US tariff policy could change, shifting global trade flows

Commenting on the recent US import tax policy, a representative of the Ministry of Industry and Trade said that this could change and shift global trade flows. For businesses, the Ministry has proactively coordinated with industries to prepare to respond to different scenarios.

As reported by PNVN newspaper, on the afternoon of March 5, the Government Office held a press conference for the regular Government meeting in February 2025.

Analyzing the impacts of the trade policies that US President Donald Trump has recently put forward that will affect our country's export industries, Mr. Nguyen Sinh Nhat Tan, Deputy Minister of Industry and Trade, said: Up to now, the US President has also had a number of policies, especially related to the issue of imposing taxes, imposing taxes on all goods in the world . However, the goods have different tax rates, and are also imposed on different countries. We are not outside and are affected by this.

The Ministry of Industry and Trade has coordinated promptly with ministries and branches, and the ministries and branches themselves have been very proactive in having both summary and individual reports to report to the Government. It is expected that in March, the Government will hold a meeting to discuss key topics and solutions.

The impact of these policies can affect the whole world and will be able to change and shift trade flows. Therefore, Vietnamese trade offices in all countries need to study and send information promptly.

Mr. Nguyen Sinh Nhat Tan added: Through the US Embassy in Vietnam, the Vietnamese Embassy in the United States, the Ministry of Industry and Trade has proactively conveyed the message to the United States about the desire to maintain and build a harmonious, sustainable, mutually beneficial economic and trade relationship with the United States; at the same time, affirming that Vietnam does not have any policies that could harm US workers or national security.

Mr. Nguyen Sinh Nhat Tan, Deputy Minister of Industry and Trade, answered the press

It is expected that on March 13, the Minister of Industry and Trade will meet with the US Trade Representative to discuss and continue the excellent relationship between Vietnam and the United States. Vietnam and the United States are two complementary economies. The reason for the imbalance in trade between the two countries comes from the complementary nature of the two economies, due to the export and foreign trade structure of the two countries. 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.

For businesses, the Ministry of Industry and Trade has also proactively coordinated with industries to prepare for different scenarios. To continue to develop in the context of a volatile and difficult world economy, in addition to the efforts of the Government, ministries and industries must also rely on the sensitivity, proactively following the market and the ability to adapt, explore and develop the competitiveness of the businesses themselves. Businesses need to continue to proactively build roadmaps and solutions to diversify export markets, improve product quality, ensure technical standards, labor, environment, etc. In particular, 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.

Source: https://phunuvietnam.vn/chinh-sach-thue-quan-cua-hoa-ky-co-the-thay-doi-dich-chuyen-dong-chay-thuong-mai-tren-toan-cau-20250305170902578.htm