Businesses see no near-term shift in US trade stance on Vietnam after midterms, with record surplus
SPY•Businesses expect no near-term change in the US trade stance toward Vietnam after the midterms, as the countries continue trade talks. Vietnam’s goods trade surplus with the United States reached nearly $190 billion in the first nine months of the year, about 47% higher than a year earlier.
1. Trade stance expected to persist
Businesses in Vietnam expect no near-term change in US trade policy after Democrats’ gains in the midterm elections. The United States imposed a general 12.5% tariff on Vietnamese goods in July, and two other probes could result in additional duties as early as this month.
2. Surplus reaches record
Vietnam has overtaken China and Mexico to become the country with the largest goods trade surplus with the United States, based on US trade data released Wednesday. Its surplus reached nearly $190 billion in the first nine months of the year, about 47% higher than a year earlier, while China’s fell to roughly $130 billion from nearly $163 billion. The countries have continued negotiations on a trade deal for more than a year, and Vietnam says it is taking steps against illegal transshipment and imports of goods made with forced labour.
