Vietnam Prepares for Economic Impact from US Tariffs on China

As global trade tensions escalate, Vietnamese Prime Minister Pham Minh Chinh has urged his Cabinet to prepare for potential fallout from U.S. tariffs, particularly the 10% tariff on Chinese imports. He highlighted the unpredictable nature of the current global economic climate and its implications for Vietnam's export-driven economy, warning of potential cost increases and reduced consumer purchasing power. Analysts predict that Vietnam may face pressure to increase imports from China in response to U.S. tariffs. The China Chamber of Commerce expressed strong opposition to the U.S. tariffs, arguing they violate WTO rules and harm both Chinese and American businesses. Experts in Vietnam are advocating for proactive measures to mitigate the impact of rising tariffs and ensure robust responses to market volatility. They stress the need for local firms to adapt to changing trade dynamics and control potential misuse of Vietnam's trade status to circumvent tariffs.