footing. China will not be blackmailed or yield to pressure.” Trump, who accuses China of stealing U.S. intellectual property, limiting access to its own market and unfairly subsidizing state-owned industries, has escalated his trade war with China and U.S. tariffs on $200 billion worth of Chinese goods kicked in on Monday, prompting Beijing to … [Read more...] about China says ‘no cause for panic’ over U.S. ties, but won’t be blackmailed