FX.co ★ Vietnam to Scrap U.S. Tariffs in Bid to Avoid Trump’s 46% Hit

Vietnam has proposed to remove all tariffs on American imports in reaction to President Donald Trump's recent imposition of a 46% levy on Vietnamese goods. This proposal is outlined in a letter dated April 5, from Communist Party chief To Lam, which Bloomberg News has obtained. In the letter, Lam appeals to the United States to delay the implementation of the new tariff—set to be enforced after April 9—by a minimum of 45 days. Additionally, he urges the U.S. not to introduce any further tariffs or fees. This initiative is intended to alleviate the tension that arose after Trump applied one of the world's most substantial tariff rates on Vietnam the previous week due to trade imbalances. Lam's letter corroborates Trump's remarks made on Friday via Truth Social following a conversation between the two leaders. This scenario highlights Vietnam's increasing significance as a hub for manufacturing and exports, particularly as global corporations are on the lookout for alternatives to China.