After the US-China trade war broke out in mid-2018, the leaders of the two countries agreed on a 90-day “truce” from December 1, 2018, in order to negotiate a deal seeking to terminate the escalation of trade tensions. If a solution to the aforementioned trade battle fails to be worked out, the US will raise tariffs from 10% at present to 25% on US$200 billion worth of Chinese goods from March 2. In the context of the suspension deadline approaching, US Treasury Secretary Steven Terner Mnuchin said that the two sides are making great efforts to reach a trade agreement before the March 1 deadline. Telling US television channel CNBC, Mnuchin revealed that the US and China have made progress in trade enforcement issues, but added that the two sides still have a lot to do. Previously, trade officials from the two countries had talks in Washington to discuss the direction of cooperation aiming to resolve trade disputes between the two sides. Negotiators touched on the thorniest … [Read more...] about US-China trade war: A common voice risks missing ceasefire deadline
Us china trade deficit
VietNamNet Bridge - Multinationals will have to think carefully about whether to relocate to Vietnam to avoid any negative impact from the US-China trade war, experts say. Multinationals will have to think carefully about whether to relocate to Vietnam International and Vietnamese experts have predicted that there will be a wave of ‘US-China trade war refugees’ coming to Vietnam. As the US has imposed higher taxes, Chinese goods have become less competitive in price in the US market. In such a context, manufacturers can continue making products in Vietnam for export to the US without having to bear high tax rates. Vietnamese experts think that foreign investors will flock to Vietnam in the context of the trade war but wonder if Vietnam is capable of absorbing the huge investment capital flow in the time to come. Nguoi Lao Dong newspaper quoted Takahisa Onose from the Japanese Entrepreneurs Association in HCM City as saying that most Japanese enterprises … [Read more...] about Will foreign investors relocate to Vietnam during the US-China trade war?
Viet Nam News HCM CITY — Authorities should closely monitor the import and export of goods for origin to prevent customs declaration fraud, a seminar heard in HCM City on Friday. With the US-China trade war escalating, Chinese firms could ship their unfinished products to Việt Nam and then export them to the US through a Việt Nam-based firm as an intermediary to avoid tariffs, Ngô Võ Minh Hưng, business director of VIFON, warned. This would affect Việt Nam, as evidenced by the case of steel originating in China but exported from Việt Nam, he said. The US Department of Commerce had decided to slap tariffs on steel produced in Việt Nam using Chinese-origin materials, he said. With the trade war causing difficulties for Chinese firms in exporting to the US, they would increase exports to other countries, including Việt Nam, putting big pressure on local producers, he said. He called on related agencies to better monitor … [Read more...] about Better control of imports-exports needed to shelter VN from US-China trade war: seminar
By Khanh Lynh  July 19, 2018 | 08:56 pm GMT+7 A truck drives past container boxes at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China, February 13, 2017. Photo by Reuters/Aly Song Vietnam believes that all countries involved in the ongoing US-China trade war should resolve issues in accordance with international agreements. The resolution of issues should also take each party’s benefit into account and strive to contribute to regional and global development and prosperity, Foreign Ministry spokeswoman Le Thi Thu Hang said at a regular press briefing Thursday. The latest trade spat began on July 6, with the United States slapping a 25 percent tariff on more than 800 Chinese product categories worth around $34 billion, claiming that China had violated intellectual property rights and escalated the U.S.’s trade deficit. The U.S.’s trade deficit with China ballooned to a record $375.2 billion last … [Read more...] about Use international pacts to end US-China trade war: Vietnam
Illustrative photo (Source: VNA) Hanoi (VNA) – The trade war between the US and China is causing widespread concern over possible risks posed to the global economy, including that in Vietnam. However, the conflict can bring about indirect opportunities for Vietnam if the country knows how to grab hold of the situation, according to a local economist. For Professor Pham Tat Thang, senior researcher at the Trade Research Institute at the Ministry of Industry and Trade, it seems as though no one will win in the US-China trade war, neither the two nations involved nor the world’s economy. First of all, this war is threatening the global economy as it goes against the global trend towards trade liberalisation and triggers the rise of protectionism. It could result in a global economic slowdown and impact Vietnam’s economy in a bad way, Thang explained. Chinese products and projects will not be allowed to make their way into the US like before so Chinese government and … [Read more...] about Vietnam can gain from the US-China trade war: Economist