WASHINGTON — President Trump said Friday he had a “productive call” with a top Vietnamese official, adding that the Communist Southeast Asian nation “wants to cut their Tariffs down to ZERO” pending a free trade agreement.
Trump’s statement on his call with To Lam, Communist Party of Vietnam general secretary, helped boost shares in apparel brands Nike, Lululemon, and American Eagle — all of which have large manufacturing operations in the country.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.,” Trump posted on Truth Social.
“I thanked him on behalf of our Country, and said I look forward to a meeting in the near future.”
Vietnam’s deputy prime minister, Ho Duc Phoc, had asked Friday, before the phone call, for the Trump administration to delay the imposition of global tariffs for up to three months, the English-language daily Vietnam News reported.
Prime Minister Pham Minh Chinh has previously offered to “golf all day long” with the US president to settle any trade disputes.
Hanoi will be slapped with 46% duties on April 9 barring a last-minute intervention — the sixth-highest tariff Trump has imposed.
US trade with Vietnam was valued at roughly $149.6 billion last year, according to the Office of the US Trade Representative — with exports totaling $13.1 billion and imports accounting for $136.6 billion.
That includes the manufacturing of toys, furniture and apparel, such as On and Skechers.
Vietnam is the largest supplier of Nike and Adidas shoes globally — and nearly a third of US footwear imports came from the nation in 2023, according to the trade group Footwear Distributors and Retailers of America.
Clothiers like Abercrombie & Fitch, Gap and Victoria’s Secret also saw stocks jump as much as 8% or more following Trump’s announcement.
Vietnam became a favored manufacturing location for some US businesses after the 45th president’s trade war with China during his first term.
Two days before Trump’s proposed “Liberation Day” for US trade, Hanoi had eliminated at least 23 tariffs on US imports to try to forestall any conflict, according to Vietnam News.
Other pathways for American investments and cooperation in tech initiatives were also cleared by the nation’s deputy prime minister, the outlet noted.
