AmCham encouraged by postponement of US tariffs

AmCham encouraged by postponement of US tariffs

AmCham Vietnam on April 10 announced that it was relieved and encouraged to learn that the implementation of new US tariffs will be postponed by 90 days for most countries, including Vietnam.

“AmCham has strongly advocated for such a delay as essential to allowing both Vietnamese and US companies to adjust to whatever new tariffs will be applied, while allowing the US and Vietnamese governments to align on a trade framework that sustainably addresses the interests of both countries,” according to its statement.

Vietnam's decision to engage the US in good-faith discussions, which has aimed at decreasing the US trade deficit through reductions in tariff and non-tariff barriers, appears to have been the correct approach. Policymakers should be recognised for their patience and pragmatism, the statement said.

Despite this positive development, tariff challenges remain. Vietnam, US businesses and US trading partners must still adjust to the 10 per cent tariffs, in addition to the 25 per cent tariffs on steel and aluminium. The Trump administration's announcement is also clear that this is a “pause”.

During this pause, AmCham expects to work closely with the Vietnamese government and the business community towards identifying and addressing trade barriers that are material and legitimate. AmCham remains committed to assisting all stakeholders in creating a trade environment which is freer, fairer, and more efficient and predictable.

VIR